In the first four decades after independence, i.e., from the 1950s to the 1980s, the Indian economy grew at a sluggish pace of approximately 3.50% to 4.00%. India adopted a state-directed, centrally planned economic model during this period. The fact that Jawaharlal Nehru, our first prime minister, was a socialist with a left-leaning outlook is well known. His idea of a developing country was based on a planned economy that ignored market dynamics and involved government intervention in business and international trade. This led to excessive regulation resulting in corruption and inefficiency, which slowed GDP growth.
Sandip Merchant
History & Culture
Wednesday, August 20, 2025
THE HINDU RATE OF GROWTH 2.0
Wednesday, May 1, 2024
THE WELL-WISHER
Satyen was a conscientious employee and had spent close to a quarter century in a private bank. A devoted family man, he found solace in his cosy two-bedroom flat, sharing life's journey with his wife and adult children. Life, with its inevitable ebbs and flows, tested him as it did everyone else, but Satyen firmly believed that resilience in the face of adversity was the key to happiness.
Meanwhile, Amit, Satyen's son, carved his path in the financial world. Armed with degree in Statistics and Economics and a post-graduate degree in Business Management, he navigated the realm of mutual funds as an analyst with an asset management company. Collaborating closely with Tushar, his affable colleague from marketing, they forged a bond beyond the confines of the office, nurturing dreams of entrepreneurial success. Their friendship blossomed over shared meals, movie nights, and spirited debates during IPL matches.
And this is when, given the bond that had developed between them, they decided to venture out on their own. They reasoned that with Amit's analytical skills and Tushar's marketing prowess, they would start a financial advisory business and if they were able to scale up operations, then the ultimate aim was to launch an equity fund of their own.
Amit sounded Satyen about their plans to start a new venture and was pleasantly surprised that Satyen, though having no entrepreneurial experience himself, was enthusiastic about it. Amit was probably not aware that deep within Satyen too had wanted to venture out on his own. But, probably lacking the risk appetite or not wanting to rock a steady boat, he never worked on it.
As Amit and Tushar delved deeper into planning their venture, resigning from their current jobs to focus wholeheartedly on their newfound endeavour became inevitable. Striking a balance between professional commitments at work and entrepreneurial aspirations became increasingly taxing, prompting them to take the leap of faith. They put in their papers a few days apart, hoping the company's management would not read too much into their departure.
That Satyen was enthusiastic about this new venture, as Amit realised later, was an understatement. At a family get-together, he spoke to close relatives freely about Amit's new venture. Not only did he speak about Amit's plans but also about how the mutual fund industry was poised to grow adding that presently people preferred investing their savings in Equities and Mutual Funds rather than parking them in safe havens such as Fixed Deposits, Government Bonds and Debentures.
The responses that Satyen received were not entirely to his expectations. Whilst his siblings and their spouses were polite and unhesitatingly wished Amit "All the very best", there was a 'but' in their tone. They spoke of exercising caution and about the high failure rate in start-ups. He was also queried whether Amit had a well-paying job, and if so, why was he throwing it away. Some even inquired about their source of funds for the office rentals, salaries and administrative expenses, and if Satyen had the financial means to back Amit if required. On reflection, Satyen felt that his extended family did not share his excitement about Amit's leap of faith and his aspirations. He thought it best not to talk about it socially and let Amit's work speak for itself.
Amit's notice period was coming to an end, and one evening, leaving office early he decided to visit his father at work. As they chatted over a cuppa in Satyen's cabin the Vice President of the Bank, Mr. Shenoy, passing by, taking notice of Amit, stepped in. "How are you, young man? So, what have you been up to lately?" he asked in his usual affable voice. The VP too, was with the bank for several years and knew family members of his close associates well, having interacted with them at dinners and get-togethers organised by the bank.
Amit, hesitant at first, let him know of his plan to embark on his journey in the world of finance. The VP looked at him enquiringly, nodded his head, then invited both of them to his cabin.
As they seated themselves on the sofa in his spacious cabin, the VP enquired of Amit how he planned to go about his new venture. Having heard Amit patiently, the VP now focussed his attention on his partner, Tushar. He asked Amit what kind of business Tushar achieved monthly and whether he was able to meet company targets. Having satisfied himself that Tushar had good connections and the drive to scale up the business, he turned to the administrative essentials. He enquired about the proposed location of their new office, what type of staff they proposed to have, and finally about their finances. Along the way, he also offered his views and helpful tips that he had acquired over the years working in the world of finance whilst emphasizing the trials and tribulations of entrepreneurship. But, he then added, "this is how all great businesses are built". The rock-solid foundation of business is the founders' strong sense of self-belief, a can-do attitude mixed with a large dose of perseverance.
The VP then fell silent letting Amit soak in all that he had said. After a few moments of silence, he spoke again. "Amit, I am proud that you have taken the bold step of venturing out on your own. If you require any assistance which is within my means to provide, I would be very happy to help. Good luck, my boy!"
As the father and son duo left the Vice President's office, Satyen could not but contemplate the contrast between the response of his relatives and that of his boss to the news of Amit's new business venture.
Armed with newfound encouragement and a mentor's blessing, Amit embarked on his entrepreneurial odyssey with renewed vigour, and the knowledge that now not only did he have his father's unwavering support but also that of a true well-wisher on whom he could count for guidance and invaluable insights.
Saturday, February 3, 2024
THE INTERVIEW
It was “Open Interview Week” and
the university campus was filled with excitement as industry leaders sought
outstanding talent with promising offers. Though the final exams were two
months away, clearing them was deemed a mere formality for this prestigious
institution attracted the brightest minds.
Tuesday, January 23, 2024
Laughing Through Surnames: A Parsi Comedy of Suffixes
As Bombayites, or now Mumbaikars,
we live amongst the largest congregation of Parsis anywhere in the world. And,
most of us must have noticed, with some amusement, the funny surnames some of
them bear. Probably, the first such surname that comes to mind is
Sodawaterwalla. Well, it is a no-brainer that it was given to a Parsi gent in
the carbonated water business. Much before colas were invented, we had
Raspberry, Orange, Lemon and Pineapple flavoured carbonated drinks. This
surname was fictionally elongated to Sodawaterbottleopenerwalla by Adi Marzban
in his popularly funny Parsi Nataks.
The next one sounds a bit
embarrassing – Boywalla. Whilst in today’s
lingo it sounds quite Gay, it has nothing to do with one’s sexual preferences.
This surname comes from the Boi ritual which involves feeding the sacred fire
in a fire temple with fragrance and fuel. And the persons who performed it were
referred to as Boiwala or Boywalla.
A
Ginwalla would probably be the lucky bloke dealing in liquor. Sadly, no. On the
contrary, those who were referred to as such were textile mill employees in
charge of the Ginning machines. Similarly, the highly erotic-sounding Screwalla
surname was suffixed to those whose job was quite boring – overseeing loads of
fluffy cotton pressed tightly into bales by a screw-operated mechanism. And, while
Daruwalla indicates liquor trade, the word Daru was also used to refer to
gunpowder.
Fanibanda
may tickle your funny bone but it refers to Parsis from a place in Hubli
(Karnataka) called Faniband. Similarly, Dhondys were residents of Daund near
Pune. While Parsis are known anglophiles and have anglicised surnames like
Cooper, Nicholson, Driver, Doctor, Engineer, etc., a few even had
European-sounding surnames like Petit, Sinor and Italia. Not that they have any
connection to France, Spain or Italy. Petit is the French equivalent of the
Parsi-Gujarati Nalla meaning short or small, whilst Sinor and Itala are
villages in Gujarat! Another village that has given a rather unpleasant-sounding
surname is Gharda, meaning old in Gujarati.
A lot
of Parsis made their money in the 18th, 19th and early 20th
centuries due to their business links with the British in India, though this
association was not confined to cities like Bombay, Calcutta, Surat and Madras.
Many Parsis travelled to, and later settled in, military cantonments at
Deolali, Nagar (Ahmednagar), Belguam, Poona and called themselves Deolaliwalla,
Nagarwalla, Belgaumwalla and the most famous of all since Covid, Poonawalla.
And from one such cantonment in Karachi comes the story of a particularly
derogatory but laughable surname. A Parsi contractor desperate to win a
contract for military supplies adopted such patronising behaviour towards a
particular British officer in charge of procurement, that the hassled official
told the contractor that he would consider his proposal if he changed his
surname and the name of his company to Bumsuckerwalla! Evidently, the Parsi
complied!!
And
finally, when it comes to the most famous Parsi surname of all, TATA, which is
associated with their fair treatment of employees, their commitment to the
nation, and winning the trust of its customers in India and abroad, one would
be surprised to know that it is a corruption of the word Tartar, meaning hot as
in hot-tempered, referring to an ancestor of Jamsetji who, so it seems, was
quite irritable!
PS: I was
inspired to write this piece after attending a talk on Parsi surnames by Kaevan
Umrigar at Khaki Labs in Fort, Mumbai. Burjor Daboo’s compilation of Parsi
surnames on Zoroastrians.net has also been a point of reference. The image is from Parsikhabar.net
Saturday, October 21, 2023
The Hopeful Brides
As the industrial revolution gained momentum in Europe during the 19th century, India became an important source of raw materials that were exported from the country. In turn, the ships brought back finished products to be sold here. But, in the 1830s, another 'cargo' came on board – White Memsahibs. With the advent of the steamer, the travel time between Britain and India shortened to about a month, making the journey less exhausting, thus prompting many young English girls of marriageable age to seek their fortune and a life of privilege in a "mystic and exotic" land.
Such was the annual influx of hopeful girls, especially during the winter months, that by the 1850s and 60s, incoming passenger ships were referred to as the 'Fishing Fleet'. Whilst many of these young hopefuls were successful in 'fishing' suitable and well-provided grooms, some, sadly, had to return home unmarried and were often derisively referred to as the 'Returned Empties'.
So, what did these maidens desire? Dashing young men, of course. But not necessarily. It was equally important for them to seek the comforts of life offered here and improve their social standing by mingling in privileged circles. Many of these girls came from ordinary backgrounds and could not afford the conveniences and social standing that English women enjoyed in British colonial India. Traditionally, civil servants were prized catches, often considered a marital lottery. They were also known as 'Three hundred a year dead or alive men' as a newly appointed civil servant drew a salary of about 300 pounds annually. If he survived for a few years, his widow could expect to receive the same amount as a pension.
Travelling to India in the age of the steamer was a great leap over the sailing ships that plied in the first half of the 19th century. Southampton was usually the port of embarkation, and with stops at Gibraltar, Malta, Port Said and Aden, the steamers reached Bombay in about three weeks. Coming in the winter months was the best option as it gave the ladies time to acclimatise themselves to India's tropical heat and humidity. It was not uncommon for ladies to travel solo, though having a strong reference was necessary to avoid any potential inconveniences in a strange, new land. Travel was undoubtedly not light, with luggage consisting of bath essentials, medicines, books, reading lamps and a wardrobe to suit different occasions. Travel advisory books covering subjects from 'travelling in comfort to household management and cookery were popular picks. Books such as 'The English Bride in India' and 'A Handbook for Women in the Tropics' were written especially for 'arriving Memsahibs'. However, tips in the books notwithstanding, the ground reality was often demanding.
An English girl, sometimes as young as sixteen years, would need to adapt to life in the British Raj, which was very different from the one back home. It involved a significant cultural adjustment as well as adapting to India's hot and humid climate. Besides, the "marriage market" in British India was influenced by considerations of class and social status. Many eligible bachelors preferred marrying girls within the resident British community whose parents held positions of power and influence. It was a way to advance one's career and social status in the Raj.
There were a few cases of English women marrying 'Natives', but these unions often faced racial and cultural challenges, not to mention the conflict it caused in the colonial hierarchies of the time.
With the advent of the 20th century, social norms and attitudes towards marriage underwent a significant change in Britain. As more women gained economic independence they began to make their own choices regarding marriage, often opting for partners within their own country. The traditional practice of girls from Britain travelling to India to marry became less common.
Finally, with the end of the British Raj and the withdrawal of the British colonial administration and military personnel from India, there were negligible opportunities for English women to meet and marry British men in India.
And thus ended the journey of the hopeful Brides.
Footnote: English women here refers to women from Britain and Ireland.
Tuesday, May 31, 2022
DEVICES THAT MADE OUR LIFE EASY
The industrial revolution began in the late 18th century, but many of its practical benefits were available much later.
Tuesday, January 18, 2022
DUETS WITH THE SWAR SAMRAT
THE HINDU RATE OF GROWTH 2.0
In the first four decades after independence, i.e., from the 1950s to the 1980s, the Indian economy grew at a sluggish pace of approximately...
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Television came to Bombay on Gandhi Jayanti, 2nd October 1972. Inder Kumar Gujaral, who was then the I&B minister and later went on to b...
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The way we live and work undergoes significant change over time. Occupations that once flourished are now mostly forgotten as they do not co...
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As Bombayites, or now Mumbaikars, we live amongst the largest congregation of Parsis anywhere in the world. And, most of us must have notice...