Editor's Desk

Why and When Indians BUY Gold + Consumption in 2011 + WGC projections for 2012

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We are all aware that India ranks as the largest consumer of Gold globally, accounting for 26% of World’s Gold demand. Household gold consumption has gone from US$19 billion in 2009 to US$45 billion in 2011. Over the past 10 years, Indian household gold consumption has increased at a CAGR of 21% [More than BSE SENSEX or GDP or Corporate Profits] Private ownership of gold is fully US$1trillion. Over the past three years, Gold investments have exceeded equity savings by a factor of 11.

Indian Yellow Metal / Gold Trends in 2011 ?
As per WGC, in 2011, India’s gold demand fell 9% in volume terms. The share of world gold consumer

Read moreWhy and When Indians BUY Gold + Consumption in 2011 + WGC projections for 2012

Anonymous Hackers Target India on Internet Censorship – RBI + Reliance + DoT + Kapilsibal Sites Hacked

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The Anonymous hacker group is targeting Indian Websites because of Government’s / Politicians arrogance towards Internet Censorship.  Their central theme reads,

The Department of Telecom has ordered all internet service providers to block all file sharing websites, it’s time for you to stand up and show that the corrupt government cannot stop you!

The Group has released Primary and Secondary List of Websites that will

Read moreAnonymous Hackers Target India on Internet Censorship – RBI + Reliance + DoT + Kapilsibal Sites Hacked

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Indian Politicians Across the Board Lack the Will to Curb Black Money

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The White Paper presented in the Parliament makes a good background reading on various ways of generating black money: the paper focuses on black money generated via non-disclosure to public authorities rather than that generated from illegal activities. Eighteen ways of manipulating accounts to generate black money are highlighted and ‘vulnerable’ sectors like real estate, bullion, Equity Trading, public procurement, transfer pricing and tax havens are identified.

The paper argues that claims of Indians holding US$1.5 Trillion of assets in Swiss / Foreign banks

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India’s current account crisis weakens Rupee

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India’s high import demand for petroleum (which is nearly price inelastic) and gold (driven by a shortage of investible asset classes in a high inflation environment) are primarily responsible for India’s burgeoning import bill. In fact, adjusting for India’s imports of Petroleum products and Gold would turn India’s current account deficit (CAD) into a hefty current account surplus.

Things Look Gloomy for FY 2013 – Despite a large merchandise import bill,

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BJP Karnataka Website Hacked – BJP MPs / MLAs Serving Erectile Disfunction Drugs

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The Official Website of the Ruling BJP Government in Karnataka is Hacked and the Pages of MLAs and MPs are diverted to serve Erectile Dis-function Drugs 😉

The Hackers have clearly taken over categories of the WordPress Hosted Site so that the main page is intact but encashing on the Google Juice of Pages of MPs and MLAs. Looks like a SQL injection in
Warning: array_key_exists() [function.array-key-exists]: The second argument should be either an array or an object in /home/dhyeya/bjpkarnataka.org/wp-content/themes/pagemash/save.php(1) : eval()'d code on line 1

The following screenshot proves

Read moreBJP Karnataka Website Hacked – BJP MPs / MLAs Serving Erectile Disfunction Drugs

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S&P Downgrades Outlook on India to Negative

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S&P has maintained India’s sovereign rating at BBB- but the outlook has been revised downward to ‘negative’. This action is based on factors that are already widely known. Importantly, at this stage it is just an outlook change and not a ratings downgrade. To that extent, it is more of a warning of increasing vulnerabilities of the country. Nonetheless, the action can impact Indian Rupee in the near term, which is already under pressure and perhaps raise external borrowing costs for some of the corporate. However, the silver lining could be that this action could exert pressure on the government to act on fiscal front (possibly by raising the diesel prices etc) as well as on policy front.

Read moreS&P Downgrades Outlook on India to Negative