The Great Indian Budget

There are so many idiosyncrasies about Indians which are difficult to explain. Our obsession with food, movies, cricket, TV soaps, dance and music in the movies - all are difficult to fathom. The way we express our affection for these are equally bewildering. Indians have one other obsession that is quite unique, the annual budget.

Actually we Indians are masters at creating a festival out of everything. The savvy media has just upped the ante even more. The budget is just a financial document, where the government lists out its incomes and expenses for the past year and draws up plans for the next. It should actually be a very simple exercise devoid of glamour and hype. But we are Indians!

The Indian economy used to be such an insulated one. The year 1991 changed all that. It was in that year that the Indian economy started to embrace the world. Past Finance Ministers have since used the budget platform to launch mega proposals for disinvestment and to announce major plans. This strategy has added the mystery factor to the budget which is what keeps all and sundry glued to the budget speech. Eventually, when the Indian economy is more open and mature, I think the budget will lose a lot of it's importance other than being a reflection of how well the government manages it's finances.

On Monday, 06th July, the FM broke with tradition and refused to play to the gallery.Consequently, the speech was bland and devoid of any major policy announcements. In the context of taking the glamour out of the budget I think he deserves a lot of accolade. In a way the government is asking its citizens to grow up. The budget should not be an event and I hope the lessons have been learnt. The stock markets had a dramatic fall, why, nobody is quite sure. There were many positives for the industry and many issues have been addressed or at least promises made. The poor have been given their due. Farmers have been extended a long helping hand. So, many many positives. But still Dalal Street panicked. All because of the heightened expectation of the budget charting a path for positive government intent on several fronts. Was the market wrong to have reacted the way it did? Well, yes and no. What the market is worried about is that the government will not carry through on it's intentions in terms of disinvestment and a host of other issues dogging the markets in particular and the economy in general. But I think this time the market has got it all wrong, all because of this obsession with the annual budget.

Problems remain, no doubt. Fiscal deficit is looming and the planned government borrowings are a huge concern. It is a no brainer that lenders would prefer to loan to the government than the private sector, this is what has most worried. When the entire world seems to be grappling with deflation worries, India, it seems, is headed for an interest correction upwards. Pretty weird. The question uppermost in everyone's minds is what this will do to demand. So perhaps the market is right to be concerned. But the government is adamant that growth will not be affected. However, the statement from the government that the budget is a calculated risk, shows that they have their concerns. So it is not going to be a smooth ride, for sure. Challenging, and interesting times, to say the least.

What about the markets? Well we rallied all the way from 7,600 to 15,000 so there is bound to be a lot of bumps and sharp drops. Markets have never been for the faint hearted and that is not about to change. If markets don't drop then how does one get buying opportunties? Remember, the turtle only makes progress when it sticks it's neck out.

An Important milestone

Base time - 62'

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Day 1 - 56' 07"

(back from rest day)

Day 2 - 54' 56"

Day 3 - 54' 01"

Day 4 - 53' 50"

Day 5 - 53' 57"

Day 6 - 53' 41"

I never imagined that I will be able to arrive here so quickly. Just goes to show that nothing is impossible.

It was just 40 days back that I started running regularly instead of walks and after traversing through a lot of aching joints and a plethora of other discomforts I am at a stage where the body is pretty well tuned now. Many people stop when they experience pain in different parts of the body. While that's what the medical journal would recommend, it is important to know your body too. Try to recognise the kind of pain as most of them just disappear if you keep pushing. The muscles and joints are just reacting to new or increased activity and using them more and more will eventually make them accustomed to such activity. So do not stop at the slightest sign of discomfort. If you ask most sportspersons they would tell you that they learn to live with one discomfort or the other and are never rid completely of such irritants.

The most difficult part is when you awake in the morning,the legs are stiff and the heels and the feet are aching.But a few steps is all it takes for it to dissipate. So ignore these minor irritants and keep pushing forward.

Now to the milestone, I started off running 10 kms in about 62-63 minutes, 6 days a week so that's 60 kms for the week with a day off for rest and rejuvenation. By the middle of the week the time stretches by 2-3 minutes. This morning I achieved 10 kms in 56 minutes and 7 seconds, a good 6 minutes off my regular time. I was coming back from my rest day so the body was well rested. To say that I am chuffed would be be an understatement. It is a very important progression in any fitness regimen, improvement in speed. I never imgained that I can achieve it within 40 days. I am realistic and do not expect miracles but my goal is to see the watch at 30 minutes after a 10 km run. The long term goal is of course, the half marathon. But a lot of things have to fall in place before that and with some luck I should eventually arrive there too!

Travelling is a strange phenomenon (Contd)

Out of a total of 16 days that I was away from home I managed to do my regular 10 km run on 13 of those days. Not bad when you consider that business was hectic, about 3000 kms by car starting from the north of Italy and finishing in Roma in the south. I lost 2 days due to a back sprain, thanks to my overzealous back stretching. I normally put on about 3 kgs on my travel to Europe as I just love the food there. But this time the scale smiled back the same weight as when I left.

Running on the roads in Europe is a pure pleasure. People have so much respect for you that you never are in any real danger. The weather is just fantastic considering that I was going from the sweltering heat of Cochin where humidity is usually in the high 80s. In my opinion it takes about 30% less effort to do the same workout as in Cochin as the weather is so friendly. I could sprint, yes sprint, about 500 metres at the end of my run and still manage to jog to my hotel.

I was lucky to be based in Verona for a few days. The city is an absolute delight. I ran by the banks of the Adige river every morning. The waters come down from the dolomite mountains and hence a bit turbid. But really, one cannot ask for a better setting for a morning run. Sometimes people who have so much do not really appreciate it. We who are used to such shabby treatment of our natural resources are left to wonder what would have been. I am sure the periyar river in Aluva once used to be similar to the Adige. My heart breaks when I see the way we treat our rivers.

The funniest run I had was in Rome. The place is swarming with people and it is practically impossible to find an isolated area to run. I ended up doing my routine around 3 blocks in the midst of people busy catching buses to tourist spots. But run, I did. And that's what matters. The scariest run would have to be in Madrid when I lost my way or in Milan where I had to run in the woods near Malpensa. The run in the woods was exhilirating. What would strike us immediately is the lack of people on the roads. I can guarantee that it can be quite unsettling to Asians who are used to seeing a lot of people on the roads.

This trip would probably have to go down as one of my best. I was determined from the start to somehow manage my morning workouts. I am glad I managed it because it helped me enjoy the trip better and I felt completely at home. Of course, I missed my family but when you are in peak fitness (peak, of course, being a relative term here!) it gives a whole new meaning to your trip. People who have done it would vouch for that, I am sure.

Well the trip did another thing for me. I was previously a white wine enthusiast but Red blew my over. There is a little known winery near Verona called Fasoli Gino. They have splendid Reds with beautiful aroma and flavour. I absolutely fell in love with their Amarone 'Alteo'. I am already a big fan of their 'Calle'. If you want to know more about them head straight to http://www.fasoligino.com

The owner is a close friend of my friend and we were honoured to be at his vineyard for a charity dinner. It was a delightful evening and of course plenty of wine flowed.