Prologue I visited the BMC Building market in Powai - this is a run down building built by the Municipal corporation for small businesses and shops. The vision was to build an equivalent of the Sim-Lim square in Singapore - when it was constructed, it had escalators, elevators and air-conditioned corridors. However, over the years, the escalators stopped working due to lack of maintenance, and leases expired and rentals fell rapidly during the Covid-19 pandemic, after which the air-conditioning broke down and recently one out of the two elevators also broke down. Today when I visited the place, it was stinking of human sweat (its high-summer season in Mumbai) and the lack of air-conditioning made it worse. The staircase was so dirty that I did not feel like taking it, so I took the lift, but as soon as I boarded the lift, I regretted my decision. The lift was occupied by 5 delivery runners, two of them carrying dairy and one of them carrying meat - the stench in the lift was even mor...

Photo by Traxer on Unsplash The establishment of a Bitcoin Strategic Reserve by the U.S. government marks a significant shift in global economic strategy, with profound implications for the world economic order. This initiative, part of a broader set of executive actions by President Donald Trump, aims to leverage Bitcoin as a digital asset to bolster the U.S. currency and potentially redefine the role of the dollar in international trade. The Bitcoin Strategic Reserve is designed to treat Bitcoin as a reserve asset which is similar to gold, but with the added benefits of being a digital, algorithmically scarce resource. This approach aligns with historical precedents where gold served as a global settlement currency before the U.S. dollar took over, suggesting that Bitcoin could play a similar role in the future. The establishment of a Bitcoin Strategic Reserve by the U.S. is expected to have far-reaching global implications. Brazil, Russia, and Poland are already exploring simil...

Screen grab from the popular Indian TV serial of the 90s: Vikram-Betal As I have written in my previous post  here , Vikramaditya was not just the founder of the Vikram Samvat Calendar still in use in Indian subcontinent, but also a fabled king who is considered the benchmark when it comes to principles of governance. He captures popular public imagination even today , as the yardstick by which matters of jurisprudence and social justice are measured.  But there is no historical clarity on who Vikram was - and I try to explore various dimensions of the mystery.  The period after Ashoka and the Decline of the Maurya Dynasty The Maurya Dynasty, founded by Chandragupta Maurya in 322 BCE, reached its zenith under Ashoka the Great (268–232 BCE). Ashoka’s reign was marked by territorial expansion, Buddhist patronage, and administrative brilliance. However, after his death, the empire began to disintegrate: Internal Weakness : Ashoka’s successors lacked his vision and autho...

  A statue of Vikramaditya at  Vikramaditya ka Tila / Vikramaditya's Singhasan Battisi On a recent visit to Ujjain, I found myself drawn to the city's extraordinary blend of history, mythology, and spirituality. As I stood before the Mahakaleshwar Jyotirlinga, I reflected on its significance as one of India’s most revered shrines. Yet, amidst these sacred surroundings, I encountered narratives of Vikramaditya - the legendary king of Ujjain, celebrated for his valor and wisdom, who's name resonates from the folklore of locals to every part of India. Every time we celebrate a festival in India, it is marked with a tithi i.e. date as per the Indian calendar - which is called the Vikram Samvat calendar, attributed to being founded by Vikramaditya of Ujjaini (the then name of Ujjain). What struck me, however, was the curious fact that despite Vikramaditya’s pivotal place in Indian cultural memory, his existence as a historical figure lacks definitive evidence. My exploration l...

Cover of book on Mr. Ratan Tata  The chairman of Tata Trusts and former chairman of Tata Sons, Mr. Ratan Tata, passed away on the 10th of October. The last two days have been filled with coverage of Mr. Tata's contributions to the country, the economy, and the global business world. Numerous articles and reports highlight his contribution primarily as a great philanthropist who worked for the cause of ethical business, which the Tata Group has been known for over the last 100+ years. While narrating how Mr. Tata's contribution was acknowledged in her school, even my daughter told me that they were told Mr. Tata was a great philanthropist.  I have been a little taken aback because most media and people have focused on his philanthropy and not his business achievements or entrepreneurship-related activities. This got me thinking about how I view the transformation that Mr. Tata brought about during his tenure as chairman of Tata Sons, where his contribution was far more pronounc...

Photo courtesy - Reuters Bangladesh is undergoing a political crisis at the moment - the Prime Minister Sheikh Haseena, who was re-elected in an election which was boycotted by the main opposition party, has abdicated her position and the military has moved in to take reigns of the government. While the immediate development is clearly a jolt to democracy in Bangladesh, it hints towards a significant shift in the political landscape across South Asia, particularly in the Indian subcontinent.  The ouster of Sheikh Hasina in Bangladesh, the declining dominance of the National Conference party led by the Abdullah dynasty in Jammu and Kashmir, and the loss of power by the Congress party in India, all point to a common trend: the fall of dynastic politics and the emergence of leaders from non-elite backgrounds. Historically, during the British Raj, royals from princely states colluded with the British crown for continuance of the Raj and their own kingdoms, while oppressing their own po...

Photo courtesy Stringer/Reuters It has been another weekend of rioting, larceny and arson in the UK, this time in Rotherham and Tamworth - the worst civil unrest since the 2011 riots. As I reflect on my previous analysis from 2011 , it is evident that many of the underlying issues that fueled those riots remain unresolved today. In my 2011 blog post, I explored the complex socio-economic factors that contributed to the riots, including disenfranchisement, lack of opportunities, and systemic inequalities. Fast forward to 2024, and we are witnessing a resurgence of unrest, this time triggered by anti-immigrant sentiments and actions against asylum seekers [ 1 ] [ 2 ].  While the immediate causes and triggers of the current riots may differ - fueled by far-right ideologies and a backlash against immigration - the underlying issues of inequality, lack of social cohesion, and economic disenfranchisement persist. The current climate reflects a society grappling with similar frustrations ...

Photo by Shashank Hudkar on Unsplash India's rich tapestry of history, culture, and natural beauty attracts millions of tourists each year.  Domestic tourism is also on the rise in India, and being the world's most populous country, domestic tourism itself has a potential to contribute more than overseas tourists. However, the surge in tourism often brings challenges such as traffic congestion, pollution, littering compounded by inadequate infrastructure of tourist locations which are often small-towns. As I wrote of Nainital in my previous post , most Indian tourist destinations are grappling with these problems resulting in destruction of ecology, as well as local culture and heritage. Over commercialization of tourist related activities also leads to depletion of natural beauty offered by many of these destinations.  Many of these issues are complex, and outside the wherewithal of local communities to manage. The only way these problems can be tackled with a government-bac...

I was in Mussoorie last month, this was my third visit to the hill town, my first being about 20 years ago. The small town has gotten more crowded, commercial and almost un-touristy over the years. And then I visited Nainital two days later, which wasn't as un-touristy, thanks to the 'vehicle curfew' imposed between 10:00am and 6:00pm by the local administration. But it was still crowded with tourists, and most disappointing was that tourists were busy enjoying the same things - sugar candy, ice-cream, pizza and burgers which they could enjoy at any 'fair' in their own cities and towns. No one seemed to be genuinely interested in the old-world-charm of Nainital . As I sat on a bench, across this now shut-down library, turned bookshop turned billiards play room on the Mall road, I could sense a pall of sadness that original residents of Nanital must be under. Most tourists wanted the same things over and over again whether they were in Haridwar, Rishikesh, Mussoorie,...