Now Playing: Cans of beer
Topic: And is a spade a shovel?
“There are various ways of looking at it”, said a friend who had recently become the Asia-Pacific chief of the world’s second largest investment firm. He shifted from his New York office to BKC, much to the chagrin of his wife. But his trepidation didn’t end there. The brazen sweet-heart deals across real estate sector, Indian bureaucracy and its attendant cost and the kick-backs while buying office equipment in private companies stun him. Need to say here that his insight into the world of glitz and glory are beyond reproach. When watching the footage of P.R. Swarup’s address at the North India Offices 2010-12 conference organised by Property World in Delhi, he exulted in disbelief. Swarup, who was the chief guest at our conference, said in his inimitable way that government and Planning Commission figures are usual a matter of theatrics.
What an office clerk presupposes as Rs10,000 would rise to $1-trillion by the time the estimates reach the Prime Minister.“The bureaucrats don’t understand that there can be a flip side to the story. When the government estimates $1-trillion to flow in by way of investments, from domestic as well as foreign direct investors, the spin-off effect on the economy can be humungous”, my friend said leaning back on his swivel chair. I kept munching the chapattis from his lunch box in mute acquiescence.
“Don’t you understand the government should never be taken at its word? The figures are all a matter of indication; if the same was done by E&Y or McKinsey the real figures would have come out. The government is always given to underplaying the causes as well as the effects”, my friend explained without prompting. “I am getting the drift”, I said again, just to let the conversation flow. “But why don’t people, especially the bureaucrats realize that there is going to be stupendous growth and economic activity directly related to these investments around the country. The aggregate investments and the growth in industrial activity around the infrastructure projects of $1-trillion would anywhere be about $4-5-trillion”.I looked at my friend agape. “That’s so bloody true”, I said adding, “and this kind of money is easy to raise from international players”. The debate went on, with me using all my professional acumen to keep it on even keel.
The evening ended with ice cubes in Budweiser at a pub near Kala Nagar.Two days later I took off with my friend from Schindler elevators for a drive through the old Mumbai-Pune highway. He has a rickety old Fiat Uno, which by comfort levels can compare with a Mercedes. But the ten year-old car had a telling effect on the ride through the tortuous and winding road that once was known for its day-long traffic jams. When we reached a place some ten kilometers away from Lonavla he swerved the car into a narrow muddy road. Minutes later he parked the car on the edge of a cliff.
We got down from the car and spread newspapers on the ground and squatted before they could fly away. I didn't notice my friend had a couple of beer cans with him taken from an ice box in the boot. But before he could stave the cans open I made a rider that he will not be driving back home.“Then who will do it?” he asked.“I will take the wheel”.“But you will be just as drunk as I am”.“Well, don’t be so presumptuous. I am not drinking if I am going to drive”.To cut a long story short, the day didn’t end in a damp squib even after the liquor cans were stuffed away ingloriously. By late evening I drove back to Mumbai and we were both at a former highly placed WTC official’s residence, sober and hearty.
The WTC official's son, who is known for his peccadilloes more than anything else, came inebriated and swaying. I always suspected most of his savings went in bottom-fishing United Breweries stocks. After delving into each other's sex life when we finally ensconced on bean chairs in his room, the WTC official's son talked about the grueling interview sessions he had with foreign players who were out to pitch for infrastructure investments through the IPC he was working for.The US-based global player had too many questions for the WTC official’s son about transparency and delinquency among their Indian counterparts.
Finally, the US based investment firm decided after confabulations with its US counterparts that it was not worth the while to get into major infrastructure deals in India, until they could see a modicum of cleanliness in transactions.“After all, it is illegal for US companies to be caught with their hand in the till in a third country”, said the former WTC official's son. “Sad, India lost another big player from the race. Do you think many will stay out because of India’s record in transparency?
Will we be able to get $-1trillion?” I asked still slightly unsure of the drift.“Naah, impossible. We should be happy if we manage to mobilize even half of that”, he replied promptly.“Who did you talk to in the US investment firm and where was this meeting?”“ His name is Ratish Jyoti, and is vice president. We met at his office at BKC”.Small world.
(As usual, this story though is true, the characters are chosenly part-fictional)