Dec

12

Haryana Hubris, from Sushil Kedia

December 12, 2006 |

Gurgaon is one of the most rapidly expanding township in India, adjacent to the National Capital Region of New Delhi. The Chair’s well analyzed hubris indicator is preparing to unleash here. If plans go right, the 4 tallest towers in the world are being planned here with construction expected to begin in early 2007 and running into completion in 2010. So will early 2007 be a decent intermediate top and 2010 be the final top out here?

The top engineering graduate of 2006, one of the nephews of my boss, got an offer to be hired from his campus at IIT Kanpur (the number one engineering college) for 120 Thousand Dollars by UBS, which is what he would get paid in the USA as a freshman.

On the other hand, for my much humbler operations recently while interviewing a software engineer with a well-written c.v. but coming from an unheard of engineering college (tier IV) and one year’s experience wanted to be hired at 50,000 USD per annum. Expectations have been running further far and faster still than this bountiful reality. Both the extremes of the hiring market are displaying the Indian competitive advantage of low cost skilled managerial pool is exhausted. Does anyone recruit many freshmen engineers even in the USA at these numbers?

The way cost of real-estate is multiplying around our office it seems in few months time it would be economically unviable for the small cigarette and snack food stalls to operate any longer. So, will all smokers and junk-food lovers working in various offices quit working here or take a few hours for a lunch break to travel to other localities? Cigarette vendors are seeking a premium on the printed price in my locality and the only explanation they have is that cost of doing business forces them to do so!

Hubris, Extreme Money Illusion, severe supply side restraints (bottlenecks in the making) and scarcity mentality have been driving everything here of late, including prices of securities. Money it seems is growing on trees right now in India (oh, until three trading sessions ago).


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