Money on the markets
A maturing market amid the mayhem
Years back, while on a trip to Jaipur, I had run into a rather energetic man who insisted on jumping the queue at the post office. When requests failed, I asked him why he was in a hurry.
“I have a savings account here,” he said proudly in Hindi, clutching a dog-eared booklet with currency notes tucked in. Ram Prasad, the 42-year-old cycle rickshaw driver had his way and left flashing his stained teeth.
Outside, he offered me a discounted tour of the city, with unsolicited advice on why I should park my funds in the post office. The stock market was hot that year and I brushed aside his guidance.
I bumped into him again last year outside the Pink City railway station. He showed me the new auto rickshaw he had bought with years of intelligent investing. Ram Prasad, I realised, had been a winner all these years. The market had gone into a tailspin, eroding millions of rupees of investor money, within months of the global financial crisis unraveling.