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Thursday, March 10, 2011
Dentists In Delhi
| Name and Information | Address |
Dr. Arun P. Setia Dr.Arun P. Setia is a Senior Consultant Dentistry & Maxillofacial Surgery to many prestigious hospitals. His clinic is named as Arun Setia Dental surgery nursing home in South Delhi. | 11, Siri Fort Road New Delhi 110049 Tel:+(91)-(11) 2625 6649, 2625 1074 |
| Dr. Siddharth Sachdeva Dr. Siddharth Sachdeva is a leading dental specialist in this location. He runs his own clinic named as Dental Specialities Centre. He provide excellent dental care to their patient. | R-546 Shankar Road New Rajinder Nagar New Delhi 110060 Tel:+(91)-(11) 2874 2672/2874 4488 |
| Dr. M. Ohri An ISO 9001:2000 Certified Dr. M. Ohri Dental Clinic & Implant Center provide facilities of Implants, Crowns, Bridges, Cosmetic Dentistry, Root Canal Treatment, Fillings, Gum Treatment, Cleaning, Dentures and X-rays. Timings Monday to Saturday 10:00 am to 7:00 pm. | A-31 Kailash Colony Market, Greater Kailash part- I, New Delhi 110048 Tel:+(91)-(11) 29231241, 9312270596 |
| Dr. Amit Kapoor A qualified Dental surgeon Dr. Amit Kapoor offers his services from his clinic kapoor's dental and medical centre. He also have experience of working in AIIMS. | C-138, Lajpat Nagar- 1, (Near Railway Crossing), New Delhi 110024 Tel:+(91)-(11) 29814834, 9811158580 Fax:+(91)-(11) 29812730 |
| Dr. Dinesh Jain One of the leading Dentist in New Delhi, Dr. Dinesh Jain provides quality dental and orthodontic care services from his clinic in very reasonable fees. | A-1/341, Lawrence Road, Keshavpuram Onkar Nagar, New Delhi 110035 Tel:+(91)-(11) 27394240 |
| Dr. A.K. Kakar Practicing at Ganga Ram Hospital, Dr. Kakkar is a famous Dentist in the town. He has his personal clinic as well where patients can visit him with prior appointment. | 23/19 Patel Nagar New Delhi - 110 008 Tel:+(91)-(11)-25783854 |
| Dr. Alok Bisht Dr. Alok Bisht is a Dental Specialist in the city. Capable of all kind of dental surgeries and replacements, Dr. Alok has his office situated in East Delhi. | 73, Vijay Block, Archies Gallery,Laxmi Nagar, Vikas Marg New Delhi - 110 092 Tel:+(91)-(11)-22528903 |
| Dr. Devesh Oberai A member of Indian Society of Oral Implantologists, Dr. Divesh is an acclaimed dentist of Delhi. His clinic is located in one of the posh colonies in Delhi. | C-31 Defence Colony New Delhi - 110 024 Tel:+(91)-(11)-24332393, 41550112 |
| Dr. Nimit Garg Dr. Garg's dental center is located within the main market of Rajouri Garden, well connected by metro rail. He is specialized in dental treatment, Dr. Garg is a most popular dental specialist in the city. Established in 1973, the centre is whole-heartedly engaged in providing quality dental care. | J-115 Main Mkt. Rajouri Garden New Delhi - 110 027 Tel:+(91)-(11)-25935541 |
| Dr. J. L. Paul An eminent Dental Partitioner in Delhi, Dr. Paul deals with all kinds of dental surgeries and treatments. He can be visited at his clinic at Karol Bagh. | 16/17 Ajmal Khan Road Karol Bagh New Delhi - 110 005 Tel:+(91)-(11)-25729898 |
| Dr. Puneet Kathuria's Offering world class dental treatment, Dr. Kathuria is a multi specialty dentist. His clinic is equiped with the latest dental equipment and technology and they follow all the disinfection and sterilization procedures needed for infection control, matching international standard. | E-143, East of Kailash New Delhi - 110 065 Tel:+(91)-(11)-26280184, 26217029 |
| Dr. Sanjay Sachdeva One of the popular dental specialist in this area, Dr. Sachdeva clinic was established in 1969. The clinic of this trained and experienced doctor is situated in the main market. | A-396, Defence Colony New Delhi - 110 024 Tel:+(91)-(11)-24330929, 24330538 |
Child Specialists In Delhi
Cosmetic Surgeons In Delhi
| Name and Information | Address |
| Dr. A H Rizvi A member of North American Academy of re constructive and Cosmetic surgery, he was awarded with best aesthetic doctor of Asia in 2000. He has been practicing in Delhi since 1984. | A 232, Defence Colony New Delhi - 110 024. Tel:+(91)-(11)-24332231,24334387 Fax:+(91)-(11)-24332400 |
| Dr. B R Gulati One of the renowned cosmetic surgeon in Delhi, Dr. B.R. Gulati has treated many and is an excellent surgeon. His clinic can be visited for any kind of cosmetic alterations. | M-75 Connaught Circus New Delhi - 110 001 |
| Dr. Devansh S M Specialized in plastic and reconstructive surgery, Dr. Devansh S M has his clinic in west Delhi. The doctor has a record of rectifying any type of facial damage. | PP-105 Maurya Enclave Pitampura Delhi - 110 034 Tel:+(91)-(11)-27139771 |
| Dr. Manoj Kumar India's most renowned doctors in India, Dr. Manoj Kumar practices in Opthamological Surgery. His clinic is located at an easily accessible place in Noida. | C-83, 1St Floor, Sector-33 Noida - 201307 Tel:+(91)-(120)-2505772 |
| Dr. Prabhash M.S.(Gen.Surg.),M.Ch.(Plastic surg.)(Mum.) Consultant cosmetic and reconstructive plastic surgeon in Dr.Prabhash Hair Transplant Cosmetic Surgery Clinic. | B-20, 1st Floor, shopping center, Tagore Garden. Delhi - 110 027 Tel:+(91)-(011)-25191051, 9311614424 |
| Dr. Vijay Kakkar MS and MCh (Plastic-Surgery), he currently practices at Mata Chanan Devi Hospital in Janakpuri, west Delhi. He is one of the most competent plastic surgeon in India. | C-2A/236A, Janakpuri New Delhi - 110 058 Tel:+(91)-(11)-25529071, 25500713 |
Now, A Diet For Exams
TaMany schools have sent recipes to parents on what they need to feed the kids during exams. In the dos and don’ts list, schools have detailed the greens and blues (fluids) required to keep stress away.
Usha Mohan, an educationist and the principal of India International School, said, “We insist on plenty of fluids and a healthy breakfast. We have suggested nutritious meals with salads and sprouts. We have also asked students to stay away from junk, outside food, cold and oily stuff, and sweets.”
At the Green Wood High School, the management has come up with a new concept. Something, they say, if seriously followed, could help students wade through the exams. "We came up with the concept called DREAM - D (drink lots of water) which keeps your mind fresh and healthy; R (regular sleep); E (eat healthy food); A (attitude) for a positive attitude during exams; and M (meditation) like yoga that can give you peace of mind. It's very important to have the support of parents and have a positive atmosphere at home. Students must have at least 15 minutes of outdoor activity even during exams. It helps them exercise and relax their muscles. Though there is no particular timing for studies, the best time is before sunrise,” said Manas, an educationist and trustee of the high school.
Liquids help you to relax and be calm, while spicy and salty food can lead to sluggishness, he said.
“Green, leafy vegetables, fruits, salads and pulses should be encouraged during examinations to reduce the stress and strain.
But make sure not to overexert or strain. A short walk, a glass of water or just glancing through magazines can help you de-stress. One of the parents should keep an eye on the children during the exam time and restrict them from watching television,” Shenoy, vice-principal of Innisfree House School, said.
The doctors, however, didn't think much of a special diet. “One need not have a special diet during exams. All that running around is really not necessary. What students and parents must actually focus on is having regular food. Just skip the junk food," Dr Ramesh, district health officer, said.
[Source]
Usha Mohan, an educationist and the principal of India International School, said, “We insist on plenty of fluids and a healthy breakfast. We have suggested nutritious meals with salads and sprouts. We have also asked students to stay away from junk, outside food, cold and oily stuff, and sweets.”
At the Green Wood High School, the management has come up with a new concept. Something, they say, if seriously followed, could help students wade through the exams. "We came up with the concept called DREAM - D (drink lots of water) which keeps your mind fresh and healthy; R (regular sleep); E (eat healthy food); A (attitude) for a positive attitude during exams; and M (meditation) like yoga that can give you peace of mind. It's very important to have the support of parents and have a positive atmosphere at home. Students must have at least 15 minutes of outdoor activity even during exams. It helps them exercise and relax their muscles. Though there is no particular timing for studies, the best time is before sunrise,” said Manas, an educationist and trustee of the high school.
Liquids help you to relax and be calm, while spicy and salty food can lead to sluggishness, he said.
“Green, leafy vegetables, fruits, salads and pulses should be encouraged during examinations to reduce the stress and strain.
But make sure not to overexert or strain. A short walk, a glass of water or just glancing through magazines can help you de-stress. One of the parents should keep an eye on the children during the exam time and restrict them from watching television,” Shenoy, vice-principal of Innisfree House School, said.
The doctors, however, didn't think much of a special diet. “One need not have a special diet during exams. All that running around is really not necessary. What students and parents must actually focus on is having regular food. Just skip the junk food," Dr Ramesh, district health officer, said.
[Source]
Wednesday, March 9, 2011
Economic Growth 'Not Linked To Reduction In Child Undernutrition In India'
A new study has found that economic growth in India has no automatic connection to reducing undernutrition in Indian children.
Researchers at the Schools of Public Health at University of Michigan and Harvard University said further reductions in the prevalence of childhood undernutrition are likely to depend on direct investments in health and health-related programs.
Malavika Subramanyam, S V Subramanian and colleagues collected data from the National Family Health Surveys conducted in India in 1992-93 (28,066 children), 1998-99 (26,121 children) and 2005-06 (23,139 children), which use stratified, representative samples of the population from every state of India.
They used the measurements-weight-for-age, height-for-age, and weight-for-height-in these surveys to classify individual children's nutritional status as underweight, stunting or wasting, respectively, as per the WHO Child Growth Standards.
The study reported that the prevalence of underweight decreased from 49.1 percent in 1992-93 to 43.8 percent in 1998-99 to 40.2 percent in 2005-06.
Stunting prevalence also decreased while the prevalence of wasting decreased only marginally from 24 percent in 1992-93 to 22 percent in 2005-06. Meanwhile, during the study period, the Indian economy grew at an annual rate of 7 -9 percent.
Further, there was substantial variation between states in each of the measures of undernutrition, as well as economic growth, and this enabled the authors to examine whether changes in state economic growth were associated with a reduction in the risk of a child being undernourished in a given state.
The authors found that state economic growth was not associated with the risk of underweight, stunting, and wasting.
"We failed to find consistent evidence that economic growth leads to reduction in childhood undernutrition in India," said the researchers.
"Direct investments in appropriate health interventions may be necessary to reduce childhood undernutrition in India," they concluded.
[Source]
Researchers at the Schools of Public Health at University of Michigan and Harvard University said further reductions in the prevalence of childhood undernutrition are likely to depend on direct investments in health and health-related programs.
Malavika Subramanyam, S V Subramanian and colleagues collected data from the National Family Health Surveys conducted in India in 1992-93 (28,066 children), 1998-99 (26,121 children) and 2005-06 (23,139 children), which use stratified, representative samples of the population from every state of India.
They used the measurements-weight-for-age, height-for-age, and weight-for-height-in these surveys to classify individual children's nutritional status as underweight, stunting or wasting, respectively, as per the WHO Child Growth Standards.
The study reported that the prevalence of underweight decreased from 49.1 percent in 1992-93 to 43.8 percent in 1998-99 to 40.2 percent in 2005-06.
Stunting prevalence also decreased while the prevalence of wasting decreased only marginally from 24 percent in 1992-93 to 22 percent in 2005-06. Meanwhile, during the study period, the Indian economy grew at an annual rate of 7 -9 percent.
Further, there was substantial variation between states in each of the measures of undernutrition, as well as economic growth, and this enabled the authors to examine whether changes in state economic growth were associated with a reduction in the risk of a child being undernourished in a given state.
The authors found that state economic growth was not associated with the risk of underweight, stunting, and wasting.
"We failed to find consistent evidence that economic growth leads to reduction in childhood undernutrition in India," said the researchers.
"Direct investments in appropriate health interventions may be necessary to reduce childhood undernutrition in India," they concluded.
[Source]
Dalai Lama Steps Down As Tibetan Leader
The Dalai Lama has announced he is stepping down as political leader of the Tibetan government in exile.
"As early as the 1960s, I have repeatedly stressed that Tibetans need a leader, elected freely by the Tibetan people, to whom I can devolve power," the Dalai Lama said in a prepared speech.
"Now, we have clearly reached the time to put this into effect."
The Dalai Lama has long seen himself as "semi-retired" from political leadership with an elected prime minister already in place in the northern Indian town of Dharamsala.
He remains Tibet's spiritual leader.
The 75-year-old Nobel Peace Prize winner is the global face for the Tibetan struggle against Chinese rule in Tibet, as well as a leading promoter of human rights, dialogue between religions and Buddhist values.
There are concerns inside and outside Tibet that his eventual death will deal a blow to the coherence of the Tibetan movement, which seeks independence or autonomy for the Buddhist region from Chinese rule.
[Source]
Tuesday, March 8, 2011
New India Mulls No-Frills Health Insurance Scheme
There is a huge, untapped market for health insurance and public sector insurance giant New India Assurance is planning to develop a special product targeting this segment, according to company officials.
The company is in the process of developing a no-frills health insurance policy targeting the lower income segment. The product will be launched in three months, said Segar Sampath, deputy general manager, New India Assurance.
“There are about 600-700 million people in that segment who do not have any medical coverage. There is a huge market to be captured. We are developing a plain vanilla product with lower premium to meet their needs,” said Segar Sampath.
The company at present is studying the market, the affordability levels of the target segment, the premium payable by them and would try and develop a product with lesser cash and controls to meet their medical emergency needs, he said.
While governments in states like Andhra Pradesh and Tamil Nadu already have medical insurance coverage for those below poverty line, the segment of people just above the poverty line is a huge market untouched and unmet at present, experts say.
“There are not many health insurance products tailored for this segment. More than that, health insurance companies have failed to create awareness about health insurance to this segment of people,” said Meena Nair, vice-president, (India) insure risk management and insurance brokerage services.
While launching the right product with an affordable premium is important to meet their needs, what would also matter is the marketing of these products efficiently to ensure their reach to the target group.
“The insurers are probably wary of claims settlement in this segment which could be one reason why they have hesitated to meet their needs. In case of government health insurance programmes, people would know that they could approach the hospitals. But for those just above poverty levels there would be very little knowledge on things like the ways of lodging a claim.
[Source]
The company is in the process of developing a no-frills health insurance policy targeting the lower income segment. The product will be launched in three months, said Segar Sampath, deputy general manager, New India Assurance.
“There are about 600-700 million people in that segment who do not have any medical coverage. There is a huge market to be captured. We are developing a plain vanilla product with lower premium to meet their needs,” said Segar Sampath.
The company at present is studying the market, the affordability levels of the target segment, the premium payable by them and would try and develop a product with lesser cash and controls to meet their medical emergency needs, he said.
While governments in states like Andhra Pradesh and Tamil Nadu already have medical insurance coverage for those below poverty line, the segment of people just above the poverty line is a huge market untouched and unmet at present, experts say.
“There are not many health insurance products tailored for this segment. More than that, health insurance companies have failed to create awareness about health insurance to this segment of people,” said Meena Nair, vice-president, (India) insure risk management and insurance brokerage services.
While launching the right product with an affordable premium is important to meet their needs, what would also matter is the marketing of these products efficiently to ensure their reach to the target group.
“The insurers are probably wary of claims settlement in this segment which could be one reason why they have hesitated to meet their needs. In case of government health insurance programmes, people would know that they could approach the hospitals. But for those just above poverty levels there would be very little knowledge on things like the ways of lodging a claim.
[Source]
The Man Who Brought Home Loans To India
On this day, let’s take the time to remember HT Parekh, and say a prayer of gratitude for this towering man of finance and understand his farsightedness. HTP, as he was called by all, is inarguably the father of home finance or mortgage lending in India.
Tomorrow, 10th March, marks the birth centenary of Hasmukh T Parekh (HTP as he was called by all). Every newly employed person who walks away with a home loan sanction today in 24 hours ought to say a prayer of gratitude to HTP. That's because he proved that successful mortgage finance was possible in an unregulated industry that is in the grip of land sharks and developers and where, even today, a full cheque payment is possible only in a relatively small number of projects-that too in the metros.
On this day, let's take the time to remember this towering man of finance and understand his farsightedness.
HTP's Relevance
Until the mid-1990s, for a large section of the Indian middle-class, owning a home was a dream that could, at best, be met at retirement when one got a lump sum from a provident fund and gratuity from the employer. There were no HFCs (housing finance companies; banks could not lend for housing-neither to individuals nor to builders since housing did not qualify as an 'industry'). Worse, as much as 60% to 70% of the payment was in cash (until the 1980s in Mumbai) and later as much as 40% was in cash payment.
Combined with absurd income-tax rates (over 50% to 70%), it ensured that ordinary Indians could not aspire to own homes or apartments during their working lives.
It was in that milieu, more than half a century earlier, that HTP drafted his first proposal for a housing finance company for Harkisondass Lukhmidass (on February 16, 1951). The HFC would work on the lines of building societies in the UK. The proposal fell through. But persistence and perseverance in following his dreams was his hallmark. He would leave no stone unturned, no forum unexplored, no opportunity missed-to argue, discuss, persuade and cajole.
Two decades later, even as chairman of ICICI, he drafted another proposal- this time, for Bank of Baroda to set up a subsidiary for housing finance-and sent it for the finance ministry's consideration (July 25, 1973). He also kept pleading that banks be allowed to lend for housing.
But it was only after he retired from ICICI (as its executive chairman in 1976) that he could turn to his pet project with the single-mindedness that was required to turn it into reality and Housing Development Finance Corporation (HDFC) was registered on October 17, 1977.
What was revolutionary in those times was that HTP thought of lending against future income-income-gearing-at a time when incomes were really low. Even managerial remuneration was regulated by the Company Law Board; the limit for reporting salaries to shareholders under Section 217 was Rs36,000 p.a! Consumer finance was unknown in those days; all lending was capital-geared-in a capital-scarce economy.
That someone could hope to convince the government to allow him to set up a viable private sector company for home finance, in those days seemed more of a pipe-dream. But so convinced was he of the need for housing finance that HTP structured a unique company and turned entrepreneur to demonstrate that his vision could be successfully converted to reality. It is no wonder that former RBI governor Dr IG Patel wrote that HTP, was "justly acclaimed for his unique personal qualities and for his ability to turn dreams into reality (in a Foreword to the collected writings of HT Parekh)*. It is important to note that IG used dream in the plural-for there were several dreams-his own and those of others-that HTP was able to realise.
A different organisation
From its very concept stage, HTP viewed HDFC as meeting the need of small home-owners. At a time when Indians waited for years to get a telephone or a gas connection or even a Bajaj Scooter, HTP decided that HDFC would provide first-world service with a single point service to customers. If this won the hearts of borrowers and made HDFC such a rock-solid brand, it was his pragmatism in lending that helped the business grow and has, ultimately, spawned a score of mortgage lenders, despite the fact that proper regulation is still not in place.
In an interview to Moneylife magazine in 2010, HDFC chairman Deepak Parekh recalled how HDFC, along with Reliance Industries, were both considered 'bubbles' and that people wondered which of them would blow up. He recalled that HDFC succeeded, first, because of HTP's belief that "you can trust a middle-class person to repay" and the second, because of a decision to figure out risk mitigation systems that did not depend on the legal system. This included working a way around the high black money component in home purchases. Deepak Parekh recalls, "If we gave 70% of the white component (as home finance), it became so insignificant that we could not really lend. For many years, our lending limit was Rs70,000. The agreement value would be much lower than the actual transaction amount. So we introduced a system whereby our technical people would go to the site and come up with what we called the 'appraised value'. So we gave 70% of the appraised value, which should not be more than the agreement value. In effect, in the early days, we funded most of the agreement value and the gap was funded by cash. That itself was around 30% to 40%. That was the practical solution."
Had it not been for that pragmatism and HTP's personal reputation, several generations of Indians would never have owned an apartment. HDFC was the only housing finance company for over a decade and Deepak Parekh recall's NR Narayana Murthy (founder of Infosys) telling him, 'he had a wife next to him and an appointment letter in his pocket, but nowhere to live. He didn't know anyone when he walked in, or who to meet. His wife stopped him and asked him to say a prayer at the steps of Ramon House (HDFC head office). HTP's attention to detail went way beyond just the product structure and service. As a retail organisation from its inception, he wanted HDFC's corporate identity to have a symbol as well as a logotype. A symbol would transcend multiplicity of Indian languages. And, typical of him, he chose the logotype of HDFC in lower case then. Years later, it was changed to capital letters. The amount of time that he spent on designing the application form displayed his overarching concern for customer service.
[Source]
Tomorrow, 10th March, marks the birth centenary of Hasmukh T Parekh (HTP as he was called by all). Every newly employed person who walks away with a home loan sanction today in 24 hours ought to say a prayer of gratitude to HTP. That's because he proved that successful mortgage finance was possible in an unregulated industry that is in the grip of land sharks and developers and where, even today, a full cheque payment is possible only in a relatively small number of projects-that too in the metros.
On this day, let's take the time to remember this towering man of finance and understand his farsightedness.
HTP's Relevance
Until the mid-1990s, for a large section of the Indian middle-class, owning a home was a dream that could, at best, be met at retirement when one got a lump sum from a provident fund and gratuity from the employer. There were no HFCs (housing finance companies; banks could not lend for housing-neither to individuals nor to builders since housing did not qualify as an 'industry'). Worse, as much as 60% to 70% of the payment was in cash (until the 1980s in Mumbai) and later as much as 40% was in cash payment.
Combined with absurd income-tax rates (over 50% to 70%), it ensured that ordinary Indians could not aspire to own homes or apartments during their working lives.
It was in that milieu, more than half a century earlier, that HTP drafted his first proposal for a housing finance company for Harkisondass Lukhmidass (on February 16, 1951). The HFC would work on the lines of building societies in the UK. The proposal fell through. But persistence and perseverance in following his dreams was his hallmark. He would leave no stone unturned, no forum unexplored, no opportunity missed-to argue, discuss, persuade and cajole.
Two decades later, even as chairman of ICICI, he drafted another proposal- this time, for Bank of Baroda to set up a subsidiary for housing finance-and sent it for the finance ministry's consideration (July 25, 1973). He also kept pleading that banks be allowed to lend for housing.
But it was only after he retired from ICICI (as its executive chairman in 1976) that he could turn to his pet project with the single-mindedness that was required to turn it into reality and Housing Development Finance Corporation (HDFC) was registered on October 17, 1977.
What was revolutionary in those times was that HTP thought of lending against future income-income-gearing-at a time when incomes were really low. Even managerial remuneration was regulated by the Company Law Board; the limit for reporting salaries to shareholders under Section 217 was Rs36,000 p.a! Consumer finance was unknown in those days; all lending was capital-geared-in a capital-scarce economy.
That someone could hope to convince the government to allow him to set up a viable private sector company for home finance, in those days seemed more of a pipe-dream. But so convinced was he of the need for housing finance that HTP structured a unique company and turned entrepreneur to demonstrate that his vision could be successfully converted to reality. It is no wonder that former RBI governor Dr IG Patel wrote that HTP, was "justly acclaimed for his unique personal qualities and for his ability to turn dreams into reality (in a Foreword to the collected writings of HT Parekh)*. It is important to note that IG used dream in the plural-for there were several dreams-his own and those of others-that HTP was able to realise.
A different organisation
From its very concept stage, HTP viewed HDFC as meeting the need of small home-owners. At a time when Indians waited for years to get a telephone or a gas connection or even a Bajaj Scooter, HTP decided that HDFC would provide first-world service with a single point service to customers. If this won the hearts of borrowers and made HDFC such a rock-solid brand, it was his pragmatism in lending that helped the business grow and has, ultimately, spawned a score of mortgage lenders, despite the fact that proper regulation is still not in place.
In an interview to Moneylife magazine in 2010, HDFC chairman Deepak Parekh recalled how HDFC, along with Reliance Industries, were both considered 'bubbles' and that people wondered which of them would blow up. He recalled that HDFC succeeded, first, because of HTP's belief that "you can trust a middle-class person to repay" and the second, because of a decision to figure out risk mitigation systems that did not depend on the legal system. This included working a way around the high black money component in home purchases. Deepak Parekh recalls, "If we gave 70% of the white component (as home finance), it became so insignificant that we could not really lend. For many years, our lending limit was Rs70,000. The agreement value would be much lower than the actual transaction amount. So we introduced a system whereby our technical people would go to the site and come up with what we called the 'appraised value'. So we gave 70% of the appraised value, which should not be more than the agreement value. In effect, in the early days, we funded most of the agreement value and the gap was funded by cash. That itself was around 30% to 40%. That was the practical solution."
Had it not been for that pragmatism and HTP's personal reputation, several generations of Indians would never have owned an apartment. HDFC was the only housing finance company for over a decade and Deepak Parekh recall's NR Narayana Murthy (founder of Infosys) telling him, 'he had a wife next to him and an appointment letter in his pocket, but nowhere to live. He didn't know anyone when he walked in, or who to meet. His wife stopped him and asked him to say a prayer at the steps of Ramon House (HDFC head office). HTP's attention to detail went way beyond just the product structure and service. As a retail organisation from its inception, he wanted HDFC's corporate identity to have a symbol as well as a logotype. A symbol would transcend multiplicity of Indian languages. And, typical of him, he chose the logotype of HDFC in lower case then. Years later, it was changed to capital letters. The amount of time that he spent on designing the application form displayed his overarching concern for customer service.
[Source]
A Key Gold Driver Which No One Is Watching
You already know the basic reasons for owning gold – currency protection, inflation hedge, store of value, calamity insurance – many of which are becoming clichés even in mainstream articles. Throw in the supply and demand imbalance, and you’ve got the basic arguments for why one should hold gold for the foreseeable future.
All of these factors remain very bullish, in spite of gold’s 450% rise over the past 10 years. No, it’s not too late to buy, especially if you don’t own a meaningful amount; and yes, I’m convinced the price is headed much higher, regardless of the corrections we’ll inevitably see. Each of the aforementioned catalysts will force gold’s price higher and higher in the years ahead, especially the currency issues.
But there’s another driver of the price that escapes many gold watchers and certainly the mainstream media. And I’m convinced that once this sleeping giant wakes, it could ignite the gold market like nothing we’ve ever seen.
The fund management industry handles the bulk of the world’s wealth. These institutions include insurance companies, hedge funds, mutual funds, sovereign wealth funds, etc. But the elephant in the room is pension funds. These are institutions that provide retirement income, both public and private.
Global pension assets are estimated to be – drum roll, please – $31.1 trillion. No, that is not a misprint. It is more than twice the size of last year’s GDP in the U.S. ($14.7 trillion).
We know a few hedge fund managers have invested in gold, like John Paulson, David Einhorn, Jean-Marie Eveillard. There are close to twenty mutual funds devoted to gold and precious metals. Lots of gold and silver bugs have been buying.
So, what about pension funds?
According to estimates by Shayne McGuire in his new book, Hard Money; Taking Gold to a Higher Investment Level, the typical pension fund holds about 0.15% of its assets in gold. He estimates another 0.15% is devoted to gold mining stocks, giving us a total of 0.30% – that is, less than one third of one percent of assets committed to the gold sector.
Shayne is head of global research at the Teacher Retirement System of Texas. He bases his estimate on the fact that commodities represent about 3% of the total assets in the average pension fund. And of that 3%, about 5% is devoted to gold. It is, by any account, a negligible portion of a fund’s asset allocation.
Now here’s the fun part. Let’s say fund managers as a group realize that bonds, equities, and real estate have become poor or risky investments and so decide to increase their allocation to the gold market. If they doubled their exposure to gold and gold stocks – which would still represent only 0.6% of their total assets – it would amount to $93.3 billion in new purchases.
How much is that? The assets of GLD total $55.2 billion, so this amount of money is 1.7 times bigger than the largest gold ETF. SLV, the largest silver ETF, has net assets of $9.3 billion, a mere one-tenth of that extra allocation.
The market cap of the entire sector of gold stocks (producers only) is about $234 billion. The gold industry would see a 40% increase in new money to the sector. Its market cap would double if pension institutions allocated just 1.2% of their assets to it.
But what if currency issues spiral out of control? What if bonds wither and die? What if real estate takes ten years to recover? What if inflation becomes a rabid dog like it has every other time in history when governments have diluted their currency to this degree? If these funds allocate just 5% of their assets to gold – which would amount to $1.5 trillion – it would overwhelm the system and rocket prices skyward.
And let’s not forget that this is only one class of institution. Insurance companies have about $18.7 trillion in assets. Hedge funds manage approximately $1.7 trillion. Sovereign wealth funds control $3.8 trillion. Then there are mutual funds, ETFs, private equity funds, and private wealth funds. Throw in millions of retail investors like you and me and Joe Sixpack and Jiao Sixpack, and we’re looking in the rear view mirror at $100 trillion.
I don’t know if pension funds will devote that much money to this sector or not. What I do know is that sovereign debt risks are far from over, the U.S. dollar and other currencies will lose considerably more value against gold, interest rates will most certainly rise in the years ahead, and inflation is just getting started. These forces are in place and building, and if there’s a paradigm shift in how these managers view gold, look out!
I thought of titling this piece, “Why $5,000 Gold May Be Too Low.” Because once fund managers enter the gold market in mass, this tiny sector will light on fire with blazing speed.
My advice is to not just hope you can jump in once these drivers hit the gas, but to claim your seat during the relative calm of this month's level prices.
