Investments and savings (personal): India, Mamata Banerjee

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[[File: Some milestones during the reign of Mamata Bannerjee in West Bengal.jpg|Some milestones during the reign of Mamata Bannerjee in West Bengal; Graphic courtesy: [http://epaperbeta.timesofindia.com/Gallery.aspx?id=20_05_2016_020_025_002&type=P&artUrl=MAMATAS-milestones-20052016020025&eid=31808 ''The Times of India''], May 20, 2016|frame|500px]]
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This is a collection of articles archived for the excellence of their content.<br/>
 
This is a collection of articles archived for the excellence of their content.<br/>
Additional information may please be sent as messages to the Facebook <br/>community, [http://www.facebook.com/Indpaedia Indpaedia.com]. All information used will be gratefully <br/>acknowledged in your name.
 
 
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[[Category:India |B ]]
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[[Category:Politics |B ]]
  
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= Biographical highlights =
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==Mid-1970s- mid 80s==
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[https://scroll.in/article/808408/giant-killer-an-excerpt-from-didi-the-bengal-tigress-by-jayanta-ghosal  Jayanta Ghosal, May 19, 2016: ''Scroll'']
  
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‘The young student leader eclipsed the competition and captured the attention of the top state leaders. Priyaranjan Das Munshi and Subrata Mukherjee were a powerful pair at the time. Mukherjee was the home minister of the state. Mamata was introduced to Das Munshi, who declared in everyone’s presence, ‘Mamata gives powerful speeches. You must use her to address college students everywhere.’ Subrata Mukherjee asked her to visit him at home, too. One day Mamata was giving a speech against a Leftist strike at Jagu Babur Bajar near Bhowanipore. Hearing her from his car, Siddhartha Shankar Ray got off to congratulate her. Gradually, Subrata Mukherjee started taking Mamata to the districts.
  
= India’s investable, personal wealth=
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The Left was very opposed to her, often aggressively so. On one occasion, CPM workers grabbed the mike from Mamata while she was giving a speech at Harinavi. As the violence in student politics began to escalate, Mamata had a head-on battle with the CPM over the issue of gate meetings at the college. CPM workers chased her with pistols, sten guns, bombs and knives through Bhowanipore in broad daylight.
==2017: India was no.11 in the world==
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[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F10%2F09&entity=Ar02413&sk=187C4BED&mode=text  India’s personal wealth may grow at 13%: Report, October 9, 2018: ''The Times of India'']
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The US leads the chart in terms of total personal wealth with $80 trillion in 2017, which is projected to touch $100 trillion by 2022. China is ranked second, with a total personal wealth of $21 trillion, which is expected to more than double to $43 trillion by 2022.
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The report noted that India constitutes the second largest pool of wealth from emerging markets in the coming years, with $2.2 billion. It is the fifth largest Asian market in number of affluent, high net worth, and ultra high net worth individuals. There were 322,000 affluents, 87,000 high net worth individuals and 4,000 ultra high net worth individuals in the country in 2017, according to the report. It observed that nearly 70% of the country’s personal financial wealth would be accessible to wealth managers in 2022.
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The 70% investable wealth in the country includes listed equity, bonds, investment funds, currency and deposits, and other smaller asset classes, while 30% non-investable wealth includes life insurance and pensions, unlisted equity and other equity.
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=Investment in stock markets, banks, mutual funds, gold=
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==1995-2015==
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[http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=A-20-year-long-journey-02112015022004 ''The Times of India''], Nov 02 2015
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Uma Shashikant
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'''Much has changed in the way India invests since 1995, and mostly for the better'''
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Everyone is celebrating 20-year milestones these days. The nice thing about history is that we can attempt to explain the present by looking at the past, with the benefit of hindsight. What then seemed tough, foolish and difficult, seems pathbreaking today. Then there are things that do not change, ever. It's my turn to do the 20-year flashback this week.
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Stock markets
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In June 1994, a new wholesale market for debt was set up. Funded by institutions, it used the best satellite technologies and tried to create a market where institutions would buy and sell debt securities.But the debt markets in India were not ready for it. The leaders changed course and deployed the systems to create a new equity market. It wasn't easy .
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Equity markets were already being served by 20+ stock exchanges, the oldest and largest in the same city as the new one. The new market went ahead nevertheless, permitting trades in equity shares listed on other exchanges on its satellite-linked electronic system.
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In 1995, the experiment succeeded.The new market overtook the old in business. The National Stock Exchange (NSE) is an example of how a new entity can bring about positive change. How it can create a new system with higher efficiency , lower costs, wider participation, better technology and higher integrity .NSE modified how investors trade in India, creating a trading, clearing and settlement system on par with the best.
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===Banks===
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In January 1995, HDFC Bank opened its first branch in Mumbai. In March 1995, it offered shares to the public in an IPO priced at `10 per share, to mobilise `50 crore. The issue was oversubscribed 55 times and opened to trade at `40. The popular opinion was that the bank would soon merge with its illustrious parent.
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All through the 1990s, public sector banks hogged the limelight for their equity offerings. No one gave private sector banks much of a bright prospect.
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The PSU banks were well entrenched.They were bankers to the government and public entities. The cost of funds for the public sector banks was low, and the regulatory requirements was uniformly applicable to the new private banks too.If the new banks tried to bring in sophistication and technology , they had to face competition from foreign banks, that held a monopoly over the NRI and remittance businesses, apart from working with the large private corporate treasuries. Where was the room for new private banks?
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Twenty years on, private banks have built a new retail lending market that is large and growing. They have captured a large share of the institutional business. They offer superior technologies and service, and have managed to do so at a lower cost compared to their public sector counterparts, and have stronger, better and bigger balance sheets.
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===Mutual Funds===
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If one looked at mutual funds in 1995, UTI dominated with over 90% market share.While the other players were trying to find their feet, UTI was launching a slew of monthly income plans (MIPs) which promised double digit returns. The other public sector mutual funds were suffering the consequences of faulty product launches in 1991-92. They had sold 7-year closed end equity funds, with the promise of doubling and tripling the returns, and the NAVs were nowhere near target.
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The new private sector funds did their best to market their products, but did not mobilise much money from investors who were worried about the lack of liquidity . Mutual funds had to list on the market and it was common for prices to be lower than the NAV . Approvals were tough to get. Banks and institutions were not selling funds, yet.
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It was in 1995 the first wave of process innovation hit the mutual fund industry with open-ended funds with account statements and no certificates. Dividend and growth options were offered and banking distribution was tied up. But the struggle was with the idea of assured returns that investors clamoured after.
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In 1995, when global investors were asking for depository and T+3 rolling settlement, what we had then seemed rudimentary . Today, the NSE has helped set up several stock markets across the world and is a model for risk management and settlement guarantees. In 1995, it seemed banking belonged to the public sector.Today , the success of private banks has established that PSU banks will have to restructure or fade away .
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As for mutual funds, there is enough evidence to establish that a diversified portfolio over the long run beats all other investment options. But investors seem busy trading stocks and investing in bank deposits, and not engaging enough with funds. The plague of new schemes sold with inflated promises and performing schemes staying in the background has not changed. Not in 20 years.
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==2007-16==
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[http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GOLD-OR-STOCKS-OR-MUTUAL-FUNDSBEST-TO-SPREAD-02022017032008 The Times of India], Feb 02 2017
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[[File: 1,3,5 and 10 year return, accoring to asset class, Jan 1 2016-Dec 31, 2016.jpg|1,3,5 and 10 year return, accoring to asset class, Jan 1 2016-Dec 31, 2016; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GOLD-OR-STOCKS-OR-MUTUAL-FUNDSBEST-TO-SPREAD-02022017032008 The Times of India], Feb 02 2017|frame|500px]]
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[[File: Steps to make one's career the best asset, 1-3.jpg|Steps to make one's career the best asset; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=WHY-CAREER-IS-YOUR-BIGGEST-ASSET-02022017013005 The Times of India], Feb 2, 2017|frame|500px]]
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[[File: Steps to make one's career the best asset2.jpg|Steps to make one's career the best asset2; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=WHY-CAREER-IS-YOUR-BIGGEST-ASSET-02022017013005 The Times of India], Feb 2, 2017|frame|500px]]
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[[File: 10 rules for investment, how fast will one's money grow, a legal aspect.jpg|10 rules for investment, how fast will one's money grow, a legal aspect; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GOLD-OR-STOCKS-OR-MUTUAL-FUNDSBEST-TO-SPREAD-02022017032008 The Times of India], Feb 02 2017|frame|500px]]
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[[File: How fast will one's corpus erode, a legal aspect.jpg|How fast will one's corpus erode, a legal aspect; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GOLD-OR-STOCKS-OR-MUTUAL-FUNDSBEST-TO-SPREAD-02022017032008 The Times of India], Feb 02 2017|frame|500px]]
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[[File: Some other rules to take care of investment.jpg|Some other rules to take care of investment; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GOLD-OR-STOCKS-OR-MUTUAL-FUNDSBEST-TO-SPREAD-02022017032008 The Times of India], Feb 02 2017|frame|500px]]
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[[File: How to consider oneself wealthy.jpg|How to consider oneself wealthy; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GOLD-OR-STOCKS-OR-MUTUAL-FUNDSBEST-TO-SPREAD-02022017032008 The Times of India], Feb 02 2017|frame|500px]]
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No one asset outperforms others consistently over time. In the past one year, equity mutual funds and government securities gave higher returns than other assets. Over 10 years, it's gold that beats all other asset classes. For consistent long-term gains, put your eggs in several baskets. Of course, returns is only one of the three criteria to look for before investing--safety and liquidity are the other two. Government securities, the safest investment option, matched returns from equity funds last year. But this is a rare occurence
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==2008, 2014-19==
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[[File: 2008, 2014-19- household savings in India.jpg| 2008, 2014-19: household savings in India <br/> From: [https://epaper.timesgroup.com/olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2020%2F02%2F02&entity=Ar00804&sk=9F1D85C0&mode=image  February 2, 2020: ''The Times of India'']|frame|500px]]
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'''See graphic''':
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'' 2008, 2014-19: household savings in India ''
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==2011-18: household savings==
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[https://timesofindia.indiatimes.com/business/indias-household-financial-savings-at-a-new-high/articleshow/66875988.cms  India’s household financial savings at a new high, November 30, 2018: ''The Times of India'']
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[[File: 2011-18- household savings in India.jpg|2011-18: household savings in India <br/> From: [https://timesofindia.indiatimes.com/business/indias-household-financial-savings-at-a-new-high/articleshow/66875988.cms  India’s household financial savings at a new high, November 30, 2018: ''The Times of India'']|frame|500px]]
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The share of financial savings by Indian households has touched a high of 11.1% of gross national disposable income (GNDI). However, the share of deposits, which rose to a high of 6.3% on the back of demonetisation in 2016-17, has shrunk to 2.9% of GNDI. But households are borrowing much more, as reflected in the financial liabilities, which has grown to a high of 4%.
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==2016: FDs top==
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[http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=FDs-most-preferred-saving-option-Survey-06042017019028  FDs most preferred saving option: Survey, April 6, 2017: The Times of India]
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[[File: Why households avoid equities.jpg|Why households avoid equities; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=FDs-most-preferred-saving-option-Survey-06042017019028  FDs most preferred saving option: Survey, April 6, 2017: The Times of India]|frame|500px]]
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More than 95% households prefer to park their money in bank deposits, while less than 10% opt to invest in mutual funds or stocks. Life insurance was the second most preferred investment vehicle, followed by precious metals, post office savings instruments and real estate, a survey by Sebi showed. It also showed that mutual funds came in at the sixth place (9.7%), followed by stocks (8.1%), pension schemes, company deposits, debentures, derivatives and commodity futures (1%) as investment vehicles for the urban households. Respondents were allowed to select multiple options.
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The survey , conducted across urban and rural areas of the country , showed that among rural households, not even 1% of the survey respondents were investors, while even the awareness about mutual funds and equities was dismal at just 1.4%.
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However, 95% of rural survey respondents had bank accounts, 47% life insurance, 29% post office deposits and 11% saved in precious metals. On a positive note, the survey found the investor base in India increasing, as nearly 75% of the respondents said they had participated in securities markets for the first time in the last five years. The survey had a sample size of 50,453 households and using a bootstrapping methodology , it was estimated there were a total of 3.37 crore investor households in India. Of these, 70% reside in urban areas.
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==2018-19:  Realty, gold top picks for HNIs==
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[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2019%2F08%2F30&entity=Ar02119&sk=8E3FB2DA&mode=text  Rupali Mukherjee, August 30, 2019: ''The Times of India'']
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[[File: HNIs, their investments and leisure activities- presumably as in 2018-19.jpg| HNIs, their investments and leisure activities: presumably as in 2018-19 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2019%2F08%2F30&entity=Ar02119&sk=8E3FB2DA&mode=text  Rupali Mukherjee, August 30, 2019: ''The Times of India'']|frame|500px]]
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Real estate is the most preferred investment asset class for high net-worth individuals (HNIs) in next 3 years, followed by stock markets, according to the Hurun Indian Luxury Consumer Survey. This is despite the slowdown in real estate witnessed over the last three years, and turbulence in stock markets over the past 18 months. This is the first year of an India survey by Hurun Research Institute, which aims to track changes and preferences of lifestyle, consumption habits and brand cognition of HNIs.
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Around 31% respondents believe that their investment allocation towards real estate sector will grow in the next two years. In line with IMF’s prediction of economic growth, equity markets followed by fixed income is the second and third choice, respectively. Interestingly, 21% respondents want to reduce allocation to real estate in the short term, and around 20% want to reduce exposure to gold. While 9.5% said investments into real estate will be at a status quo, the remainder believed that it would decline.
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The UK is the most popular investment destination for HNIs. Singapore takes second place, and Canada along with the US, which is forecast to grow 2-4% (at constant exchange rates this year), rank third. Nearly a fourth (24%) are “very confident” about the Indian economy over the next three years, 40% “confident”, while around 36% are pessimistic. As many as 36% of HNIs said their investment philosophy for this year would be “avoiding risk”, while only 14% will make “active investments”.
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Among collectibles, HNIs prefer to spend the most on art and jewellery. Nearly half the respondents have two to three cars, 37% have only one car and 6% have more than five cars. Up to 46% of them renew their car every three to four years.
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==As in 2021 Jan==
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[[File: Investment in stock markets, banks, mutual funds, gold, in the period ending 2021 Jan.jpg| <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F02%2F02&entity=Ar00406&sk=BFD40CBF&mode=image  February 2, 2021: ''The Times of India'']|frame|500px]]
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'''See graphic''':
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'' Investment in stock markets, banks, mutual funds, gold, in the period ending 2021 Jan ''
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==2017: 8 lakh crore equities and mutual funds==
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[http://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2017%2F12%2F13&entity=Ar02717&sk=700FD646&mode=text  Indians invested more in stocks than in FDs in FY17, December 13, 2017: ''The Times of India'']
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[[File: Total wealth, in FDs & bonds, stocks, insurance, savings deposits, PF, MFs and others, FY16, FY17.jpg|Total wealth, in FDs & bonds, stocks, insurance, savings deposits, PF, MFs and others, FY16, FY17 <br/> From: [http://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2017%2F12%2F13&entity=Ar02717&sk=700FD646&mode=text  Indians invested more in stocks than in FDs in FY17, December 13, 2017: ''The Times of India'']|frame|500px]]
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Indian investors are finally moving from bank fixed deposits (FDs), real estate and gold, the traditional investment products, to equities and mutual funds. In fiscal 2017, Indians invested Rs 8 lakh crore in stocks compared to Rs 3.4 lakh crore in FDs.
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At the end of FY17, total investments by Indians in equities at Rs 37.6 lakh crore was just Rs 2.5 lakh crore short of total FDs, pegged at Rs 40.1 lakh crore. This is the closest that the total equity wealth of Indian investors have ever come to bank FDs, a report by Karvy Private Wealth showed. At the end of FY16, the difference was over Rs 7 lakh crore with Rs 36.8 lakh crore in FDs compared to Rs 29.6 lakh crore in stocks, the report showed.
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The firm believes total investments by Indians in equities will surpass wealth in bank FDs by the end of the current fiscal. “After losing a bit of traction, financial assets have regained their pole position in FY17. Wealth creation through equities has not been restricted to big institutional investors as individual participation, too, saw a huge jump via the direct as well as mutual funds route,” said Abhijit Bhave, CEO, Karvy Private Wealth.
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=Returns=
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==2006-15==
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[[File: Returns from stocks, gold and fixed income in India, 2006-15.jpg| Returns from stocks, gold and fixed income in India, 2006-15; Graphic courtesy: [http://epaperbeta.timesofindia.com/Gallery.aspx?id=18_01_2016_020_012_014&type=P&artUrl=Time-to-rebalance-portfolio-18012016020012&eid=31808 ''The Times of India'']|frame|500px]]
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'''See graphic''':
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''Returns from stocks, gold and fixed income in India, 2006-15''
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==2007-2017==
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===Safe investments vs. riskier ones===
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'''See graphic''':
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''Returns on equity funds, gilt funds, gold ETFs and liquid funds, 2007-2017''
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[[File: Returns on equity funds, gilt funds, gold ETFs and liquid funds, 2007-2017.jpg|Returns on equity funds, gilt funds, gold ETFs and liquid funds, 2007-2017 <br/> From: [http://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2017%2F12%2F18&entity=Ar02401&sk=1E5C5907&mode=text  NARENDRA NATHAN, December 18, 2017: ''The Times of India'']|frame|500px]]
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=Saving habits=
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==2011-16: Indians invest more in equity, debt==
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[[File: 2011-16 Investment by individual Indians in shares, bank deposits, insurance.jpg|2011-16: Investment by individual Indians in shares, bank deposits, insurance. |frame|500px]]
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[http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Indians-invest-more-in-equity-debt-29092016025036  Allirajan M, Indians invest more in equity, debt, Sep 29 2016 : The Times of India]
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Indian households are increasingly putting more money in equities and debentures. Investments by households in shares and debentures jumped 72.2% year-on-year (yo-y) or by `38,491crore to `91,763 crore in 2015-16, Reserve Bank of India (RBI) data showed.
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In contrast, their investments in bank deposits advanced by a mere 3.8% y-o-y or by `22,594 crore to around `6.16 lakh crore.
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Household investments in shares and debentures have surged more than five times between 2012-13 and 2015-16. But their savings in bank deposits have moved up by a measly 7.1% during the timeframe, RBI data showed. Incidentally, households held a record `6.48 lakh crore in bank deposits in 2013-14. Household investments in life insurance products, another favourite, increased 9.8% y-o-y to around `2.72 lakh crore.
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The interest in equities and debentures has been growing at a robust pace over the last three years. The steady decline in interest offered by banks for deposits following a series of rate cuts by the RBI has acted as a dampener for those looking to invest in traditional instruments such as FDs. Though there have been corrections, equity markets have risen steadily in last three years with benchmark indices hitting new highs.
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==2011-18==
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[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F08%2F31&entity=Ar00400&sk=C6A8A304&mode=text#  August 31, 2018: ''The Times of India'']
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[[File: 2011-18- The kinds of personal investments that Indians made.jpg|2011-18- The kinds of personal investments that Indians made <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F08%2F31&entity=Ar00400&sk=C6A8A304&mode=text#  August 31, 2018: ''The Times of India'']|frame|500px]]
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Indian families held a record share of their income in the form of cash in 2017-18. Preference for cash is usually a sign of risk aversion. But in the same year, share of savings in stocks grew over 4 times, reflecting higher risk acceptance. Since Indians are also investing more in pensions and keeping much less of their incomes in deposits than before it’s safe to assume that spike in cash is a temporary effect of the cash drought caused by demonetisation in 2016-17. Overall, Indians are saving more, and better, than before
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==2013-15: Saving habits==
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[[File: Some facts about investment patterns in India.jpg|Some facts about investment patterns in India; Graphic courtesy: [http://epaperbeta.timesofindia.com/Gallery.aspx?id=20_02_2016_031_046_002&type=P&artUrl=LIFE-INSURANCE-TOP-INVESTMENT-INFLATION-BIG-WORRY-20022016031046&eid=31808 ''The Times of India''], February 20, 2016|frame|500px]]
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'''See graphic''':
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''Some facts about investment patterns in India''
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==2014-18, state-wise==
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[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F09%2F04&entity=Ar02019&sk=73AB90C7&mode=text  September 4, 2018: ''The Times of India'']
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[[File: The saving habits of Indians, 2014-18, state-wise.jpg|The saving habits of Indians, 2014-18, state-wise <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F09%2F04&entity=Ar02019&sk=73AB90C7&mode=text  September 4, 2018: ''The Times of India'']|frame|500px]]
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In 1977 the Congress was ousted from power, and the first Left Front government took over. Losing the elections, Das Munshi quit the Congress to start his own party, named Congress (R). But Subrata Mukherjee did not leave. He was the general secretary of the party at the time. His mentor was Pranab Mukherjee, a confidant of Prime Minister Indira Gandhi’s in Delhi, and himself a cabinet minister. Mamata became even more active during this troubled period for the Congress, coming closer to Subrata Mukherjee.
  
'''See graphic''':
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As she herself says, ‘The CPM was a force to reckon with at the time. No one dared take a procession out. My assignment was to take out processions with young men and women from the locality. Bandhs would be called. And we used to take processions out under Subrata Da’s leadership. But his processions inevitably meant bombs and batons and clashes with the police.’ There was still political violence in West Bengal. Three young men died in police firing at Esplanade East on September 22, 1980. Mamata was present at the demonstration that day.
  
''The saving habits of Indians, 2014-18, state-wise''
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She began to be called wherever there were protests. Madhu Dandavate was the Union Railway Minister. There would be protests against him at Kalyani, so Mamata had to be present, even though it was the day of the preliminary exam of her law course. Mamata left immediately after taking her exam at Law College, where a car was waiting for her. That day, too, the police used batons and opened fire at Kalyani.
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In Jammu & Kashmir, three people had been killed in police firing by the Farooq Abdullah government. It was the winter of 1983. Abdullah was to take the 6 a.m. flight from Kolkata to Delhi, a difficult time to stage a protest at the airport. But Mamata was undaunted. She reached the airport with the group of protesters she had gathered the night before and they staged their protest early the next morning.
  
Investors in Gujarat are biggest risk-takers with 42% of their mutual fund money going into equities. Investors in Bengal, with 38% of their money in equities, are not far behind and do better than Delhi (36%), Karnataka (36%) & Maharashtra (32%)
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That year, the Congress Party held its annual session in Kolkata. Rajiv Gandhi was staying at Nizam Palace in the city. Subrata Mukherjee, who was given the responsibility of looking after him, passed this task on to Mamata. So Mamata stayed on duty at the Nizam Palace and caught Rajiv Gandhi’s attention for the first time. Nizam Palace was being renovated and there was a problem with getting hot water. Mamata made sure hot water was delivered in buckets to Rajiv in his first floor room.
  
==2017: even the poor and young want real estate, gold==
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Then came the historic moment in Mamata’s life – Indira Gandhi’s assassination. Elections once more. Despite the huge sympathy wave, no one was willing to be the Congress candidate against senior CPM leader Somnath Chatterjee in the party’s ‘Red Fort’ – Jadavpur. Even the central minister, Debi Prasad Chattopadhyay, did not agree despite repeated requests. In her autobiography, Mamata writes, ‘When no one agreed, Pranab Da told Subrata Da, no one’s willing, and Mamata is very young. Check the age certificate and ask her whether she’ll fight the elections. Subrata Da rang me and said, “Pranab Da is asking that you stand in the elections.” “I accept the challenge,” I said.’
[http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Balance-Sheet-Of-Indian-Families-A-Matter-Of-07092017015012  Subodh Varma, Balance Sheet Of Indian Families A Matter Of Life And Debt, September 7, 2017: ''The Times of India'']
+
  
[[File: Assets and liabilities as % of total wealth of households in India, China, Germany, the USA and the UK, 2017.jpg|Assets and liabilities as % of total wealth of households in India, China, Germany, the USA and the UK, 2017; [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Balance-Sheet-Of-Indian-Families-A-Matter-Of-07092017015012  Subodh Varma, Balance Sheet Of Indian Families A Matter Of Life And Debt, September 7, 2017: ''The Times of India'']|frame|500px]]
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Mamata won against all odds, becoming an MP for the first time. She never had to look back after that. No one had imagined that she would succeed in defeating formidable barrister Somnath Chatterjee in a CPM citadel-like Jadavpur. I had joined journalism the same year. Covering the elections in Jadavpur, I learnt what popularity means. It’s true that there was a huge sympathy wave after Indira Gandhi’s assassination, which would have given a boost to any Congress candidate. But with her victory in Jadavpur, Mamata had gained the reputation of a giant-killer.’
  
Indian families borrow and invest in very different ways than families in the US, UK or Germany , and even those in China. The depth of these differences, across all ages and economic levels, is revealed in a recent report on household finances prepared by the RBI.
 
  
It shows that a major proportion of household wealth in Indian families is kept as real estate or gold, even among younger families, and even by the poorest 40% of population.
+
== 1999/ Kandahar ==
 +
Amid the prevailing tension in the wake of the hijacking of the Indian Airlines plane to Kandahar in 1999, Mamata Banerjee, a Union Cabinet Minister then, had offered herself as a hostage in exchange for the passengers of the flight, former Finance Minister Yashwant Sinha said
  
This is not the case in other countries. Institutional borrowings by Indian families are low in early life and go on increasing leaving many retired persons with a debt overhang, unlike advanced countries where mortgages reduce after retirement.And, pensions are virtually absent in India while in most Western countries they are a major asset in old age.
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"I want to tell you today that when the Indian Airlines plane was hijacked to Kandahar, there was a discussion happening in the Cabinet. Mamatji offered to go herself as a hostage on the condition that the Indians are released in exchange. She was ready to make that sacrifice," he said.
  
More than three quarters of family wealth is invested in real estate (land and dwelling units) by an average Indian family compared to just 44% in the US, and 37% in UK and Germany . In China, about 62% of wealth goes into real estate. Even among the poorest 20% of the population, 59% have some land or dwelling unit in India, while in China, the similar proportion is 61%.
+
==2011-16==
 +
[http://indiatoday.intoday.in/story/yadav-family-fued-virat-kohli-baba-ramdev-mamata-banerjee/1/845227.html Shougat Dasgupta Asit Jolly MG Arun Damayanti Datta , Behind the headlines “India Today” 29/12/2016]
 +
[[File: India Today , December 29 , 2016 .jpg| India Today , December 29 , 2016 |frame|500px]]
  
But in the rich countries a minuscule share of the poorest quintile has real estate -4% in US, and less than 1% in UK and Germany .
+
She brought the marxists to their knees in 2011 and in 2016, winning a second term with a two-third majority. It seems as if nothing could hold her back: an Opposition nipping at her heels, the muck from the financial scams, even a severe Election Commission that was always breathing down her neck. Mamata travelled extensively through the state to appeal to voters to vote for her and, by extension, the development of Bengal. She was ma, didi and pahradar (watchman) of Bengal, all rolled into one tangail-clad, rubber chappal-shod matir mei (daughter of the soil). Here are five other reasons why she made headlines this year:
  
This may sound bizarre considering India's poverty but here is the thing: average value of the main residence in the poorest Indian households is Rs 22,000, while it is Rs 15 lakh in Germany and Rs 3.7 lakh in the US.
+
• She returned the Singur land to the farmers, keeping an old promise she had made after courts nixed the Tata acquisition.
  
The RBI report is talking of proportion of different types of family wealth. Their absolute values are obviously very different.
+
• She changed West Bengal's name-it's now Bengal in English, Bangla in Bengali. The Centre has to clear it.
 +
 +
• She distributed shoes, satchels and cycles to children, under the project Sabuj Sathi. Girl students also got gold-plated bangles under the Kanyashree scheme, a token of recognition for continuing in school instead of getting married.
 +
 +
• She's a champion of women's causes. Apart from introducing 730 days of childcare leave for the state's women staff, there's now a month of paternity leave for new fathers.
 +
 +
• She has been at the centre of Opposition protests against PM Narendra Modi's demonetisation drive. "Oust Modi, save the country," she says. Loudly. And often.
 +
 +
by Romita Datta
  
Besides real estate, the other main target of investment in India is gold. About 11% of family wealth goes into buying gold. Families in other countries spend virtually nothing on this, with the Chinese spending a mere 0.4% of their wealth on gold. Indian families also have gold loans amounting to about 8% of their total liabilities, again a feature not found anywhere else.
+
==Attacks and injuries: 1990-2021==
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[https://www.newindianexpress.com/nation/2021/mar/12/attacks-and-injuries-shaped-mamatas-four-decade-long-political-career-2275631.html  March 12, 2021: ''The Indian Express'']
  
“Most households use debt to cope with emergency expenses, such as hospitalisation, or property damage due to a natural disaster. The interest rates on unsecured debt are very high. Therefore, households prefer to put their savings in real estate and gold, which can also be used as collateral,“ RBI's Household Finance Committee chairman Tarun Ramadorai of Imperial College, London, told TOI. Detailed data on countries drawn from various surveys is available in a paper by Ramadorai and coauthors published in 2017.
+
KOLKATA: Mamata Banerjee has earned for herself the image of the gutsy political leader, who has weathered physical attacks and injuries in her four-decade- long career to emerge stronger in her public life.
  
Although 73% of families in India have financial assets like cash, bank accounts and pension accounts, they hold very small amounts adding up to just 5% of their total wealth, he added.
+
Her comebacks after such incidents saw her attacking her opposition with greater ferocity.
  
Medical emergencies, especially among the elderly , are one of the main reasons why families in India seek loans at usurious rates from money lenders. Such unsecured loans make up nearly 56% of all liabilities for Indian families, much higher than China at 26%, US (13%) and Germany (24%). The RBI report notes that “some of these risks could be mitigated through strengthening the public provision of health and social welfare services.
+
The TMC supremo's image as a fearless fighter, endowed with nerves of steel and political acumen who can become one with legions of her supporters, took shape after one such deadly attack when she was hit on the head by a CPI-M youth leader in 1990 and had to be confined to a hospital bed for an entire month.
  
Indian families are also exceptional in that housing loans are low in early life and rise beyond retirement ages.In other countries such loans rise in middle age but fall off at retirement. This happens because Indian families borrow later in life and it is customary to bequeath property to future generations who in turn look after the elderly.
+
Again in July 1993 Banerjee, then a Youth Congress member, was beaten up by the police when she lead a rally to Writers' Buildings, the erstwhile secretariat, demanding voter photo identity cards.
  
These traditional structures are increasingly under pressure from shifting demographic patterns, social norms, and changing economic conditions, introducing risks to economic well-being especially as households age, the report says.
+
The rallyists had clashed with the police prompting the force to fire killing 14 Youth Congress activists.
  
=Small savings=
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Banerjee was beaten up and then too she was under treatment in the hospital for a few weeks.
==Small savings rates/ April 2015- August 2016==
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[[File: Small savings rates, April 2015- August 2016.jpg| Small savings rates, April 2015- August 2016; Graphic courtesy: [http://epaperbeta.timesofindia.com/Gallery.aspx?id=12_09_2016_020_020_009&type=P&artUrl=Get-ready-for-cut-in-EPF-rate-12092016020020&eid=31808 ''The Times of India''], September 12, 2016|frame|500px]]
+
  
See graphic, 'Small savings rates, April 2015- August 2016'
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The Bengal chief minister, who is presently facing one of the toughest political battles of her career, is in hospital yet again with her leg in a cast and complaints of chest pain after being injured in an alleged attack on Wednesday night at Nandigram hours after she filed her nomination for the seat.
  
==2017-18==
+
Banerjee has said that she was attacked by four to five men on that day.
[[File: Small savings in India, state-wise, 2017-18.jpg|Small savings in India, state-wise, 2017-18 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F04%2F02&entity=Ar00718&sk=28EA6C30&mode=text  April 2, 2021: ''The Times of India'']|frame|500px]]
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The battle is crucial this time as BJP, which has emerged as the main opposition, has thrown down the gauntlet and aims to stop her from returning to power for the third straight time.
  
'''See graphic''':
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Nandigram is where she will take on her former protege and now BJP leader Suvendu Adhikari.
  
'' Small savings in India, state-wise, 2017-18 ''
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The place had played a significant role in her career as the historic anti-farmland acquisition movement led by her party there in 2007 in the face of violence and police bullets saw her emerging as a giant slayer.
  
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Riding the crest of the movement, she had led TMC to defeat the longest serving democratically elected communist regime of the world in 2011.
INVESTMENTS AND SAVINGS (PERSONAL): INDIA]]
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= Gold Bonds=
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The CPI-M;led Left Front had to bite the dust that year in West Bengal after helming the the state for 34 long years.
==2019: benefits of different types of bonds==
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[https://epaper.timesgroup.com/olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2019%2F07%2F02&entity=Ar00201&sk=EE58EF27&mode=text  July 2, 2019: ''The Times of India'']
+
  
[[File: 2019- the benefits of different types of gold bonds and physical gold..jpg| 2019: the benefits of different types of gold bonds and physical gold <br/> From: [https://epaper.timesgroup.com/olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2019%2F07%2F02&entity=Ar00201&sk=EE58EF27&mode=text  July 2, 2019: ''The Times of India'']|frame|500px]]
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A quick look at the 66-year-old leader's political journey in the mid-1970s shows how injuries and physical assaults have shaped her political career over the years.
  
You can now hold gold in either its physical form or on paper — through gold bonds or through mutual funds that trade in gold. What should you do? The answer depends on what you are looking for. If you want liquidity, and are planning to take a loan against your stock of gold, then physical gold is your best bet. But, remember, you will need to pay a capital gains tax when you sell physical gold. But if you are looking at gold as a long-term investment, then a gold bond is what you might want to go for. Not only are you spared capital gains tax when you redeem these, you also earn a small interest. A look at the different options that are now available
+
Banerjee, then Youth Congress leader, first came into the limelight after defeating CPI(M) stalwart and former Lok Sabha speaker Somnath Chatterjee from Jadavpur Lok Sabha constituency in 1984 riding the sympathy wave following the assassination of Indira Gandhi.
  
[[Category:Economy-Industry-Resources|S INVESTMENTS AND SAVINGS (PERSONAL): INDIA
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She, however, lost the 1989 Parliamentary polls.
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=Systematic investment plans =
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The attack on her on August 16, 1990 by DYFI leader Lalu Alam who hit her on the head with a stick had taken place at Hazra crossing in the city, the scene of many of her agitations, near her Kalighat residence.
== 2016>18: a 53% increase in inflows==
+
[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F04%2F18&entity=Ar02318&sk=F356968B&mode=text  Allirajan M, MF SIP kitty crosses $10bn mark in FY18, April 18, 2018: ''The Times of India'']
+
  
[[File: SIP contribution, January-March, 2017-18.jpg|SIP contribution, January-March, 2017-18 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F04%2F18&entity=Ar02318&sk=F356968B&mode=text  Allirajan M, MF SIP kitty crosses $10bn mark in FY18, April 18, 2018: ''The Times of India'']|frame|500px]]
+
The attack had fractured her skull.
  
''Sees 53% Jump From FY17, Mobilises Record $1Bn In Mar''
+
The incident had made her a household name in the state and one of the tallest mass leaders of West Bengal Congress on the same pedestal as stalwarts like A B A Ghani Khan Chowdhury, Priya Ranjan Dasmunsi and Somen Mitra.
  
There is no stopping the mutual fund SIP juggernaut. Investors have committed about $10.3 billion (Rs 67,190 crore) through SIPs (systematic investment plans), the bedrock of inflows into equity MFs, in 2017-18, a massive 53% increase over the previous financial year. This is the highest ever mobilisation in a financial year.
+
Banerjee was in her 30s then.
  
Inflows into SIPs stood at around $1.1 billion (Rs 7,119 crore) in March alone, the highest ever for a month. MF SIP accounts stood at 2.11 crore at the end of March, data with the Association of Mutual Funds in India (AMFI) showed. Incidentally, the total number of SIP accounts crossed the 1 crore mark only in August 2016.
+
Three years later in January 1993, Banerjee, then president of the state Youth Congress, had stormed into Writers' Buildings with a hearing-and speech-impaired girl heavily pregnant after being raped by a CPI-M man.
  
SIP is an investment option offered by fund houses where one could invest a fixed amount in an MF scheme periodically at fixed intervals—say once a month instead of making a lump-sum investment. The SIP instalment amount could be as small as Rs 500 per month. SIP is similar to a recurring deposit where you deposit a small /fixed amount every month.
+
She had led a three-hour-long dharna in front of the chambers of the then chief minister Jyoti Basu alleging that the rapist had not been arrested because of his political affiliations.
  
The MF industry added 9.70 lakh SIP accounts on average each month during 2017-18 against an average of 6.27 lakh SIP accounts added each month during 2016-17. AMFI data showed. The average SIP size was about Rs 3375 per SIP account.
+
Banerjee had sat with the victim on the floor virtually laying a seige on the chief minister's office demanding immediate arrest of the rapist and an audience from Basu.
  
SIPs are done almost entirely in equity schemes. The fixed income segment contributes only about 5% in volume terms and about 2% in value terms to overall SIPs. SIP is a convenient method of investing through standing instructions to debit the investor’s bank account every month, without the hassle of having to write out cheques.
+
After the police failed to persuade her, a huge contingent of the force had reached Writers' Buildings, dragged her by the hair, put her in a prison van and whisked her to the nearby Lalbazar central police lock up.
  
“SIPs account for 50% of new MF accounts. They have become a brand of their own,” says Raghav Iyengar, executive vice president, ICICI Prudential MF. “SIPs have been getting traction as investors are not trying to time the market,” says Srikanth Meenakshi, co-founder and COO, Fundsindia.com, an investment platform for MFs.
+
In 2000-01, just two years after she broke away from the Congress and formed Trinamool Congress, her vehicle was repeatedly attacked at Keshpur and Chamakaitala in West Midnapore district, where several TMC workers were killed during the bloody turf war between the party and CPI(M).
  
“The fast pace of growth (in SIPs) is due to the network effect. People are buying MFs through SIPs as most others are doing so,” he explains. “This is the one of the easiest ways to start a new investment,” Raghav says.
+
Crude bombs were hurled at her car in 2001 whe she visited Choto Angaria in West Midnapore where 11 workers of her party had been killed in political clashes.
  
=Upgrades, downgrades=
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In 2006 and 2007 Banerjee was attacked on several occasions by alleged CPI(M) goons who threw bombs and fired at her car to stop her entry into Nandigram - then a battlefield due to the anti-farm land acquisition movement.
==2016> 2018==
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[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F04%2F03&entity=Ar01810&sk=3AA24171&mode=text  Nearly ₹3L-cr bonds downgraded in FY18, April 3, 2018: ''The Times of India'']
+
  
[[File: Bonds upgraded or downgraded in 2016, 2017 and 2018.jpg|Bonds upgraded or downgraded in 2016, 2017 and 2018 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F04%2F03&entity=Ar01810&sk=3AA24171&mode=text  Nearly ₹3L-cr bonds downgraded in FY18, April 3, 2018: ''The Times of India'']|frame|500px]]
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In 2006 during her protest outside the office of the block development officer at Singur, she was dragged by the police and removed from the spot.
  
 +
In 2010 during her tenure as Railway Minister, a car in Banerjee's convoy was hit by a truck.
  
''Default Rate May Go Up In Current Financial Year On Higher Interest Cost, Says ICRA''
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The TMC supremo was returning from a rally at the then Maoist bastion of Lalgarh and had alleged that it was an attempt on her life.
  
The quality of Indian debt soured considerably in FY18 with Rs 3 lakh crore worth of bonds being downgraded compared to Rs 1.7 lakh crore in FY17. Over half the downgrades were of papers issued by lenders, of which 70% pertained to bonds issued by public sector banks (PSBs).
+
Such incidents, however, did not occur since TMC came to power in 2011 and Banerjee became the chief minister until Wednesday's attack at Nandigram.
  
Going by the number of entities upgraded versus the number of downgrades, FY18 presents a positive image with 646 upgrades by rating agency ICRA versus 418 downgrades. But the volume reveals the overall quality of total outstanding debt in the country.
+
The attacks on her had been greeted with derision by her political opponents.
  
As against the Rs 3 lakh crore of downgrades, the volume of debt upgraded in FY18 was only Rs 1.8 lakh crore — up 17% from Rs 1.5 lakh crore in the previous year. The largest proportion of debt rated by ICRA (65%) continues to remain concentrated in the sub-investment grade category. A bulk of the ratings have an ‘ICRA B’ rating, while the median rating category is ‘ICRA BB’. Fund managers consider BBB and above as an investment-grade rating, while those with lower ratings are considered speculative.
+
CPI-M had on several occasions alleged that Banerjee had herself scripted the "dramas" of being attacked to gain sympathy.
 +
The TMC has claimed that Wednesday's incident was a "well planned conspiracy" by BJP to "remove" her from the poll campaign.
  
PSBs, which were hit by bad debt provisions as the RBI tightened income-recognition norms, accounted for a third of downgrade volumes. According to ICRA, the overall quality of Indian debt could worsen in FY19. ICRA head of credit policy Jitin Makkar said in a webinar, “The default rate could go up in fiscal year 2019 on higher interest cost, deteriorating business conditions and likely difficulty in getting bank funding, given the challenges in the banking system.” ICRA said, looking ahead, credit quality pressures will “take longer to dissipate” as hardening interest rates and banking sector woes will create hindrances for businesses.
+
"Mamata Banerjee is a fighter. The more you attack her she makes a comeback with more ferocity," TMC leader Sougata Roy said.
 +
Banerjee has described herself as a "street fighter" many times in the past.
  
According to ICRA, telecom, chemicals and healthcare saw weakening performance along with greater number of downgrades than upgrades.
+
"Many people don't want her to campaign for the elections. They want her to be removed from their path. The BJP should be ashamed that it has stooped so low that its supporters are attacking a woman," Roy said.
  
=Periods for which investment is held=
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The BJP has denied the allegation and said Banerjee is only trying to get sympathy votes.
==As in 2019==
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[[File: MF industry’s holdings over different periods, presumably as in 2019.jpg|MF industry’s holdings over different periods, presumably as in 2019 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2019%2F08%2F05&entity=Ar01900&sk=C287084D&mode=image  August 5, 2019: ''The Times of India'']|frame|500px]]
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'''See graphic’'':
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West Bengal BJP president Dilip Ghosh on Thursday demanded a CBI probe into the attack on Banerjee at Nandigram saying that it needs to be seen whether the incident was a "well-scripted drama" to garner votes.
 +
"The people of the state have seen such a drama earlier too", he added.
  
'' MF industry’s holdings over different periods, presumably as in 2019 ''
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The Congress too has been critical about the alleged attack on Banerjee at Nandigram.
  
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Its state party president Adhir Ranjan Chowdhury had on Wednesday accused her of resorting to "hypocrisy and theatrics" to gain public sympathy ahead of the assembly polls.
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=See also=
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Chowdhury, who is also the Congress' leader in Lok Sabha, said Banerjee is "feeling the heat" in Nandigram and is thus resorting to "stunts and drama".
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Revision as of 09:39, 6 April 2021

Some milestones during the reign of Mamata Bannerjee in West Bengal; Graphic courtesy: The Times of India, May 20, 2016

This is a collection of articles archived for the excellence of their content.

Contents

Biographical highlights

Mid-1970s- mid 80s

Jayanta Ghosal, May 19, 2016: Scroll

‘The young student leader eclipsed the competition and captured the attention of the top state leaders. Priyaranjan Das Munshi and Subrata Mukherjee were a powerful pair at the time. Mukherjee was the home minister of the state. Mamata was introduced to Das Munshi, who declared in everyone’s presence, ‘Mamata gives powerful speeches. You must use her to address college students everywhere.’ Subrata Mukherjee asked her to visit him at home, too. One day Mamata was giving a speech against a Leftist strike at Jagu Babur Bajar near Bhowanipore. Hearing her from his car, Siddhartha Shankar Ray got off to congratulate her. Gradually, Subrata Mukherjee started taking Mamata to the districts.

The Left was very opposed to her, often aggressively so. On one occasion, CPM workers grabbed the mike from Mamata while she was giving a speech at Harinavi. As the violence in student politics began to escalate, Mamata had a head-on battle with the CPM over the issue of gate meetings at the college. CPM workers chased her with pistols, sten guns, bombs and knives through Bhowanipore in broad daylight.

In 1977 the Congress was ousted from power, and the first Left Front government took over. Losing the elections, Das Munshi quit the Congress to start his own party, named Congress (R). But Subrata Mukherjee did not leave. He was the general secretary of the party at the time. His mentor was Pranab Mukherjee, a confidant of Prime Minister Indira Gandhi’s in Delhi, and himself a cabinet minister. Mamata became even more active during this troubled period for the Congress, coming closer to Subrata Mukherjee.

As she herself says, ‘The CPM was a force to reckon with at the time. No one dared take a procession out. My assignment was to take out processions with young men and women from the locality. Bandhs would be called. And we used to take processions out under Subrata Da’s leadership. But his processions inevitably meant bombs and batons and clashes with the police.’ There was still political violence in West Bengal. Three young men died in police firing at Esplanade East on September 22, 1980. Mamata was present at the demonstration that day.

She began to be called wherever there were protests. Madhu Dandavate was the Union Railway Minister. There would be protests against him at Kalyani, so Mamata had to be present, even though it was the day of the preliminary exam of her law course. Mamata left immediately after taking her exam at Law College, where a car was waiting for her. That day, too, the police used batons and opened fire at Kalyani. In Jammu & Kashmir, three people had been killed in police firing by the Farooq Abdullah government. It was the winter of 1983. Abdullah was to take the 6 a.m. flight from Kolkata to Delhi, a difficult time to stage a protest at the airport. But Mamata was undaunted. She reached the airport with the group of protesters she had gathered the night before and they staged their protest early the next morning.

That year, the Congress Party held its annual session in Kolkata. Rajiv Gandhi was staying at Nizam Palace in the city. Subrata Mukherjee, who was given the responsibility of looking after him, passed this task on to Mamata. So Mamata stayed on duty at the Nizam Palace and caught Rajiv Gandhi’s attention for the first time. Nizam Palace was being renovated and there was a problem with getting hot water. Mamata made sure hot water was delivered in buckets to Rajiv in his first floor room.

Then came the historic moment in Mamata’s life – Indira Gandhi’s assassination. Elections once more. Despite the huge sympathy wave, no one was willing to be the Congress candidate against senior CPM leader Somnath Chatterjee in the party’s ‘Red Fort’ – Jadavpur. Even the central minister, Debi Prasad Chattopadhyay, did not agree despite repeated requests. In her autobiography, Mamata writes, ‘When no one agreed, Pranab Da told Subrata Da, no one’s willing, and Mamata is very young. Check the age certificate and ask her whether she’ll fight the elections. Subrata Da rang me and said, “Pranab Da is asking that you stand in the elections.” “I accept the challenge,” I said.’

Mamata won against all odds, becoming an MP for the first time. She never had to look back after that. No one had imagined that she would succeed in defeating formidable barrister Somnath Chatterjee in a CPM citadel-like Jadavpur. I had joined journalism the same year. Covering the elections in Jadavpur, I learnt what popularity means. It’s true that there was a huge sympathy wave after Indira Gandhi’s assassination, which would have given a boost to any Congress candidate. But with her victory in Jadavpur, Mamata had gained the reputation of a giant-killer.’


1999/ Kandahar

Amid the prevailing tension in the wake of the hijacking of the Indian Airlines plane to Kandahar in 1999, Mamata Banerjee, a Union Cabinet Minister then, had offered herself as a hostage in exchange for the passengers of the flight, former Finance Minister Yashwant Sinha said

"I want to tell you today that when the Indian Airlines plane was hijacked to Kandahar, there was a discussion happening in the Cabinet. Mamatji offered to go herself as a hostage on the condition that the Indians are released in exchange. She was ready to make that sacrifice," he said.

2011-16

Shougat Dasgupta Asit Jolly MG Arun Damayanti Datta , Behind the headlines “India Today” 29/12/2016

India Today , December 29 , 2016

She brought the marxists to their knees in 2011 and in 2016, winning a second term with a two-third majority. It seems as if nothing could hold her back: an Opposition nipping at her heels, the muck from the financial scams, even a severe Election Commission that was always breathing down her neck. Mamata travelled extensively through the state to appeal to voters to vote for her and, by extension, the development of Bengal. She was ma, didi and pahradar (watchman) of Bengal, all rolled into one tangail-clad, rubber chappal-shod matir mei (daughter of the soil). Here are five other reasons why she made headlines this year:

• She returned the Singur land to the farmers, keeping an old promise she had made after courts nixed the Tata acquisition.

• She changed West Bengal's name-it's now Bengal in English, Bangla in Bengali. The Centre has to clear it.

• She distributed shoes, satchels and cycles to children, under the project Sabuj Sathi. Girl students also got gold-plated bangles under the Kanyashree scheme, a token of recognition for continuing in school instead of getting married.

• She's a champion of women's causes. Apart from introducing 730 days of childcare leave for the state's women staff, there's now a month of paternity leave for new fathers.

• She has been at the centre of Opposition protests against PM Narendra Modi's demonetisation drive. "Oust Modi, save the country," she says. Loudly. And often.

by Romita Datta

Attacks and injuries: 1990-2021

March 12, 2021: The Indian Express

KOLKATA: Mamata Banerjee has earned for herself the image of the gutsy political leader, who has weathered physical attacks and injuries in her four-decade- long career to emerge stronger in her public life.

Her comebacks after such incidents saw her attacking her opposition with greater ferocity.

The TMC supremo's image as a fearless fighter, endowed with nerves of steel and political acumen who can become one with legions of her supporters, took shape after one such deadly attack when she was hit on the head by a CPI-M youth leader in 1990 and had to be confined to a hospital bed for an entire month.

Again in July 1993 Banerjee, then a Youth Congress member, was beaten up by the police when she lead a rally to Writers' Buildings, the erstwhile secretariat, demanding voter photo identity cards.

The rallyists had clashed with the police prompting the force to fire killing 14 Youth Congress activists.

Banerjee was beaten up and then too she was under treatment in the hospital for a few weeks.

The Bengal chief minister, who is presently facing one of the toughest political battles of her career, is in hospital yet again with her leg in a cast and complaints of chest pain after being injured in an alleged attack on Wednesday night at Nandigram hours after she filed her nomination for the seat.

Banerjee has said that she was attacked by four to five men on that day. The battle is crucial this time as BJP, which has emerged as the main opposition, has thrown down the gauntlet and aims to stop her from returning to power for the third straight time.

Nandigram is where she will take on her former protege and now BJP leader Suvendu Adhikari.

The place had played a significant role in her career as the historic anti-farmland acquisition movement led by her party there in 2007 in the face of violence and police bullets saw her emerging as a giant slayer.

Riding the crest of the movement, she had led TMC to defeat the longest serving democratically elected communist regime of the world in 2011.

The CPI-M;led Left Front had to bite the dust that year in West Bengal after helming the the state for 34 long years.

A quick look at the 66-year-old leader's political journey in the mid-1970s shows how injuries and physical assaults have shaped her political career over the years.

Banerjee, then Youth Congress leader, first came into the limelight after defeating CPI(M) stalwart and former Lok Sabha speaker Somnath Chatterjee from Jadavpur Lok Sabha constituency in 1984 riding the sympathy wave following the assassination of Indira Gandhi.

She, however, lost the 1989 Parliamentary polls.

The attack on her on August 16, 1990 by DYFI leader Lalu Alam who hit her on the head with a stick had taken place at Hazra crossing in the city, the scene of many of her agitations, near her Kalighat residence.

The attack had fractured her skull.

The incident had made her a household name in the state and one of the tallest mass leaders of West Bengal Congress on the same pedestal as stalwarts like A B A Ghani Khan Chowdhury, Priya Ranjan Dasmunsi and Somen Mitra.

Banerjee was in her 30s then.

Three years later in January 1993, Banerjee, then president of the state Youth Congress, had stormed into Writers' Buildings with a hearing-and speech-impaired girl heavily pregnant after being raped by a CPI-M man.

She had led a three-hour-long dharna in front of the chambers of the then chief minister Jyoti Basu alleging that the rapist had not been arrested because of his political affiliations.

Banerjee had sat with the victim on the floor virtually laying a seige on the chief minister's office demanding immediate arrest of the rapist and an audience from Basu.

After the police failed to persuade her, a huge contingent of the force had reached Writers' Buildings, dragged her by the hair, put her in a prison van and whisked her to the nearby Lalbazar central police lock up.

In 2000-01, just two years after she broke away from the Congress and formed Trinamool Congress, her vehicle was repeatedly attacked at Keshpur and Chamakaitala in West Midnapore district, where several TMC workers were killed during the bloody turf war between the party and CPI(M).

Crude bombs were hurled at her car in 2001 whe she visited Choto Angaria in West Midnapore where 11 workers of her party had been killed in political clashes.

In 2006 and 2007 Banerjee was attacked on several occasions by alleged CPI(M) goons who threw bombs and fired at her car to stop her entry into Nandigram - then a battlefield due to the anti-farm land acquisition movement.

In 2006 during her protest outside the office of the block development officer at Singur, she was dragged by the police and removed from the spot.

In 2010 during her tenure as Railway Minister, a car in Banerjee's convoy was hit by a truck.

The TMC supremo was returning from a rally at the then Maoist bastion of Lalgarh and had alleged that it was an attempt on her life.

Such incidents, however, did not occur since TMC came to power in 2011 and Banerjee became the chief minister until Wednesday's attack at Nandigram.

The attacks on her had been greeted with derision by her political opponents.

CPI-M had on several occasions alleged that Banerjee had herself scripted the "dramas" of being attacked to gain sympathy. The TMC has claimed that Wednesday's incident was a "well planned conspiracy" by BJP to "remove" her from the poll campaign.

"Mamata Banerjee is a fighter. The more you attack her she makes a comeback with more ferocity," TMC leader Sougata Roy said. Banerjee has described herself as a "street fighter" many times in the past.

"Many people don't want her to campaign for the elections. They want her to be removed from their path. The BJP should be ashamed that it has stooped so low that its supporters are attacking a woman," Roy said.

The BJP has denied the allegation and said Banerjee is only trying to get sympathy votes.

West Bengal BJP president Dilip Ghosh on Thursday demanded a CBI probe into the attack on Banerjee at Nandigram saying that it needs to be seen whether the incident was a "well-scripted drama" to garner votes. "The people of the state have seen such a drama earlier too", he added.

The Congress too has been critical about the alleged attack on Banerjee at Nandigram.

Its state party president Adhir Ranjan Chowdhury had on Wednesday accused her of resorting to "hypocrisy and theatrics" to gain public sympathy ahead of the assembly polls.

Chowdhury, who is also the Congress' leader in Lok Sabha, said Banerjee is "feeling the heat" in Nandigram and is thus resorting to "stunts and drama".

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