Chetan Bhagat's Speech Impressive Indeed

This is the speech delivered by him at the orientation of a new MBA batch in Symbiosis, Pune. A phenomenal speech indeed!

Good Morning everyone and thank you for giving me this chance to speak to you. This day is about you. You, who have come to this college, leaving the comfort of your homes (or in some cases discomfort), to become something in your life. I am sure you are excited. There are few days in human life when one is truly elated. The first day in college is one of them. When you were getting ready today, you felt a tingling in your stomach. What would the auditorium be like, what would the teachers be like, who are my new classmates – there is so much to be curious about. I call this excitement, the spark within you that makes you feel truly alive today. Today I am going to talk about keeping the spark shining. Or to put it another way, how to be happy most, if not all the time.

Where do these sparks start? I think we are born with them. My 3-year old twin boys have a million sparks. A little Spiderman toy can make them jump on the bed. They get thrills from creaky swings in the park. A story from daddy gets them excited. They do a daily countdown for birthday party – several months in advance – just for the day they will cut their own birthday cake.

I see students like you, and I still see some sparks. But when I see older people, the spark is difficult to find. That means as we age, the spark fades. People whose spark has faded too much are dull, dejected, aimless and bitter. Remember Kareena in the first half of Jab We Met vs the second half? That is what happens when the spark is lost. So how to save the spark?

Imagine the spark to be a lamp’s flame. The first aspect is nurturing – to give your spark the fuel, continuously. The second is to guard against storms.

To nurture, always have goals. It is human nature to strive, improve and achieve full potential. In fact, that is success. It is what is possible for you. It isn’t any external measure – a certain cost to company pay package, a particular car or house.

Most of us are from middle class families. To us, having material landmarks is success and rightly so. When you have grown up where money constraints force everyday choices, financial freedom is a big achievement. But it isn’t the purpose of life. If that was the case, Mr. Ambani would not show up for work. Shah Rukh Khan would stay at home and not dance anymore. Steve Jobs won’t be working hard to make a better iPhone, as he sold Pixar for billions of dollars already. Why do they do it? What makes them come to work everyday? They do it because it makes them happy. They do it because it makes them feel alive Just getting better from current levels feels good. If you study hard, you can improve your rank. If you make an effort to interact with people, you will do better in interviews. If you practice, your cricket will get better. You may also know that you cannot become Tendulkar, yet. But you can get to the next level. Striving for that next level is important.

Nature designed with a random set of genes and circumstances in which we were born. To be happy, we have to accept it and make the most of nature’s design. Are you? Goals will help you do that. I must add, don’t just have career or academic goals. Set goals to give you a balanced, successful life. I use the word balanced before successful. Balanced means ensuring your health, relationships, mental peace are all in good order.

There is no point of getting a promotion on the day of your breakup. There is no fun in driving a car if your back hurts. Shopping is not enjoyable if your mind is full of tensions.

You must have read some quotes – Life is a tough race, it is a marathon or whatever. No, from what I have seen so far, life is one of those races in nursery school, where you have to run with a marble in a spoon kept in your mouth. If the marble falls, there is no point coming first. Same with life, where health and relationships are the marble. Your striving is only worth it if there is harmony in your life. Else, you may achieve the success, but this spark, this feeling of being excited and alive, will start to die.

One last thing about nurturing the spark – don’t take life seriously. One of my yoga teachers used to make students laugh during classes. One student asked him if these jokes would take away something from the yoga practice. The teacher said – don’t be serious, be sincere. This quote has defined my work ever since. Whether its my writing, my job, my relationships or any of my goals. I get thousands of opinions on my writing everyday. There is heaps of praise, there is intense criticism. If I take it all seriously, how will I write? Or rather, how will I live? Life is not to be taken seriously, as we are really temporary here. We are like a pre-paid card with limited validity. If we are lucky, we may last another 50 years. And 50 years is just 2,500 weekends. Do we really need to get so worked up? It’s ok, bunk a few classes, goof up a few interviews, fall in love. We are people, not programmed devices.

I’ve told you three things – reasonable goals, balance and not taking it too seriously that will nurture the spark. However, there are four storms in life that will threaten to completely put out the flame. These must be guarded against. These are disappointment, frustration, unfairness and loneliness of purpose.

Disappointment will come when your effort does not give you the expected return. If things don’t go as planned or if you face failure. Failure is extremely difficult to handle, but those that do come out stronger. What did this failure teach me? is the question you will need to ask. You will feel miserable. You will want to quit, like I wanted to when nine publishers rejected my first book. Some IITians kill themselves over low grades – how silly is that? But that is how much failure can hurt you. But it’s life. If challenges could always be overcome, they would cease to be a challenge. And remember – if you are failing at something, that means you are at your limit or potential. And that’s where you want to be.

Disappointment’ s cousin is Frustration, the second storm. Have you ever been frustrated? It happens when things are stuck. This is especially relevant in India. From traffic jams to getting that job you deserve, sometimes things take so long that you don’t know if you chose the right goal. After books, I set the goal of writing for Bollywood, as I thought they needed writers. I am called extremely lucky, but it took me five years to get close to a release. Frustration saps excitement, and turns your initial energy into something negative, making you a bitter person. How did I deal with it? A realistic assessment of the time involved – movies take a long time to make even though they are watched quickly, seeking a certain enjoyment in the process rather than the end result – at least I was learning how to write scripts, having a side plan – I had my third book to write and even something as simple as pleasurable distractions in your life – friends, food, travel can help you overcome it. Remember, nothing is to be taken seriously. Frustration is a sign somewhere, you took it too seriously.

Unfairness – this is hardest to deal with, but unfortunately that is how our country works. People with connections, rich dads, beautiful faces, pedigree find it easier to make it – not just in Bollywood, but everywhere. And sometimes it is just plain luck. There are so few opportunities in India, so many stars need to be aligned for you to make it happen. Merit and hard work is not always linked to achievement in the short term, but the long term correlation is high, and ultimately things do work out. Butrealize, there will be some people luckier than you. In fact, to have an opportunity to go to college and understand this speech in English means you are pretty damm lucky by Indian standards. Let’s be grateful for what we have and get the strength to accept what we don’t. I have so much love from my readers that other writers cannot even imagine it. However, I don’t get literary praise. It’s ok. I don’t look like Aishwarya Rai, but I have two boys who I think are more beautiful than her. It’s ok. Don’t let unfairness kill your spark.

Finally, the last point that can kill your spark is Isolation. As you grow older you will realize you are unique. When you are little, all kids want Ice cream and Spiderman. As you grow older to college, you still are a lot like your friends. But ten years later and you realize you are unique. What you want, what you believe in, what makes you feel, may be different from even the people closest to you. This can create conflict as your goals may not match with others. And you may drop some of them. Basketball captains in college invariably stop playing basketball by the time they have their second child. They give up something that meant so much to them. They do it for their family. But in doing that, the spark dies. Never, ever make that compromise. Love yourself first, and then others.

There you go. I’ve told you the four thunderstorms – disappointment, frustration, unfairness and isolation. You cannot avoid them, as like the monsoon they will come into your life at regular intervals. You just need to keep the raincoat handy to not let the spark die.

I welcome you again to the most wonderful years of your life. If someone gave me the choice to go back in time, I will surely choose college. But I also hope that ten years later as well, your eyes will shine the same way as they do today. That you will Keep the Spark alive, not only through college, but through the next 2,500 weekends. And I hope not just you, but my whole country will keep that spark alive, as we really need it now more than any moment in history. And there is something cool about saying – I come from the land of a billion sparks.

Thank You.

Chetan Bhagat

The Union Budget Simplified (Part 1)

The Finance Minister of India presented the Budget for the fiscal year 2009-2010 on 6Th July 2009, ushering in big bang policies targeting the growing demands of our beloved "Bharat", a region which has faced tremendous apathy on the part of previous governments. The budget although presented in the typical '80 style was significant as it aimed to provide a direction to our frailing economy and thus the FM assumed the role of a seasoned sailor trying to sail this majestic country in to the eye of the storm.

The Theme Of The Budget: In my opinion the Finance Minister through this Budget has tried to stimulate the rural demand. In the recent past, India had been exposed to excessive capitalism (or basically the influx of excessive capital from foreign investors) thus becoming overly sensitive to the incidents overseas. Even the smallest bad news in Wall Street and other markets would have a "Cascading Effect " or " The Snowball Effect " on the capital markets here back home. This became evident in the financial meltdown/ "recession phase"as many would term it. However, the backbone of the Indian economy that is our bank and insurance remained relatively insulated thanks to the stand of "Restricted Capitalism" (nothing but keeping a close eye and intently monitoring the flow of funds from overseas) taken by the then RBI governor Mr Reddy. Taking a serious learning from this Mr Mukherjee has tried his level best to decouple India from the capricious global markets and thus to encourage rural demand which provides a relatively stable sustenance.

Highlights Of The Budget:1.Mr Mukherjee has given due importance to the infrastructure sector increasing the allocation to the NHAI (National Highway Authority of India) by almost 23%. He has also promised that infra investment would exceed 9% of GDP by 2014 (hope he keeps it though).

My view:Its imperative that we spend a substantial portion on the infrastructure of the country as this proves to be a valuable asset in the long term. Infrastructure also has the distinct character of providing bulk employment, and a country like India is in a dire need of good infrastructure to attract foreign capital and businesses.

2. The FM (Finance Minister) has lowered the interest rates for farmers to 6% , increased the allocation for NREGA(National Rural Employment Guarantee Act which seeks to provide a minimum of 100 days of work to adult members of every household willing to do public work at statutory minimum wages) by about 144 % , allocated about 7000 cr for rural electrification, 2000 cr for rural housing and provided full interest subsidy for the education of poor children.

My view:I laud the finance minister for he has stood by the common man with the promulgation of these policies. Its imperative that we nurture our rural markets for its can provide the boost that we ought to have enter the list of developed countries. However, all well said the onus now lies the rigid and corrupt Indian Bureaucracy for the implementation if these policies which I doubt will happen without any loopholes.

3.The FM in his Budget speech just hinted at divestment at failed to provide a clear road map on the government's proposal to bring down the fiscal deficit (the excess borrowing as against the earnings).

My view:This is one of the reasons why the stock markets fell to new lows on the lovely Monday morning. There was a growing concern primarily on the part of FII( foreign institutional investors which includes all the top shot i-banks which people like me aspire to work for) on the excessive government borrowing program as the govt expenses have been estimated at a staggering 10.2 lakh crores as against its earning of about 6 odd lakh crore. Thus there was widespread pessimism on account of absolute govt complacency which push the markets into the red. Excessive govt borrowing is like to push interest rate upwards( the basic philosophy behind this is that since govt is borrowing excessively there will in turn be heavy demand for credit and this gives bankers opportunity to charge excess rates). The fiscal deficit has been estimated at whooping 6.8% (which is considered highly unstable in the long term at least by most economists). These expense although are justified since we are witnessing extreme times of uncertainty.

4.There was no indication on the deregulation of oil and crude prices. The FM just proposed the formation committee to look into the matter.

My view:Another reason for the stock markets having entered the red zone. There was a phase when crude prices had touched the $ 154/ barrel mark on account of excessive speculation and hedging( saving for future and protecting for risks). Thus the government had to regulate these unsustainable prices to provide cheaper crude to the Indian consumer.As a result of these regulatory mechanism most of the oil companies had run into massive losses to the tune of hundreds of crores everyday. This added to the massive fiscal deficit last year which had some eyebrows at that time and criticized the govt for not bringing the prices in sync with those in the international market. Since if the government interferes in the crude prices it runs into huge losses.

5.Finally the FM vouched to introduce the GST(The Goods and Services Tax) by 1st April, 2010.

My view: I honestly welcome the introduction of this new avatar of the previous VAT(Value Added Tax imposed on all commodities). Quite contrary to most beliefs this tax will now reduce prices of some the commodities since it plans to scrap the previous VAT. Previously Vat was imposed in four slabs which varied from state to state, thus there could have been an instance where the VAT charged in UP was 3% and that in MP its neighbour was 6%, thus resulting in great fluctuation of prices. With the introduction of GST the government will now impose an unified GST across all states thus ending their monopoly on the VAT and according to announcements the GST will be levied in only two tax slabs thus greatly reducing the prices of certain good.

Watch this space for more on the fallout of the Union Budget.

G-20 The London Summit: A Win-Win Outcome

It was just a couple of hours back that the G-20 London Summit was concluded successfully. This global meeting of the top 20 economies is being described as positive step in the path to recovery from the financial meltdown that has griped the whole world. The underlying theme of the summit was the need for concrete measures to revive the global economy which has been reling from an acute recession for a prolonged period. There was a clear consensus on the need for job protection and better regulatory mechanisms for the global financial institutions. 

There were two sides in this summit with different propostitions to tackle this devious and intensely complex problem. On one side we had the Gremans and French who were in favour of far stricter regulatory mechanisms of the banking and financial space and on the other hand was the US proposing more stimulus packages as means of revival. India took an intermediate path with PM Manmohan Singh emphasizing on a mix of both these measures to revive the global economy. 

Protection of jobs was also on the priority list of UK Prime Minister Gordon Brown. There was no clear stand on the protectionism front and its impact on the emerging markets all around the world, though there was several suggestions made by the developing  nations against this idea. IMF and the World Bank were also expanded in order to cater to the needs of growing economies.

The Outcome of the summits were:

1.About $ 1.1 trillion has been promised as a stimulus for the global economy. 

2.About $ 500 billion has been added to the IMF(Internation Monetary Fund)to help it cater to needs of growing economies.

3.There has been a proposal for better regulatory mechanism of the financial institutions around the world. 

4.There is a proposal for more regulations on the Hedge Fund. 

5.There is growing concerns about people loosing their jobs, and the measure to tackle the problem. 

6.For the first time the whole world has come united to tackle the mess that has started in the American financial system.

Politics Calling The Youth

January 20, 2009 was a remarkable day in the American history, as it was for the first time an African-American by the name of  Barack Obama, took charge of  the top job in the US, a nation reeling from the aftermath of an acute financial meltdown. The USP of Obama lay in his relatively young age, which he was able to leverage to enthrall the young voters. However, now about three months later, his popularity has taken a several beating thus giving fuel to widespread debates about the performance of young leaders in the political system.

There is a dearth of young leaders in our political system especially in a country like ours where about 65% of the population is the under 35 years of age. The few that get into politics are able to do so on the prowess of their celebrated family names. Thus we rarely see a person who is not a Gandhi, a Pilot, a Deora or a  Abdullah, contesting and winning elections . This is a pathetic state of affairs since these elected few are the extension of their family ideologies and thus in fact are hereditary products devoid of any explicit personal achievements.

The most widespread criticsm faced by young parliamentarians is their lack of experience and adequate understanding of the section of people they represent. This fact was evident when Omar Abdullah faced severely rebuked for his inability to prevent the death of innocent people in the valley. Then there is also the influence of hostile feeling on the part of opposition parties and local bodies who are unwilling to take respect the decisions of an inexperienced and novice fellow. We have the example of veteran politicians like Pranab Mukherjee, Somnath Chaterjee and others who are able to implement policies merely on account of the respect they command.

On the other hand, the generation next leaders refrain from the conventional divisive politics and have no agenda to polarize the society. This is in stark contrast to their elderly counterparts who rely on caste based politics for vote banks, which includes the likes of Narendra Modi, Bal Thackeray , Kalyan Singh and so on. Young leaders have also depicted a great deal of fervor and enthusiasm in the execution of their duties, always giving the utmost priority to the welfare of the nation. This proposition can be corroborated by the fact that a lot of young leaders like Milind Deora have launched numerous campaigns to cater to the welfare of the society. Elderly candidates are a tainted lot, with a large fraction of them being accused of indulging in hedonistic pursuits, like Mulayam Singh, Pappu Yadav, Sadhu Yadav, Mayawati etc. Some of them even have no regard for the sanctity of the constitution as was proven in the vote of confidence with allegation of horse trading.

No doubt there is an urgent need for young leaders to address the growing demand of the young population. However, they should be provided with a mentorship, assistance, support and respect in order to empower them to deliver on their promises. As it is the young leaders who can bring about a new approach towards democracy, one which is imperative for a divided country like India.

IF-Rudyard Kipling (A Classic Poem, My Personal Favorite)

If

If you can keep your head when all about you 
Are losing theirs and blaming it on you; 
If you can trust yourself when all men doubt you, 
But make allowance for their doubting too; 
If you can wait and not be tired by waiting, 
Or, being lied about, don't deal in lies, 
Or, being hated, don't give way to hating, 
And yet don't look too good, nor talk too wise;

If you can dream - and not make dreams your master; 
If you can think - and not make thoughts your aim; 
If you can meet with triumph and disaster 
And treat those two imposters just the same; 
If you can bear to hear the truth you've spoken 
Twisted by knaves to make a trap for fools, 
Or watch the things you gave your life to broken, 
And stoop and build 'em up with wornout tools;

If you can make one heap of all your winnings 
And risk it on one turn of pitch-and-toss, 
And lose, and start again at your beginnings 
And never breath a word about your loss; 
If you can force your heart and nerve and sinew 
To serve your turn long after they are gone, 
And so hold on when there is nothing in you 
Except the Will which says to them: "Hold on";

If you can talk with crowds and keep your virtue, 
Or walk with kings - nor lose the common touch; 
If neither foes nor loving friends can hurt you; 
If all men count with you, but none too much; 
If you can fill the unforgiving minute 
With sixty seconds' worth of distance run - 
Yours is the Earth and everything that's in it, 
And - which is more - you'll be a Man my son! 

courtesy:-http://www.everypoet.com/archive/poetry/Rudyard_Kipling/kipling_if.htm

The Difference Between "Bharat" And "India"

So here I am, restless, anxious and in a state of lull, with not even the remotest interest in these college studies, which are suppose to stimulate an intellectual revolution in me. In my opinion, books are just one aspect of learning, which are given undue importance, probably on account of the dearth of other methods of education which our system.

Yesterday, was infact the day when I went through an "intellectual revolution", and was enlighten through mere observation of our surroundings. No doubt I have been a keen observer throught my life, however it was just a petty thing thing like a trip to Juhu Beach, that brought me face to face with a plethora of new realisations. Just yesterday I developed a greater understanding of my society, city, country and the denizens of this devious land.

Pakistan, our highly unstable neighbour, is often rebuked by various establishments around the world on account of its fragmanted nature. There is an evident divide in the power between the army establishment and the civilian government, with the latter in control of the armed forces and acting out of sync with the civilan government. However, the more our country indulges in critcising our hostile neighbour, the more I ponder about our current state of affairs and whether a similar analogy is applicable to our beloved land. Various sporadic incidents in the past have reiterated the fact that India too is a divided land, divided on secular, religious and regional lines.

The Brutal Attacks on the women in a pub in Managalore, the attacks on the peace loving Christians in Orissa, the poverty in the region of North India(Kashmir, UP, Bihar etc), the chauvinistics attitude of the MNS just point out to the fact that we are are secular country and land of equality only on paper. The reality is far different from what our constitution has had planned for us.

Thus goin back to my enlightenment, there I was at the entrance of the ISKCON temple, face to face with the powerful manifestation of the phenomenon people commonly refered to as "GOD". Please don't mistake me for an atheist, its just that I m neutral about the existence on "GOD", and never let it really bother my aspirations or my life in even the remotest way. It was truly marvellous to see people depict such faith in single entity, to the extent of even waiting in long lines for hours undisturbed and in deep penance. This propostition can be corroborated by my visit to the Vaishnodevi temple just a couple of weeks back. Though I do respect the faith that people have in God, I came to the realisation that this merely becomes a means of seeking solace once they fail in a venture on account of lack of a 100% effort. People attribute their failure to luck, which in my opinion is unacceptable. A wise man once said-"God helps those who help themselves", and I couldnt agree with him more. 

 So now I was at the prominent Juhu Beach, once a pristine area, it has become squalid and the odour emanating from it could give the pigs a run for their title. Though the whole setting was beautified by the susnet over the unclear blue water, the cries of armies of hawkers and sellers irritated me intensley. Walking on the beach, looking at the tons of garbage adorning the sand, a new realisation dawned upon me. The filth on the beach was the outcome of several years of abuse on our behalf, and thus a beautiful place had been converted into a mess by our irresposible actions. Drawing a similar parallel with our country, we can find that this beautiful land has been turned into a living nightmare on account of our selfish, irresponsible attitude. 

Hence I use this tool as medium to request all my readers to please take care of our surroundings and learn to be more responsible citizens. 

Now here I was in front of the magnificent JW Marriott hotel, probably one of the best hotels in the subcontinent. The sheer grandiose of the structure was impeccable,and thus it has been accredited with a 7 star rating. However just besides it were the shanties of the hawkers and foodstall owners, the whole area is popularly refered to as Juhu plaza. The more I looked a these two seemingly contrary establishments the more contemplative I became. These two stuctures signified the two sides of our country, one popluarly refered to as the "Shining India", with a phenomenal growth story and untaped potential. The other the bleak, frail and suffering India, one in a dire need of help and assistance as depicted in the movie "Slumdog Millionaire".  We have been far from successful in implementing the principle of equality. The more we grow the more the gap between the rich and the poor becomes unbridgeable. On one hand we have Mukesh Ambani one of the richest man in the world, on the other hand we have large section of our population committing suicide on account of failure to repay their loans. So were are we heading with this divide. Financial analysts often refer to India as growing economy, but they often forget to make any comments on Bharat. There is no clear cut solution to this divison, however the government should take some concerete measure to bring about industrailisation in the rural markets. A large portion of India still depends on the vagaries of the rains and this is a delporable fact in this era of supercomputers.Only a fair and equitable country can sustain its growth and avoid resentment amongst its citizens. 

Obama's Protectionism: A Death Knell For The Indian IT Story

So here goes my second post, hopefully it will meet with same appreciation as my first post did. A friend of mine suggested me to go soft on the vocabulary, and so I will make an earnest attempt to bring down my vocabulary level.

So, we are well aware that the world in reeling under the influence of a financial turmoil, one which has  originated in the US. This meltdown has had a widespread effect on most of the economies in the world, leaving behind some in "Recession"(a period of negative growth).Thus there is widespread chaos all around the world, due to the mere enormity of this disaster. There are parallels being drawn between the current turmoil and those of "The Great Depression" in 1930

(for futher reading refer to:http://www.english.illinois.edu/maps/depression/overview.htm).

However, the purpose of my post in not talk about the financial turmoil, its causes and effects. I am here to analyze the fallout that this disaters has had on the US administration, with them bringing into effect new policies of protectionism. According to the new policies implemented by the Obama administration, companies receiving aid from the US bailout package are forbidden from hiring temporary workers which come from "H1B" category of visa.Thus a large number of companies which have received the US taxpayers money cannot rely on the relatively cheap labour coming from the H1B category of visa, these include the financial giants like Morgan Stanley, Goldman Sac, Citibank, AIG etc.Till now a majority of these firms were private, and thus were exempted from the whimsical influence of the government.With the new bailout plan, the US government has brought these firms under its regulations even though it may not have indulged in the purchase of shares of these firms. 

In my opinion, it was but a natural move on behalf of the government to go for a protectionist policy, in the short term atleast. With the implementation of this policy, the government has depicted itself to be concerned about the welfare of its citizens, thus gaining their trust and favour. Although this policy seems to do well for both the parties, the reality is totally different.The companies rely on the cheap labour for their competitive advantage, and to do away with this resouce will hurt their core competence. So though this policy will be a great hit in the short term , it will certainly not be sustainable in the long run. Once a firm starts to loose its competitve edge, others start to take over its market share and thus  its slowly and steadly starts to fade. We have seen this happen in the past, "The Great Depression" was the outcome of a protectionist policy pursued by the government and it left the economy in a bad shape.

In the current arrangement, the firms in the US are to great extent dependent on the"Software Coolies" in Bangalore to provide them cheap, skilled labour.This term has become a cliche in the western world and I differ from their point of view. Though the outsourcing industry in the India provides mere services to the western firms, we forget that we know their core businesses and thus these firms depend on our services for their day to day functioning.Thus to do away with cheap labour would infact be detrimental for the whole US economy. 

India on the other hand has relied a bit too much on the services industy to foster its economic growth and create employement.This statement can be corroborated by the fact that nearly 70% of our GDP is from the services industry. Its high time we reduce our depedence on  services and nurture some core skills which are purely our trade secret.Services industry is highly unreliable, as tommorrow it could be China which could provide cheaper skilled services thus taking all our business. It is imperative that we get on to the manufacturing bandwagon in order to slowly become an export driven country like China. China's export grow at an astonishing 25% whereas we struggle for a mere 15%, thus China leads the wolrd in the export driven countries alongwith the US and Germany. There is a lot to be done by the government to improve our infrastructre, exports, health and education. All these sectors can be driving force our economy, if they are tamed properly. Not to forget we have a large consumer base of about a billion people which remains to be exploited to it potential. This will provide a sustainable economy, which is insulated from events around the world. 

For the Indians abroad their is no end to their plight, as even the automobile sector is in doldrums. Once the giant car manufacturing companies start to fall, there will be cascading effect on the various secondary and ancillary industries dependent on them which may lead to another turmoil. On the job front these firms have already received bailout money and thus they fall in the same boat as their financial counterparts.Hence companies like GM, Ford, Chrysler will not be able to seek cheap employement from the H1B category.These events are likely to lead to what is popularly refered to as "Reverse Brain Drain", and thus we can expect some good talent back in our country in the mere future. 

So much for the financial turmoil, its a deep subject and rather serious subject. For all the MBA freaks, I happened to navigate across some really amazing webpages. 

These are as folllows:

1.http://www.quickmba.com/

2.http://www.investopedia.com/rotate.aspx?invsection=home&backurl=http://www.investopedia.com/

Hope they help you get a fair idea of what MBA is all about, though investopedia in for finance freaks like me.