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Gold rush in India amid inflation
worries
 NEW
DELHI, Oct 16: Indian households are on a record
gold-buying spree as oil price-driven inflation
threatens to wipe out savings from rising
incomes in one of the world’s fastest-growing
economies.
Gold consumption in India, the world’s largest
market for the precious metal, has shot up by 50
per cent in the first half of the year to 508
tons, only a little less than the 642 tons
consumed during the whole of last year, the
World Gold Council said.
The price of gold surged to an all-time high of
6,990 rupees per 10 grams in India this week,
though it dropped marginally later. However, the
prices are likely to start climbing once again
with the wedding and festival season starting
among the population of 1.1 billion, brokers
said.
“There is a new found confidence in gold.
Whoever has invested in gold, has made extra
money. People are also turning to it as a hedge
against the high oil prices,” said Jatin Mehta,
head of gold trading firm Suraaj.
Two successive hikes in petrol prices since June
is stoking India’s inflation rate, which crept
above four per cent in the week ended Oct 1.
India’s central bank has predicted inflation
will range between 5.0 to 5.5 per cent this
fiscal year.
Traders said the price of gold was likely to
rise another five to 10 per cent by the year-end
as more and more people invest their savings and
demand for jewelry soars during the October to
February festival and marriage season.
The yellow metal rose to a new near-18-year high
in Europe on Monday and was seen hitting the
next big level of around 480-500 dollars an
ounce amid buying by funds over inflation
worries.
“The linkages between international prices and
Indian gold are very close. The demand in India
is also because of increasing income levels, due
to the rising economic growth rate,” said
Sanjeev Agarwal, head of the Indian office of
World Gold Council. (AFP) |
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Hundred-year old quake survivor says it God’s
will
 DILDAR,
OCT 16 - He is 100 years old, and when the
devastating Kashmir earthquake struck last week,
Abdul Karim Awan was buried up to the neck in
rubble.
But the villager in Indian Kashmir lived to tell
the tale. He says he was saved because he is
devout.
However, tens of thousands of others in the
mainly Muslim Himalayan region perished in the
disaster because they were not being true to
their religion, the veteran said.
“God saved me, otherwise it was the end for me,”
said Awan, sitting on a goat skin prayer mat in
a plastic tent in Dildar village.
“It is Allah’s anger,” he said of the disaster.
“We (Muslims) have become greedy and selfish.
Many of us don’t fast during Ramadan or say our
prayers five times a day,” he added, looking
admonishingly at villagers crowded around him.
Some in the crowd nodded, others looked away,
unable to meet the gaze of the old man, who,
despite his age and poor health, is unfailingly
fasting from dawn to dusk for the holy month of
Ramadan.
Awan is so old that he says he cannot remember
his exact age. His relatives and villagers say
he turned 100 recently.
The earthquake, one of the most devastating to
hit South Asia in recorded history, has killed
nearly 40,000 people, 38,000 of them in Pakistan
and Pakistani Kashmir.
The rescue and relief effort on both sides of
the frontier has been slow and this has made
many young Kashmiris furious.
Government aid to Dildar, about 100 km (60
miles) northwest of Srinagar, the capital of
Indian Kashmir, has been too little, say
villagers.
Almost all houses in the village of a few
thousand have been either destroyed or damaged
and people are living in tents or makeshift
shelters in near-freezing night temperatures in
the open.
No doctor visited the village for days to check
on residents including Awan, who suffers from
high blood pressure.
Some angry young men have blocked the road near
the village, stopping vehicles with sticks and
demanding relief.
But Awan, who lives in a crowded and musty tent
with 11 family members, said Kashmiri Muslims
should use the disaster to introspect and become
more pious. There are signs that it may already
be happening.
Munir Ahmed, a shopkeeper in Dildar’s
neighboring village of Kandi, saw his
sister-in-law killed and the family house and
shop destroyed and like others, he too is
waiting for help.
But he seeks solace in religion.
“The world has forgotten us but Allah will keep
us alive,” he says.
(Reuters) |
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Indian docs work in UK McDonald’s
 HYDERABAD,
OCT 16: All is not
well for Indian doctors dreaming to make it big
in the United Kingdom. The stark realities on
how top medical talents from India are
struggling to find a foothold in the UK was
highlighted by a group of UK doctors of Indian
origin in the VIth International British
International Doctors Association (Bida)
conference.
Prospective doctors have been forced to work
at McDonald’s outlets and various garages in
London even after qualifying the required tests,
according to doctors at the conference. About
1,000 junior doctors from our State and about
20,000 from the country appear for the
Professional Linguistic Assessment Board (Plab)
test to earn eligibility for training and work
permit in the UK every year, but most of them do
not manage to find medical jobs.
Representative of Junior Doctors Association
of the United Kingdom P. Raghu Ram says, “The
problem is that the General Medical Council of
the UK can only recruit 15,000 doctors, but,
there are over 35,000 to 40,000 aspirants.
Moreover, most Indian doctors spend time in
libraries during their internship to qualify the
Plab test. However, when they reach the UK they
are found to be short of hands-on experience.”
According to the figures available with the Bida,
there are about 5,000 unemployed doctors in the
UK and 70 per cent of them are Indians.
“I know a qualified doctor who is presently
working at a McDonald’s outlet in London. He
chooses to stay in Britain and do odd jobs
rather than return to India,” said Dr Umesh
Reddy who has been practicing medicine in Bury.
President of National Board of Examinations
under ministry of health and family welfare A.
Rajasekharan minced no words criticizing the
British government.
“The UK government is using Plab to make
money by charging huge sums as examination fee
from 40,000 Indians students annually. These
students go abroad with stars in their eyes but
they are made to face the harsh realities. We
are in talks with the British government and we
will bring about changes in the system,” he said
Dr Gopalkrishna Reddy of Kurnool said, “After
passing Plab, I was devastated because I did not
get a job for over a year. I had to spend about
£15,000 from my own pocket. then, I decided to
come back to India and today I am running
successful practice.” (Deccan Chronicle) |
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