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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)
 
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)
 
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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