Word: indianism
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...Indian tribes: Abramoff lobbied on their behalf mainly to protect their casino interests?thwarting competing ventures and legislative moves to tax gambling revenues. He and partner Michael Scanlon, a former aide to Congressman Tom DeLay, were also secretly playing off their clients against one another and bilking them of millions...
...wealth is percolating down in many parts of the country to newly empowered members of the working class such as Padma Kondababu, a 40-year-old maid in Madras. The first woman in her family to work outside the home, Kondababu makes $85 a month, a good salary by Indian standards. Whatever she can save, she says, she uses to buy gold, sometimes even in $12 installments?enough for tiny stud earrings. "It's a matter of pride for people like me to buy gold," she says. "Gold used to be a few hundred rupees for a sovereign [a measure...
...shop floor of NAC Jewellers, a store in the South Indian city of Madras, is full of exquisitely wrought necklaces in gold and silver, but the prize possession of the owners is a photograph that hangs upstairs in a small office. It shows a tall crown studded with 4,000 diamonds and made from seven kilograms of gold. Four craftsmen from NAC Jewellers spent six months making the crown, at a cost of about $700,000. It now rests on a statue of the goddess Padmavathi Devi at the Tiruchanur Shrine in South India. Anantha Padmanaban, a partner...
...gilding of the nation's temples is an aspect of one of mankind's great investment obsessions: the Indian love of gold. The country buys at least one-fifth of the global gold supply each year, making it the world's largest consumer of the metal. Experts believe that 15,000 to 20,000 tons of bars, ingots and jewelry is locked up in India's bank vaults and household safes. Indians are furiously adding to that horde. The World Gold Council estimates gold buying in India was up nearly 33% to 850 tons in 2005. The increase...
...many ways, gold lust is a relic of the bad old India?an India of weak investor rights and shaky financial systems, where people distrusted banks and the stock market and preferred to store their wealth in tangible assets, chiefly gold and property. The recent economic boom has given Indians a range of sophisticated and relatively secure financial instruments: mutual funds, stocks, bonds, even abstract art. Richer Indians are, indeed, diversifying their investments. "At the top end of society, yes, [gold] consumption is beginning to decrease," says K. Shivram, a vice president of the World Gold Council in Madras...