Word: marwari
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...There's no doubt that Calcutta's exchange was operating under a different set of rules in the months leading up to the crash. More than 90% of the city's brokers are descendants of Marwari traders who emigrated from Rajasthan in the 19th and early 20th centuries. Contrary to the broker communities in Bombay and elsewhere, the Marwari are a tight-knit clan, often linked by marriage. They had few qualms about trading stocks among each other on the basis of a handshake. Finance for trades could be had from a number of Marwari lenders holding small fortunes, usually...
...only Marwari student at Michigan State University, I was pleasantlv surprised by your article "The New Crorepathis" [March...
What's the Price? "A Marwari," the Marwaris like to say, "gets business acumen in his mother's womb." Actually, the Marwaris more probably learned it by scratching for a grim living in the Marwar region, a desert area of rugged hills and parched climate that is one of India's poorest areas. To escape this fate, Marwaris began emigrating to the city three generations back, becoming small shopkeepers in Calcutta or Bombay. They work longer and harder than anyone else, lend a helping hand to each other (there are no Marwari beggars), and single-mindedly devote...
From shopkeeping, the Marwaris have expanded into speculation, finance and industry. They moved into jute milling by dispatching platoons of Marwari workers into British mills to learn the technical secrets the British had refused to share. Calcutta's Marwaris moved from the shop-crowded Burrabazar to the financial district's Clive Street, where they set up curb markets and soon moved onto the exchange. Marwaris are India's best bookmakers, so fond of betting that they will wager on the sex of an unborn child or the number of pips in a tangerine flake...
Least Typical. The most successful of the Marwaris is in many ways the least typical. G. D. (for Ghanshyam Das) Birla not only controls an empire of 350 concerns (textiles, automaking, chemicals, banking), but is one of Prime Minister Nehru's closest confidants and a member of and heavy contributor to Nehru's Congress Party. A tall and ascetic man, Birla financed Gandhi, gives enormous amounts to charity, and has opened many schools and hospitals. Many Marwaris, respected only for their business shrewdness, now long for the social standing that Birla has earned for himself, are sending their...