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<time datetime="2004-05-27T00:00:00+05:30" pubdate><span class='month'>May</span> <span class='day'>27</span> <span class='year'>2004</span></time>
<h1 class="entry-title"><a href="/falling-interest-rates-fuels-cultural-revolution.html"> Falling Interest Rates Fuels Cultural Revolution</a></h1>
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<div class="entry-content"><p>In this aspect, I would like to compare India wtih Singapore. Singapore citizens have thrived on the services industry. Most of the citizens earned (and still do earn) their money by providing services or by being owners of small shops in big malls. or simply an owner of a small stall in an &#8220;hawker centre&#8221;. Singapore&#8217;s vigilant health and welfare ministry ensures longevity and Singapore has an alarming number of senior citizens. Moreover, the savings of the Senior Citizens, are mostly spent on the higher education of their children. After such expensive endeavours they hardly have enough to carry on with their lives without resorting to menial jobs. Though there are no official statistics, atleast three out of the five toilet cleaners in Singapore are senior citizens (from what I have seen). Apparently, the Singapore&#8217;s young think they have a choice between taking care of their parents or taking care of their children- hence neglecting the parents for the children. Finally, even if the old were relatively well off at the time of &#8220;retirement&#8221; the low interest rates in Singapore do not provide enough return on the savings. Ultimately, the old are forced to work at low wages in jobs which many would consider &#8220;demeaning&#8221; and &#8220;disrespectful&#8221; for their age.</p>
<p>The comparision is eerie. India seems to be bursting with malls remniscent of Singapore. But are we also going to bite the hands that fed us? What do you think?</p>
<p><b>Update:<b> <a href="http://fecolumnists.expressindia.com/full_column.php?content_id=54426">Someone else</a> is also thinking along the same lines.</p>
<p>Read More:</p>
<ul><li><a href="http://www.imf.org/external/pubs/ft/wp/2004/wp0417.pdf">Interest Rate Volatility and Risk in Indian Banking [PDF]</a></li>
<li><a href="http://www.straitstimes.com.sg/columnist/0,1886,274-124898-,00.html">&#8220;How much inequality is inevitable?&#8221;</a></li></ul>
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