Members only: to join the ranks of Bombay's elite clubs requires breeding and social status - not just cash
Article Abstract:
Bombay's elite clubs continue to be closed to outsiders. For example, one club only allows sons or unmarried daughters of current members to apply. Such clubs include Willingdon, Gymkhana and Breach Candy, where breeding and social status still hold sway. Most Indian institutions such as universities have been forced to open their doors to the lower classes, but the elite clubs remain immune, in part perhaps because they are tolerated by average people who, although excluded, still take pride in the existence of the exclusive clubs.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
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Derring-do: Morgan Stanley takes Bombay by storm
Article Abstract:
US investment bank Morgan Stanley has moved boldly and successfully into India's financial sector, in three years seizing the leading position in several services. Despite a mutual-fund debacle in 1994 the 85-person office has gained control of $1.9 billion in Indian equities and become the largest foreign investor in India. Despite a surge of new competitors, Barry Hall, the head of local operations, is seeking business from the Unit Trust of India and expects Bombay to be the company's third-largest Asian office before 1997.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
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Power of competition
Article Abstract:
India's massive infrastructure needs have helped propel the capital markets to new heights of significance and influence, and with them, foreign capital. An illiquid domestic debt market, government restrictions on foreign investments, and often unwise uses of the capital markets are colliding with the need for $200 billion in infrastructure projects over five years, leading the government to accept an increase in foreign direct investment from $2 billion per year to $10 billion.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
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