Parking Fee in New York- a real life story

From Sanjeev Shekhar

I’ve been getting lot of interesting e-mails from my friends and acquaintances related to events based on varied topics. One fine day, an idea struck to me, why not share them with more and more friends of mine. Hence, I thought of putting them in my blog from now onwards. I begin with the first one from today. This was sent to me by one of my very dear friend, Yogesh Kislaya, presently working with India TV.

NOT A STORY BUT A TRUE INCIDENT

An Indian man walks into a bank in New York City and asks for the loan officer. He tells the loan officer that he is going to India on business for two weeks and needs to borrow $5,000.
The bank officer tells him that the bank will need some form of security for the loan, so the Indian man hands over the keys and documents of new Ferrari parked on the street in front of the bank. He produces the title and everything checks out. The loan officer agrees to accept the car as collateral for the loan. The bank's president and its officers all enjoy a good laugh at the Indian for using a $250,000 Ferrari as collateral against a $5,000 loan.

An employee of the bank then drives the Ferrari into the bank's underground garage and parks it there. Two weeks later, the Indian returns, repays the $5,000 and the interest, which comes to $15.41. The loan officer says, "Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled.

While you were away, we checked you out and found that you are a multi millionaire. What puzzles us is, why would you bother to borrow "$5,000" ? The Indian replies: "Where else in New York City can I park my car for two weeks for only $15.41 and expect it to be there when I return'" Ah, the mind of the Indian... This is why India is shining

Reduce costs-improve quality, steel industry told

By Sanjeev Shekhar

The rate of technology innovation in steel industry has been high, as steel makers are motivated to reduce costs and improve quality. While steel producers continue to undertake research in areas of product development and operational improvements, equipment suppliers have been driving force behind radical process advances, stated the Director (Technical), Steel Authority of India, V.K.Gulhati during his visit to Ranchi recently.

Gulhati was speaking as the chief guest on international technical meet of “Sino-Indian Steel Plant Equipment Manufacturers and Suppliers (SIEMS-2008)” at Ispat Bhawan, SAIL. Organised under the aegis of the Indian Institute of Metals, Ranchi Chapter, in association with Centre for Engineering & Technology (CET), SAIL, R&D Centre for Iron & Steel (RDCIS), SAIL and MECON Ltd, the meet was inaugurated to hold interaction between Indian and Chinese equipment manufacturers, suppliers and users at one forum for better understanding of each other's requirement.

In the keynote address the ex-managing director, Durgapur Steel Pant, Dr. S. K. Bhattacharya, expressed his concern and said the steel companies today does not have enough equipment manufacturers, suppliers and engineering, procurement and construction (EPC) contractors who can meet the strict deadlines that have been set. Inadequate availability of EPC contractors has been a major constraint over the last few years in this sector, stated Bhattacharya.

He asserted that there has been no major capacity addition in the equipment manufacturing sector in recent years as the steel industry went through a period of hibernation. In Europe and USA capacity addition in steel making mostly took place in sixties and seventies.

“The technology, particularly the design and development capability need to be developed among most of the Indian equipment manufacturers. They have to bridge the gap between drawing and design. Till this is achieved the dependency in the foreign company would continue and would be a major bottleneck for prosperity of the Indian steel industry,” said Bhattacharya.

He suggested that organizations like Centre for Engineering and Technology and Research and Development Centre for Iron and Steel (RDCIS) can extend meaningful support to Indian equipment manufacturers. The Chinese experience in this regard would be quite educative, as China has built a successful infrastructure and support services for equipment design. This meet will help in bring about the possible collaboration for mutual benefit that needs exploration.

“The concept of this meet is very relevant in the present scenario. The epicenter for growth would be Asia. There is lot of optimism amongst Indian steel makers having ambitious plans. Steel majors from across the world has been attracted to India to set up steel plants for the favourable investment climate and anticipated demand,” concluded Bhattacharya.

Sanjeev Shekhar,

Journalist/Media Consultant/PR