Sunday, January 23, 2011

Bhimsen Joshi: Legend, music maestro and lover of fast cars too

NEW DELHI: India's legendary Hindustani vocalist Bhimsen Joshi , who died in a Pune hospital Monday, had left his home in Dharwad, Karnataka, more than seven decades ago when he was only 11 to search for a guru. But, apart from music, he had another passion -- fast cars.

Pandit Joshi, whose "Mile sur mera tumhara" along with other artists endeared him to the entire nation, was a protagonist of the Kirana gharana and was known for his mellifluous 'khayals' as well as for his popular renditions of devotional 'abhangs and bhajans'. His death at 88 truly marks an end of an era in Indian classical music.

He was conferred the country's highest civilian award Bharat Ratna in 2008.

Born to a Kannada Brahmin family in Gadag town in northern Karnataka, Joshi lost his mother early. He was initiated into classical music by legendary musician Sawai Gandharva, who tutored under one of the founders of the Kirana Gharana (school), Abdul Karim Khan.

The musician's search for a guru is woven around an interesting anecdote. As a child, Joshi heard a recording of Abdul Karim Khan's 'thumri' in raga Jhinjhoti. The devotional song moved him so much that he instantly decided to become a musician. He left Dharwad in 1933 at the age of 11 to Bijapur to find a tutor.

It is said that Joshi went to Bijapur with money lent by co-passengers on train. He went to Pune from Dharwad and later enrolled at the Madhava School of Music at Gwalior.

He was helped by sarod exponent Hafiz Ali Khan. After a brief tenure at Gwalior , he travelled in north India for three years - and hunted for a teacher in New Delhi, Kolkata, Gwalior, Lucknow and Rampur.

Eventually, his father traced him to Jalandhar and brought him back home. He decided to stay on at Dharwad, a classical music hub home to legends like Gangubai Hangal, Mallikarjun Mansur and Basavaraj Rajguru. He was taken in as a pupil by Rambhau Kundgolkar alias Sawai Gandharva, a native of Dharwad to study classical music in the 'guru-shishya' tradition. Gangubai Hangal was a co-student.

After three years of training, he moved to Mumbai in 1943 and debuted with HMV at the age of 22.

The musician had a fetish for driving fast cars - with a dash of recklessness.

Reminisces an old fan: "While at the wheel, he used the same technique as in singing. He ignored the possibility of danger from bad or slippery roads, ditches, pot holes and other obstacles such as oncoming cars and stray cattle. Only luck saved him from a couple of grave accidents. This toned down his recklessness".

However, with years, tight schedules and fame, Bhimsen Joshi, realised that a car after all had limitations. He began to accept numerous invitations to far off places - he would have to be in Kolkata one night, Delhi the next evening, Mumbai the following day and Jalandhar immediately afterwards - and so he had to switch to air travel.

The pilots of Indian Airlines and airport officials came across Pandit Joshi so frequently that he was soon known as the "flying musician of India".

Joshi's strength was his devotional music which was made of a repertoire of Kannada, Hindi and Marathi 'bhajans' and 'abhangs'. He playbacked for several Hindi movies like "Basant Bahar" (1956) with Manna Dey, "Birbal by Brother" (1973) and "Ankahee" (1985).

Joshi was known for his flexible voice that allowed him to span an enormous range of three octaves. He cornerstone was an ingenuity in approach to his music. He could unfold unknown facets of an ordinary raga and make it sound novel by imbuing it with subtle nuances.

Joshi founded the Sawai Gandharva Music Festival.

His first wife was his cousin, Sunanda Katti. They had four children - two sons and two daughters. Sunanda died in 1992. Joshi then married Vatsala Mudholkar , with whom he had two sons and one daughter.

ET

RBI set to hike rates to curb inflation

MUMBAI: Trying to push up the price of a commodity while increasing its supply might sound an economic impossibility, but that is exactly what the central bank is likely to attempt when it reviews its monetary policy on Tuesday.

Bankers, bond dealers and economists are almost unanimous that a rate hike is likely on January 25. Given the increase in prices, the central bank has to be seen to be doing something to rein in inflation-and when it comes to inflation the only weapon in RBI's armoury is interest rates. "We expect a 25-basis point increase in interest rates," said O P Bhatt, chairman, State Bank of India, stating a view that is echoed by most other bank chairmen.

"The market has widely factored in a 25-bps increase by the RBI. Indeed, the spike in December 2010 wholesale price index inflation to 8.43% and the sharp upward revision of October inflation to 9.12% leave the RBI with little choice but to hike," said Standard Chartered Bank in a report. But there are equally sound reasons for the central bank to increase the supply of funds to the banking sector. The RBI, which is supposed to be the lender of the last resort, is lending around Rs1,00,000 crore to banks daily as a matter of course. The central bank had earlier indicated that a deficit of funds in the banking systems helps it better in controlling prices. However, it also said that a deficit of more than one per cent of bank deposits would be outside its comfort zone. Given that bank deposits are less than Rs 50,000 lakh crore, the current deficit is more than double of RBI's comfort zone limit. SBI, the country's largest bank, has been regularly borrowing from the central bank and most banks are unable to raise enough deposits to meet their lending obligations.

Money market dealers expect that there will be some measures to ease liquidity. However, there is no consensus on what these measures will be. Some expect that the RBI will ease reserve requirements of cash reserve ratio (CRR) and statutory liquidity ratio (SLR). The CRR and SLR refer to the portion of deposits that have to be compulsorily maintained in cash deposits with the RBI and in government bonds respectively. Others expect that the central bank may decide to make more money available to banks by offering to buy bonds from banks that are short of funds.

The RBI needs to keep the liquidity tap flowing also because growth is no longer at the pace it used to be. According to Bhatt, the country's largest bank may not be able to sustain a 20% growth in credit until the end of the financial year. "The surge in credit, which was witnessed in the third quarter, last year, did not happen this year. Also part of the reason for the strong credit growth in the third quarter was strong demand from oil companies because of the increase in oil prices," Bhatt added. He said the RBI will have to balance growth and inflation interests in its monetary policy.

According to Standard Chartered, the RBI will have to extend tactical measures to ease liquidity. This is because the banking system is coming under strain as a large amount of money is being held in currency form and it is uncertain whether the government will release some cash from its surplus through spending.

Read more: RBI set to hike rates to curb inflation - The Times of India http://timesofindia.indiatimes.com/business/india-business/RBI-set-to-hike-rates-to-curb-inflation/articleshow/7349890.cms#ixzz1BvoJFeXL

Sensex gains 88 points in opening trade

MUMBAI: The Sensex gained over 88 points in opening trade on the Bombay Stock Exchange (BSE) today, led by encouraging third quarter earnings posted by State Bank of India amid a firming trend on other Asian bourses.

The Sensex, which had lost 39.01 points in the previous session on Friday, rose by 88.16 points to 19,095.69 today, with banking, realty and consumer durables stocks attracting the most interest.

Similarly, the broad-based National Stock Exchange Nifty index moved up by 28 points to 5,724.5 points in the first few minutes of trade.

Funds and retail investors indulged in selective buying after the country's largest lender, State Bank of India, reported a 13.45% rise in consolidated net profit to Rs 3,806.49 crore for the third quarter ended December 31, marketmen said.

Stocks of State Bank of India were trading 2.77% higher at Rs 2,670 in opening trade.

However, despite the Sensex bouncing back from its weak close last week, fears of a rate hike at the Reserve Bank of India's monetary policy review tomorrow cast a shadow over the trading sentiment, limiting the gains, they said.

A firming trend on other Asian bourses in early trade today also influenced the trading sentiment, market analysts added.

In the Asian region, Hong Kong's Hang Seng was up 0.05%, while Japan's Nikkei was up 0.43% in early trade today.

Read more: Sensex gains 88 points in opening trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-gains-88-points-in-opening-trade/articleshow/7351993.cms#ixzz1BvnHbCzZ

Sachin in 3-yr 20cr deal with Coke

MUMBAI: Sachin Tendulkar is back batting for a cola brand-this time it's Coca-Cola. He has signed a three-year endorsement deal, estimated to be worth around Rs 20 crore, with Coca-Cola India. The company said in a statement that Sachin will be its "happiness ambassador" and will be part of the cola major's strategic communication initiatives, including its corporate, CSR and brand campaigns.

Sachin was associated with PepsiCo till 2008 when the beverage maker dropped him to lend a young face to the brand. PepsiCo currently has Indian skipper Mahendra Singh Dhoni at the forefront of its communication, along with other younger cricketers as seen in their latest advertising campaign around the world cup.

Talking to TOI, Harish Krishnamachar, senior VP (South Asia) World Sport Group, said, "The focus of this association is going to be to use Sachin for corporate brand and CSR activities of Coke." The firm represents Tendulkar.

Wasim Basir, director, integrated marketing communication, Coca-Cola India, said, "Brand Sachin symbolizes trust, reliability, commitment and endurance and is an embodiment of the country before self virtue. These are attributes that Coca-Cola India closely identifies with and hence this association is a perfect fit."

Read more: Sachin in 3-yr 20cr deal with Coke - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sachin-in-3-yr-20cr-deal-with-Coke/articleshow/7349913.cms#ixzz1BvnRb8Z4