This Place is Taken

Sunday, October 20, 2013

Merchants cant charge 2% extra on Debit Card Payments – Says RBI

Have you ever faced this situation, when you were making payment through your debit card or credit card?

“Sir How are you making payment ?

Debit Card or Cash ?”

“Card”

“Sir, There will be 2% extra charges if you pay by Debit Card ? “

“Why extra charges ? I use it at every place and no one charges any thing extra ? “

“Sorry Sir, this is our Policy. You can take out the CASH from the nearby ATM if you want to save that extra charges”

“Huh ! .. &^#$^&*J#^&&#%$&*N”

You often face the above situation, when you buy things like jewelry, Laptops, Mobile phones etc. I faced this 2-3 times myself, but could argue well with the shopkeeper, because I knew this is just a tactic used by shopkeepers to save on the charges they need to pay from their own pocket. Hence I never paid that extra 2% or just left the shop.

Merchants Cant charge extra on debit card payments

Merchants cant charge any extra charges on Debit Card Payment – say RBI

Now yesterday, RBI has openly cracked down on this unfair trade practice and issued a notification saying that Shop Merchants can not charge any extra charges from customers, if payment is done through Debit Card. Below is the exact wordings from RBI Notification

4. Levying fees on debit card transactions by merchants - There are instances where merchant establishments levy fee as a percentage of the transaction value as charges on customers who are making payments for purchase of goods and services through debit cards. Such fee are not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants and therefore calls for termination of the relationship of the bank with such establishments.

Why Shopkeepers Charge extra 2% on Debit Card payments ?

When you swipe your debit/credit card  for purchasing some item, the merchant has to pay some fees (1%-2%) to the Bank or the rental fees for the swipe machine. The charges goes out of their own pocket, as the cost of running the business and convenience of taking the payments (more customers will come, if card payment is there). If its a small payment like Rs 500 or Rs 1000, then its a charge of Rs 10 or Rs 20, which is fine. But when it becomes a payment of lets say Rs 30,000 (imagine buying laptop or iPad), then its around Rs 300-600 and to save that big charges, they discourage debit/credit card payment.

They often ask customers to pay by CASH and point them to nearby ATM. Almost always, customers could not refuse, because they have already made the buying decision, and dont want to argue for the small charge, and a lot of times, they finally believe that may be its not illegal, and finally give the CASH even if they do not want, or just allow the merchants to charge additional 2% charges.

But, as per RBI, its not a fair practice, because merchants already have agreed in the agreement with the card swiping machine bank that they will not charge anything extra from the customers. Here is one example of asking for 2% extra fees by some Geeta Ramani on rediff website

My worst experience was when I intended to purchase a Tata Sky card worth Rs 1000. The shopkeeper said 2.5% = 25 rupees extra. I told him — you give 10, I will give 15 rupees. He spoke quite roughly – hum kyon den? I told him it was because he was supposed to pay the bank, not I, and that I was doing him a favour and not the other way round. He said he did not earn anything from the transaction. Anyway, I did not give in. I didn’t purchase from him and purchased the same from Indiaplaza instead online without any transaction fee

What you should do, if Shopkeeper does not agree ?

RBI has clearly asked all the banks to break their relationship with those merchants who are practicing this. So, when any merchant asks you for extra 2% charges and even after the debate they do not agree, you can complain to the RBI about this and also complain to the bank. Each Bank has a “Merchant Services” section on their website and when you mail them or complain in personal to their branch, mention that you want to complain about Merchant Services. Example for ICICI bank is here and Axis Bank is here. But

When you take this step, at-least some merchants might fear the consequences and oblige!, but now the problem is how many people will go to this extra mile . It would require some time and effort from your end.

So next time you are asked to pay extra 2% on debit card payment, you can clearly tell them about this RBI notification. If required better take the print out of the notification and keep it with you in your wallet or as an image in your smartphone.

Saturday, October 19, 2013

Sunny Deol Adores His Vintages HMT Watch!

 


sunny-deol-post_1356430020Punjab da puttar Sunny Deol has no fancy for the latest fashion trends; unlike many Bollywood actors, he rather adores an old vintage HMT watch and loves to wear it every day.

Where many B-town celebrities are well-known for their obsession with big brands, which costs up to several lakhs, the others go for quirky designs and appearances. However, Sunny paaji begs to differ, as for him, it’s vintage that matters.

The actor apparently has taken a fancy to a very old HMT watch that he now wears every day. What more, he even has to wind the watch to make it run on time but still doesn’t want to do away with it. A source says, “Sunny has been known to love watches that are versatile. His timekeepers double up as devices to measure the temperature or even his blood pressure. His latest obsession is however off the roads that cost a meager Rs 500.”

The informer adds, “For his latest film with Anil Sharma, he will be shown flaunting an old watch. The watch was picked up from a roadside shop and cost only Rs 500. In fact, Sunny loves the watch so much that he wears it all the time. He enjoys winding the watch every evening.”

Isn’t it really sweet of him, readers! Quite an original human being!

World Leaders & Their Expensive Time

 

Politics is a dirty play, but leaders all over the world like to play this dirty game with a dash of opulence. National leaders from all over the world have a stringent dress code – Culture bred sophisticated attires, topped with timepieces which make much bolder statements than the representatives themselves.

Take a look at the wrist watch fetish these country tamers make space for.

Who : Nicolas Sarkozy – Former President of France
Seen wearing : Rolex white face Cosmograph Daytona (Approx. $37,000) and Girard-Perregaux 1966 Annual Calendar Equation of Time (Approx. $287,000)
What say : It’s only recently that Nicolas Sarkozy was voted the most powerful man in France. His choice in watches explain a lot about the way he works – Decently and Powerfully.

Who : Silvio Berlusconi – Former Prime Minister of Italy
Seen Wearing : Vacheron Constantin Patrimony Minute Repeater Perpetual Calendar (Approx. $540,000)
What say : Dear Mr. Former Prime Minister, Media Tycoon, Entrepreneur, AC Milan Club owner, mega-wealthy sex-scandalist, we admire your choice in watches, but not your decisions.
Who : Late John Fitzgerald Kennedy – 35th President of the United States of America
Seen wearing : Omega Tank wrist watch (purchased back by Omega for Omega Museum for a staggering $350,000)
What say : Late Mr. President, didn’t really seem to be a watch enthusiast. But we guess the Omega Tank watch was one of the reasons why he was the most popular president of USA.
Who : Prince Williams of Wales – Duke of Cambridge
Seen wearing : Omega Professional Seamaster (Approx. $3,000)
What say : Maintaining the good boy image; marrying Kate Middleton; naming the royal baby as George Alexandar Louis and being the third in line to the royal heir, the elder prince seems to be doing it right on time and with the right watch on his wrist.
Who : Indira Gandhi – Former Prime Minister of India
Seen wearing : HMT Janata (Approx. Rs.1050)
What say : Being the first lady PM of India, Indira Gandhi maintained the indian-ness by wearing the HMT Janata wrist watch, which, in a way, is a mighty contribution to the indian hard work and folklore.
Who : Nawaz Sharif – Current Prime Minister of Pakistan
Seen wearing : Harry Winston Premier Excenter Time Zone (Approx. $30,500)
What say : We don’t like his taste in politics, but we definitely like his taste in watches. After winning the elections, he won our likings with the Harry Winston timepiece.
Who : Dmitry Medvedev – Current Prime Minister of Russia
Seen wearing : Franck Muller Mariner Chronograph 8080 CC AT MAR (Approx. $15,000)
What say : Russia has always handled its weigh as one of the super powers among the globe. The Franck Muller timepiece on the Prime Minister’s wrist proves the prowess.
Who : Vladimir Putin – President of Russia
Seen wearing : Patek Philippe Perpetual Calendat (Approx. $60,000), Breguet marine (Approx. $15,000), blancpain Leman Aqua Lung Grande Date (Approx. $10,500), Blancpain Leman Flyback (Approx. $10,000)
What say : Russia’s most incumbent political figure has maintained his prowess with his watches. His influence is well reflected in his choice of watches and we believe he lets his wrist watches do the talking by making em different and public often.

Who : Hillary Clinton – Former Senator and Secretary of State for America
Seen wearing : Chanel J12 (Approx. $5,000) and Rolex two-tone datejust (Approx. $2,7000
What say : Hillary Clinton has always appeared as the perfect eye candy in the political ring. Withdesigner watches like Chanel and Rolex, she maintains the image of class and candidness.
Who : Arnold Schwarzenegger – Actor and Governor of California
Seen wearing : Pre-Vendome Luminor Panerai Daylight (Approx. $35,000) and Audemars Piguet Royal Oak Offshore Arnold Schwarzenegger Gold (Approx. $48,000)
What say : Arnold Schwarzenegger, being a german migrant has been impressive for his high-rate metabolism as a body builder and becoming a migrant Governor for California. His big bulky body is perfect for the Barbarian perfect Panerai and Audemars Piguet timepieces.

Who : Barrack Obama – Current President of USA
Seen wearing : Jorg Gray JG 6500 (Approx. $350)
What say : We admire the incumbent president of America. He is friendly, he comes with new and fresher ideas to maintain world peace and his choice of wrist watch speaks a lot about his focus on the world and not his wrist.
Who : Ariel Sharon – Retired General and Former Prime Minister of Israel
Seen wearing : Breitling Aerospace (Approx. $3,200)
What say : The Breitling Aerospace tells a lot about the former General of Israel, his working ways, and why he became the PM of Israel.

Wonder if they discuss their watches after the UN General Assembly meets.

You Don't Need Millions of Dollars

Masters of Doom is the story of John Carmack and John Romero creating the seminal games Wolfenstein 3D, Doom, and Quake.

Masters-of-doom-book-cover

It's an amazing work on so many levels – but primarily because of the exhaustive research the author undertook to tell this story.

To re-create the story of the Two Johns, I conducted hundreds of interviews over six years, often with each person on multiple occasions. After moving to Dallas in the fall of 2000 for research, I became known in offices, barbecue joints, and bars around town as “the guy writing the Book.” John Romero and John Carmack each spent dozens of hours in person answering my most picayune questions: how they were feeling, what they were thinking, what they were saying, hearing, seeing, playing. What they and others couldn’t recall, I unearthed from websites, newsgroups, e-mails, chat transcripts, and magazines (though I drew from some of these articles, I made a point of getting the gamers’ own versions of what happened as well). I also played a delirious amount of games: at home, online, and at a couple tournaments (yeah, I lost).

I spent six months transcribing all my taped interviews. From this material, I assembled a narrative of dialogue and description that re-creates the events as faithfully and accurately as possible. As often as appropriate, I told the story from each person’s point of view to give readers the different perspectives.

It's unusual to find a book about a contentious, complex friendship and business relationship that both parties sign off on – and even a decade later, regularly recommend to people interested in their personal back stories. But it is a testament to just howright Kushner got this story that both Romero and Carmack do. This is exactly the sort of meticulously researched, multiple viewpoint biography that you'd want to read about important people in your industry. In that sense, it's kind of the opposite of the Jobs biography, which I liked well enough, but it presented one viewpoint, and often in a very incomplete, sloppily researched way. I would kill to read a book this good about Jobs.

In a way, I grew up with these guys. I am almost exactly the same age they are. I missed the Wolfenstein 3D release because I was still in college, but come December 1993, there I was, bursting with anticipation waiting for the release of Doom along with every other early PC gamer. And who gave Doom its name? Oddly enough, Tom Cruise did.

I've had a lifelong love affair with first person shooters since encountering Wolf3D and Doom. I played about every Doom engine game there was to death. I even had a brief encounter with Romero himself on the modem based multiplayer hub DWANGO where I proverbially "sucked it down". And after the Internet hit around '95, I continued to follow Quake development obsessively online, poring over every .plan file update, and living the drama of the inevitable breakup, the emergence of GLQuake and 3D accelerators, and the road to Quake 3.

It is also an incredibly inspiring story. Here's a stereotypical group of geeky programmers from sketchy home backgrounds who went on to … basically create an entire industry from scratch on their own terms.

Shareware. Romero was familiar with the concept. It dated back to a guy named Andrew Fluegelman, founding editor of PC World magazine. In 1980, Fluegelman wrote a program called PC-Talk and released it online with a note saying that anyone who liked the wares should feel free to send him some “appreciation” money. Soon enough he had to hire a staff to count all the checks. Fluegelman called the practice “shareware,” “an experiment in economics.” Over the eighties other hackers picked up the ball, making their programs for Apples, PCs, and other computers available in the same honor code: Try it, if you like it, pay me. The payment would entitle the customer to receive technical support and updates.

The Association of Shareware Professionals put the business, largely domestic, between $10 and $20 million annually—even with only an estimated 10 percent of customers paying to register a shareware title. Forbes magazine marveled at the trend, writing in 1988 that “if this doesn’t sound like a very sound way to build a business, think again.” Shareware, it argued, relied not on expensive advertising but on word of mouth or, as one practitioner put it, “word of disk.” Robert Wallace, a top programmer at Microsoft, turned a shareware program of his called PC-Write into a multimillion-dollar empire. Most authors, however, were happy to break six figures and often made little more than $25,000 per year. Selling a thousand copies of a title in one year was a great success. Shareware was still a radical conceit, one that, furthermore, had been used only for utility programs, like check-balancing programs and word-processing wares. [Shareware] had never been exploited for games.

Does anyone even remember what shareware is? What is the equivalent to shareware today? Distributing software yourself on the Internet? Sort of. I'd say it's more analogous to the various app stores: Google Play, Apple App Store, Windows Store. Going directly to the users. But they found shareware games didn't work, at least initially:

When it came time to distribute the games, Scott took a long, hard look at the shareware market. He liked what he saw: the fact that he could run everything himself without having to deal with retailers or publishers. So he followed suit, putting out two text-based games in their entirety and waiting for the cash to roll in. But the cash didn’t roll; it didn’t even trickle. Gamers, he realized, might be a different breed from those consumers who actually paid for utility shareware. They were more apt simply to take what they could get for free. Scott did some research and realized he wasn’t alone; other programmers who had released games in their entirety as shareware were broke too. People may be honest, he thought, but they’re also generally lazy. They need an incentive.

Then he got an idea. Instead of giving away the entire game, why not give out only the first portion, then make the player buy the rest of the game directly from him? No one had tried it before, but there was no reason it couldn’t work. The games Scott was making were perfectly suited to such a plan because they were broken up into short episodes or “levels” of play. He could simply put out, say, fifteen levels of a game, then tell players that if they sent him a check he would send them the remaining thirty.

You know how game companies spent the last 5 years figuring out that free games with 100% in-app purchases are the optimum (and maybe, only) business model for games today? The guys at id had figured that all out twenty seven years ago. Those sounds you hear in the distance are a little bit of history repeating.

Id Software was more than a unique business model that gave almost all the power to the programmers. It was the explosive combination of shareware delivery with a particular genius programmer inventing new techniques for PC games that nobody had seen before: John Carmack. It may sound prosaic and banal now, but smooth scrolling platforming, texture mapped walls, lighting models, and high speed software 3D rendering on a PC were all virtually unheard of at the time Carmack created the engines that made them commonplace.

Carmack_Headshot_PR_660

Carmack, like Abrash, is a legend in programming circles, and for good reason. The stories in this book about him are, frankly, a little scary. His devotion to the machine borders on fanatical; he regularly worked 80 hour weeks and he'd take "vacations" where it was just him and a computer alone in a hotel room for a whole week – just for fun, to relax. His output is herculean. But he also realizes that all his hard work is made possible by a long line of other programmers who came before him.

Al had never seen a side scrolling like this for the PC. “Wow,” he told Carmack, “you should patent this technology.

Carmack turned red. “If you ever ask me to patent anything,” he snapped, “I’ll quit.” Al assumed Carmack was trying to protect his own financial interests, but in reality he had struck what was growing into an increasingly raw nerve for the young, idealistic programmer. It was one of the few things that could truly make him angry. It was ingrained in his bones since his first reading of the Hacker Ethic. All of science and technology and culture and learning and academics is built upon using the work that others have done before, Carmack thought. But to take a patenting approach and say it’s like, well, this idea is my idea, you cannot extend this idea in any way, because I own this idea—it just seems so fundamentally wrong. Patents were jeopardizing the very thing that was central to his life: writing code to solve problems. If the world became a place in which he couldn’t solve a problem without infringing on someone’s patents, he would be very unhappy living there.

In that spirit, Carmack regularly releases his old engines under GPL for other programmers to learn from. Don't miss Fabien Sanglard's epic deconstruction of the Doom 3 codebase, for example. That's only one iteration behind the current id enginewhich was used for Rage and (apparently) will be used for the upcoming Doom 4.

One of my very favorite quotes of all time comes at the end of the book.

Carmack disdained talk of highfalutin things like legacies but when pressed would allow at least one thought on his own. “In the information age, the barriers just aren’t there,” he said. “The barriers are self-imposed. If you want to set off and go develop some grand new thing, you don’t need millions of dollars of capitalization. You need enough pizza and Diet Coke to stick in your refrigerator, a cheap PC to work on, and the dedication to go through with it. We slept on floors. We waded across rivers.”

And indeed they did, as the book will attest. Both @ID_AA_Carmack and @romero are still lifelong, influential, inspiring members of the game and programming communities. They are here for the long haul because they love this stuff and always have.

The ultimate point of Masters of Doom is that today you no longer need to be as brilliant as John Carmack to achieve success, and John Carmack himself will be the first to tell you that. Where John was sitting in a cubicle by himself in Mesquite, Texas for 80 hours a week painstakingly inventing all this stuff from first principles, on hardware that was barely capable, you have a supercomputer in your pocket, another supercomputer on your desk, and two dozen open source frameworks and libraries that can do 90% of the work for you. You have GitHub, Wikipedia, Stack Overflow, and the whole of the Internet.

All you have to do is get off your butt and use them.

Monday, September 30, 2013

India’s Odd Relationship With Swiss Watchmaking

 

The watchmaking world might well be fixated on China these days, but it’s not the only emerging market with attractive growth prospects. Among the other new industrial giants of the world economy, India has the biggest claim to our interest, not only because her population of more than one billion adds up to a huge potential market, but also because of the peculiar relationship India has maintained with Swiss watchmaking since the late 19th century.

Exports to British colonials
Up to the middle of the 19th century, Europe and the United States were the traditional outlets for Swiss watchmakers, but the second half of the century saw a far-ranging diversification in markets. One of the causes was the appearance of American watch factories, like Waltham Watch and Elgin Watch, which made the United States the world’s most competitive market. Another factor was the technological revolution in communications and transport that multiplied global trading possibilities with the development of telegraph, steamships and railways. The orient could thus become the new outlet for Swiss watchmaking.

India was a new market that first commanded the attention of Swiss watchmakers between 1890 and 1914, thereafter expanding strongly into the 1920s. The value of Swiss horological exports to the Indian subcontinent rose from 658,000 francs in 1885 to 1.7 million in 1900 and reached beyond 21 million francs in 1920. Furthermore, finished watches were overwhelmingly responsible for this growth, representing 97.4% of watchmaking exports between 1885 and 1920. Swiss watchmakers refrained from setting up assembly plants in India as they did in Russia and Japan for example, nor was there a local watchmaking industry on the Indian subcontinent. It remained the exclusive hunting ground for Swiss-watch dealers.

Most of their watches were simple and cheap. Indeed, their average value declined from 22 francs in 1885 to 6.5 francs in 1915, before recovering to 17 francs in 1920. The trade was thus not just about luxury items for the wealthiest classes, but mainly watches for the middle classes that were emerging with the urbanisation and industrial development of India. The British colonial administration was an important consumer of Swiss watches. The railways and armed forces were also major clients, judging from the advertisements of Swiss companies active in India.

By the early 1920s, India had become a crucial market for Swiss watchmakers, taking an increasing share of the global exports of Swiss watches. In 1885 India accounted for only 1% of Swiss watch exports but this grew to 1.8% in 1900 and to 8.8% in the exceptional year of 1920, when the Indian market became nearly as big as the American market.

Watches for the people
Thereafter the export figures reveal a very stable Indian market in the interwar years of 1925 to 1940, when annual exports averaged 4.6 million francs worth of complete watches for the most part (95.4%). The half-a-million watches exported to the subcontinent each year represented more than 3% of total Swiss watch exports.

Nevertheless the structure of the market was transformed during the 1930s. In response to the world economic crisis, Swiss watchmakers brought new kinds of simplified and standardised watches on the market. In 1933 the West End Watch company, one of the biggest Swiss watch concerns in India since the end of the 19th century, launched the Secundus model both as a pocket-watch and as a wristwatch. The following year the company reintroduced its Sowar brand in a new low-cost wristwatch. They were aimed at the working classes and did much to make watches popular among India’s city dwellers.

Relocating to India?
When it became independent in 1947, India also broke away from the economic policies of the colonial era. In the 1950s and 60s, the state became a major player in the country’s industrial development. Import controls, followed by the second five-year plan of 1956-1961 revealed a state policy of promoting national industries while limiting foreign intervention in the domestic economy. For the watch industry, the government imposed quotas on watch imports through a system of licences for companies trading in India. These restrictions, which remained in force until the end of the 1990s, were meant to favour the development of a local watch industry.

The Swiss watchmaking establishment was well aware of the issues at stake but divided on how to respond: should it get involved by locating production in India to retain market share against foreign competitors? Or should it ban the practice in favour of exporting finished products? A Swiss watchmaking delegation was accordingly sent to India in 1958 to look into the possibilities of manufacturing locally. However, for the time being the Statut horloger that governed the Swiss watch cartel (see Watch AroundN°10) did not allow Swiss companies to invest directly abroad. A relaxation of the cartel’s restrictions in 1961 opened the possibility of a partial transfer of production to India. Thus half a dozen Swiss companies, including some that had been long present in the Indian market, hoped to set up local production units. In 1964, Tissot and Omega in the SSIH group, Favre-Leuba, Enicar, Degoumois, Benrus (an American firm with a branch in Switzerland) and Langendorf sent a joint petition to the federal authorities to be allowed to invest directly in India. However neither the Federation of the Swiss Watch Industry (Fédération Horlogère) nor the Swiss chamber of watchmaking managed to get industry consensus on the issue through ad-hoc committees. Some manufacturers put up stiff opposition to the transfer of production. In fact, until the end of the 1960s, no significant industrial venture involving Swiss watch firms succeeded in getting off the ground.

Abandoned to the competition
Meanwhile, the Swiss watch industry’s main competitors were on the warpath, investing in India and contributing to the birth of watchmaking in that part of the world at the start of the 1960s. Industrialists from the French watchmaking town of Besançon, for example, set up the Indo-French Time Industries company in Bombay with Indian partners, while the German firm, Kasper & Co. of Pforzheim, founded Asika Time Industries at Coonoor with local associates. Both assembled movements imported from France and Germany respectively. However, Japan’s Citizen Watch Co. became the leading player in India by setting up a joint venture in Bangalore with Hindustan Machine Tools (HMT), a state enterprise created in 1953 to make machine tools and precision instruments. The Japanese watch company, which had also been producing machine tools since the mid-1950s, sent some over to equip HMT’s watchmaking workshops. It then went on to supply movement blanks and parts until its Indian partner was ready to manufacture its own movements. The closest cooperation was in the training of technical staff. In 1961 Citizen invited 51 Indian engineers to spend a year studying at their factories. In June the following year a team of Citizen engineers was sent to India to help their returning Indian colleagues set up production. The Indian plant was complete by December 1962. During the 1970s HMT emerged as the leading Indian watch manufacturer. Even though Indian production consisted primarily of assembling parts imported mostly from Japan, it expanded strongly in the 1960s and 70s. From 1965 to 1980, domestic watch production soared from 208,000 units to 4.8 million. From the end of the 1980s, the Titan company joined in as driver of the Indian watch industry with its quartz watches and became HMT’s main challenger. In 1993, India’s output of watches reached nearly 30 million units with HMT claiming 47% of the market and Titan 37%.

The result of this policy was the stagnation of watchmaking exports to India, which did not have the freedom to expand. Exports of finished watches (93.8% of the watch trade with India in 1955) had continued and even increased significantly until 1955. But HMT’s watchmaking debut during the sixties triggered a drop in exports from 918,000 finished watches in 1955 to 30,000 in 1970 and just 12,000 in 1980. While watchmaking exports to India remained high, they consisted mainly of components for Indian companies. The share of complete watches in the horological exports to India likewise slumped from more than 90% in the 1950s to 46% in 1970 and 24% in 1980.

A free market at last
Economic liberalisation policies adopted from the end of the 1990s enabled Swiss watchmakers to return to the Indian market in strength. All import restrictions on Swiss watches were gradually removed, notably the import licences in 1998 as well as the lower price limit for imported watches – 35,000 rupees (about 1,000 US dollars) until 2000, then 4,000 rupees ($120) until 2002 when India lifted all trade restrictions on watches.

With trade liberalisation, exports to the subcontinent rose from 14 million francs in 1990 to 21.9 million in 2000 and to more than 77 million in 2008. Furthermore, the proportion of finished watches in the horological exports leaped from 24.3% in 1980 to 95.9% in 2000, also reflecting the changes that took place in the 1990s.

Despite this strong growth, India ranked only 26th among the Swiss watch industry’s markets in 2009. However it shares with a number of far-east countries the distinction of being among the fastest growing markets. The recent opening of single-brand boutiques in Bangalore and in India’s other urban centres (Omega, a pioneer, had five by 2010) is a sure sign that this market has potential.