If you are interested in economic history you may know that India is unique as an economy in that unlike perhaps every other country which has progressed from "developing economy" towards "developed economy" status, it has all but skipped the export-focused manufacturing stage of its development.
While there has been much debate as to whether the government should prop up unprofitable industries or allow them to fail naturally, the next high profile closure will be the automobile manufacture industry, which will impact parts of Victoria and South Australia heavily.
Sure there are other industries in the state, such as defence. Healthcare is another growth industry. Over the longer term, there are significant resources assets which might be exploited, if commodity prices ever recover to attractive levels.
While manufacturing has gone from being a mainstay industry in Australia to one of middling importance - and soon to become one of relatively even less significance - other service industries are experiencing an inexorable rise, particularly finance, insurance, real estate & hiring, often known by commentators as the "FIRE" sector.
This trend of the total dominance of the FIRE sector appears likely to become well and truly entrenched over the decades ahead. It's becoming an ever greater piece of the economic pie, and it's where economic strength will be founded in the decades ahead.
The Rise and Rise of Financial Services
The others probably live in the inner south, while a few family-oriented folk do move out to the Northern or Hills Districts for space.
While other parts of the city are of course considerably cheaper, most finance professionals barely even countenance the idea of living to the west of Enmore or equivalent distances to the north or south of the city. Many are openly derisory.
- a firing economy;
- massive population growth of ~90,000 per annum;
- a relatively small number of popular suburbs; and
- a continuing dearth of the property types/locations that young professionals and dual-income couples desire to live in.
- Identifying one big, key trend
- Seeing the big picture rather than fretting about a potentially limitless multitude of possible problems, issues, worries, complications, complaints and hurdles
- Consistently taking action rather than procrastinating
- Having a good head for and understanding of numbers (like me, Chris is - or rather was - an accountant and also like me is a former Deloitte employee)
- Not being afraid to be a maverick, having the courage to be different and go against the grain, for example by renting his place of residence and investing elsewhere or by venturing into building his own business rather than relying on an employer for a salary
- Paying no heed to the month-to-month market predictions and the perpetually portrayed doom and gloom in the popular and financial media, which over the longer term have generally been about as useful as an ashtray on a motorbike for real estate trends
- Investing for the long term by buying only in prime properties in prime locations and never, ever selling a single one.