I would like to express my
heartfelt gratitude to the honourable finance minister for his graceful
act of owning up responsibility for the current economic mess. It was
indeed heartening to see his candid acknowledgment emphatically stating
that the 'buck stops with him'. Some innocent investors had been naively
believing that, in the context of the current Indian economic crisis,
the buck stops with a prominent English news channel journalist. Against
this backdrop, it is commendable that the finance minister came forward
and issued this clarification in the Rajya Sabha.
It is also a matter of great relief that the FM has brilliantly pointed out that the high current account deficit is a reason behind the rupee touching an all-time low against the US dollar. Also, i would like to bring to the notice of the FM that Bappi Lahiri might be one of the principal reasons behind India's widening current account deficit. The investor community would be happy if the FM looked at this angle of the problem.
For people like me, it is extremely reassuring to periodically hear from the prime minister and the FM positive statements like ''the fundamentals of the Indian economy are strong'', ''the Indian growth story is intact'' etc. Also, in the context of a continuously sliding rupee, stubbornly high inflation, high interest rates, weak IIP numbers and sluggish GDP growth resulting in frequent bloodbaths on Dalal Street, the regular clarifications from the FM rightly identifying factors like the eurozone crisis and foreign investorsflocking to the USD as it is perceived as a safe currency provide succour to Indian investors. The clarifications also have great educational value for laypersons like me. I am very happy that the FM has taught us extremely useful, interesting phrases like 'biting the bullet' and 'pressing the panic button'.
However, i would like to express my displeasure regarding some statements made by people holding important positions. Such comments stating that the economy is in a critical situation and that we are trapped because of policy paralysis are deeply disappointing. I do not want to hear such bitter statements. I would urge the guilty people — and they know who they are — to come forward and issue a clarification that they were quoted out of context like so many politicians do every day.
Losing money without knowing the reason behind it is probably the worst thing that can happen to an investor (or second worst if you rank getting beaten by the missus with a dough rolling pin higher). I have been experiencing this nightmare. Now, with these clarifications from the FM, i can happily lose money being fully aware of the reasons behind it. I am forever indebted to him for his graceful gesture.
Also, with the impending deregulation of diesel pricing, it would be a delight to watch petrol and diesel prices compete with each other in their race to touch Rs 100 per litre. I am eagerly looking forward to it. We are already witnessing an interesting, close contest between fiscal deficit and current account deficit, though at this moment, fiscal deficit appears a clear winner. Though we hoped for double-digit GDP growth and low single-digit inflation rate, i am happy that we at least got the opposite. Despite the fact that the GDP growth rate has slipped to 6.5% in 2011-12, the worst in nine years, we are still the second fastest-growing economy, as the policymakers have painstakingly pointed out time and again.
My happiness knows no bounds when i hear such optimistic, positive statements about the economy from responsible people in the government, my personal monetary losses notwithstanding. I would like to thank the FM and others portraying a wonderful picture of the Indian economy for making me abundantly happy with their scholarly statements.
Link: http://timesofindia.indiatimes.com/home/opinion/edit-page/To-sir-with-love/articleshow/14001774.cms
It is also a matter of great relief that the FM has brilliantly pointed out that the high current account deficit is a reason behind the rupee touching an all-time low against the US dollar. Also, i would like to bring to the notice of the FM that Bappi Lahiri might be one of the principal reasons behind India's widening current account deficit. The investor community would be happy if the FM looked at this angle of the problem.
For people like me, it is extremely reassuring to periodically hear from the prime minister and the FM positive statements like ''the fundamentals of the Indian economy are strong'', ''the Indian growth story is intact'' etc. Also, in the context of a continuously sliding rupee, stubbornly high inflation, high interest rates, weak IIP numbers and sluggish GDP growth resulting in frequent bloodbaths on Dalal Street, the regular clarifications from the FM rightly identifying factors like the eurozone crisis and foreign investorsflocking to the USD as it is perceived as a safe currency provide succour to Indian investors. The clarifications also have great educational value for laypersons like me. I am very happy that the FM has taught us extremely useful, interesting phrases like 'biting the bullet' and 'pressing the panic button'.
However, i would like to express my displeasure regarding some statements made by people holding important positions. Such comments stating that the economy is in a critical situation and that we are trapped because of policy paralysis are deeply disappointing. I do not want to hear such bitter statements. I would urge the guilty people — and they know who they are — to come forward and issue a clarification that they were quoted out of context like so many politicians do every day.
Losing money without knowing the reason behind it is probably the worst thing that can happen to an investor (or second worst if you rank getting beaten by the missus with a dough rolling pin higher). I have been experiencing this nightmare. Now, with these clarifications from the FM, i can happily lose money being fully aware of the reasons behind it. I am forever indebted to him for his graceful gesture.
Also, with the impending deregulation of diesel pricing, it would be a delight to watch petrol and diesel prices compete with each other in their race to touch Rs 100 per litre. I am eagerly looking forward to it. We are already witnessing an interesting, close contest between fiscal deficit and current account deficit, though at this moment, fiscal deficit appears a clear winner. Though we hoped for double-digit GDP growth and low single-digit inflation rate, i am happy that we at least got the opposite. Despite the fact that the GDP growth rate has slipped to 6.5% in 2011-12, the worst in nine years, we are still the second fastest-growing economy, as the policymakers have painstakingly pointed out time and again.
My happiness knows no bounds when i hear such optimistic, positive statements about the economy from responsible people in the government, my personal monetary losses notwithstanding. I would like to thank the FM and others portraying a wonderful picture of the Indian economy for making me abundantly happy with their scholarly statements.
Link: http://timesofindia.indiatimes.com/home/opinion/edit-page/To-sir-with-love/articleshow/14001774.cms
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