They are succeeding mightly in dragging India back to where it was, oh say, about 55 years ago so that they can repeat the good old days of dismal 2 to 3% “Nehru Growth rate”. The market went down the tubes and the proverbial stuff hit the big rotating blades as soon as the commies opened their mouths. One feels sorry for the impoverished hundreds of millions who would suffer down the road due to this, of course. But that sorrow is partly mitigated by the realization that to a very large extent, these include those who voted the commies into the driver’s seat. Karma is a bitter pill to swallow, eh? Anyway, for the record, I include two snippets.
From the Acorn:
It did not happen when India went overtly nuclear in 1999. It did not happen when India massed forces on the border with Pakistan in response to terrorist attacks in Srinagar and New Delhi. It happened when the loony left exposed its ignorance of modern economics in the form of a monumentally stupid statement which seemed to confirm the markets worst fears. This was the deepest stock market plunge in 129 years! Line up Ketan Parekh, Harshad Mehta and all assorted scamsters of the 199os and all together they still cannot hold a candle to Comrade Bardhan’s achievement.
Yesterday, Shekhar Gupta asked international investors to come to appreciate the fine nuances of the geriatric gentry. Unfortunately, markets are global and they operate round-the-clock. India is just one of several economies competing for investment. If India is not able to signal that its house is in order, the ‘electronic herd’ will move its funds to competing economies in seconds. It is our geriatric gentry which has to wake up to the 21st century; else the 21st century will leave India behind.
From the Indian Express,
Attributing the crash to the spread of uncertainty and lack of confidence, [Jaswant] Singh said: ‘‘If a responsible leader who aspires to join the government makes statement, it will have an effect on market sentiments.’’ On whether FIIs deliberately manipulated the market, Singh said ‘‘I would be extremely cautious in commenting on this issue. We have a healthy market and our economic fundamentals continue to remain strong.’’
Great going, Mr Communists! Aside to Pakistan: Don’t you regret having invested in nukes for destroying India? Who needs nukes if the other side has communists?