India's Finance Minister is a learned person. If a person like him begins to utter untruths, it means the situation is terrible.
When the stock market bled and rupee tottered on Friday, Chidambaram said that Indian economy's fundamentals had not changed and asked investors to await GDP growth figures for the 1st quarter. Stocks and currencies do not wait for quarterly GDP figures before reacting to day today developments. The minister pleads that we should not be so sensitive to data coming out of the US. ARE WE NOT IN A GLOBALISED ENVIRONMENT?
When foreign investments gush in, stock market becomes bullish and rupee appreciates. Does the minister wax eloquent at that time to say that there is no change in India's fundamentals and so exuberance is unwarranted?
Moody's have downgraded three large Indian banks. Threat of downgrade for Indian economy is looming large. It is a misadventure to try to convince the public that all is well.
When the stock market bled and rupee tottered on Friday, Chidambaram said that Indian economy's fundamentals had not changed and asked investors to await GDP growth figures for the 1st quarter. Stocks and currencies do not wait for quarterly GDP figures before reacting to day today developments. The minister pleads that we should not be so sensitive to data coming out of the US. ARE WE NOT IN A GLOBALISED ENVIRONMENT?
When foreign investments gush in, stock market becomes bullish and rupee appreciates. Does the minister wax eloquent at that time to say that there is no change in India's fundamentals and so exuberance is unwarranted?
Moody's have downgraded three large Indian banks. Threat of downgrade for Indian economy is looming large. It is a misadventure to try to convince the public that all is well.
No comments:
Post a Comment