Are we heading for some worse news than India and Pakistan getting out of World Cup after a defeat from Bangladesh and Ireland respectively?
Here comes the other devastating news of crash in sensex. Nearly 617 points were lost in the haemorrhage, rivaled only by the 826-point crash on May 18 last year on the first business day of the new financial year. The selling wave wiped out Rs 1,44,000 crore of shareholder wealth, engulfing all sectors of industry. Banking, information technology, real estate and automobile stocks were the worst hit. And many, who master in finding some reason for the mishap or massacre, blame it to the RBI’s surprise inflation-busting measure.
I wonder if it reflects the performance of the companies and the dividend that they will announce for the year. Will the growth slump or the supply get dried? But perhaps, as usual some Rungta, Jhunjhunwala, Kejriwal will go for suicide as I saw one in good old days of HM. An honest cashier got allured by the dream future through share market took away company’s money and invested in hope to return it safe in locker back in time before the people know it. It didn’t happen because of a similar crash and he crushed himself under the local train.
But today, the investments in shares are more popular. Many have placed their life time earning with some portfolio managers. What happens if the crash hits them on the wrong side? Let me tell you that they are master risk takers. They will bear it.
But the special issue of ‘Outlook‘ on the ‘state of the nation’ offered by my friend, Shri YK Singh furthered my miseries. Articles after articles, it has painted the grim picture from ‘the other India’ (as it called it), as it silently suffers. And it also claims,’ This is the “nearly-forgotten” India of the poor and downtrodden people numbering 250-300 million or perhaps the double of that with an earning average of Rs 500 per month or less. And this happens even after spending of around Rs 40,000 crore in the Ninth Plan (1997-2002) meaning around Rs 8,000 per month per poor.
Will there be worse news affecting the nation as such in days or months to come? The answer may be in affirmative with elections in UP soon.