Since when has Dalal Street become the adult in the family? The 869 points drop in Sensex index at the Bombay Stock Exchange today was childish and without merit. The fiscal deficit of 6.8 percent of GDP is high but not higher than other major economies of the world. Finance Minister Pranab Mukherjee has made it clear that it is a short term measure to consolidate the rural demand which has come to the rescue of Indian economy. Dalal Street (The Wall Street of India) has very little credibility these days as it clearly failed the investor confidence during the last 18 months. The flight of foreign capital was not large enough to justify the drop in Sensex from the high of 21,000 points plus to the low of 7,000 points plus at its worst. Corporate India failed the Indian people as the captains of our economic future. Now let Bharat take care of India since it has a much larger footprint and the recovery might be more sustainable. Dalal Street needs to learn a lesson or two!
Filed under: Indian Economy, Indian Politics Tagged: | Bharat, Bombay Stock Exchange, Corporate India, Dalal Street, federal budget, Finance Minister Pranab Mukherjee, fiscal deficit of 6.8 percent, Indian Economy, Sensex, The Wall Street of India
