Mr. Chidambaram faces stark choices all over again
As Dalal Street – along with many other streets from Tokyo to New York – started behaving like a new jet aircraft whose pilot has lost control, one couldn’t but help wondering about the days in mid 1990s when the C. R. Bhansali scam had put paid to the hopes raised by Mr. P. Chidambaram as Finance Minister. The stock market scam then was also associated with two things. First, it was tantalisingly close to and linked with the East Asian melt down of 1997. Second, elections were in the horizon and Mr. Chidambaram threw fiscal caution to the winds by announcing huge Fifth Pay Commission hikes for government servants. Back then, the US economy was still not as profligate a borrower as it is today. Nor were China, Russia, Iran and Venezuela swimming in dollars.
It is 2008 now and there is a strong sense of déjà vu. Stock markets around the world – particularly in Asia – have been tumbling like nine pins on fears of a recession in the US economy. India is no exception except the fact that the economy and Dalal Street are far more integrated with global financial markets than they were in 1997. It will probably be a matter of time before the latest Indian stock market scam is unveiled.
As Dalal Street – along with many other streets from Tokyo to New York – started behaving like a new jet aircraft whose pilot has lost control, one couldn’t but help wondering about the days in mid 1990s when the C. R. Bhansali scam had put paid to the hopes raised by Mr. P. Chidambaram as Finance Minister. The stock market scam then was also associated with two things. First, it was tantalisingly close to and linked with the East Asian melt down of 1997. Second, elections were in the horizon and Mr. Chidambaram threw fiscal caution to the winds by announcing huge Fifth Pay Commission hikes for government servants. Back then, the US economy was still not as profligate a borrower as it is today. Nor were China, Russia, Iran and Venezuela swimming in dollars.
It is 2008 now and there is a strong sense of déjà vu. Stock markets around the world – particularly in Asia – have been tumbling like nine pins on fears of a recession in the US economy. India is no exception except the fact that the economy and Dalal Street are far more integrated with global financial markets than they were in 1997. It will probably be a matter of time before the latest Indian stock market scam is unveiled.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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