Bleeding stock markets are a sign of downtrend in the economy and today’s massive fall of over 800 points on the Sensex has triggered all round panic which is bad news for our country’s growth and progress. There are no buyers in the markets at present and FII’s along with DII’s have pulled out money anticipating redemption pressure which has put pressure on the Indian indices which promises of more fall in the days to come. The coming budget this month end has now become a non-event as there is literally no enthusiasm left and people are not even discussing about it which is unprecedented before any Union Budget of the past.
Hard situations calls for tough decisions and the political class need to unite to pull our country out of this imbroglio. Important pending bills like GST, bankruptcy code bill etc need to be passed in a special session called by the Parliament. Corruption needs to be checked as it has dealt a dent in our economy and our country could face social issues like unemployment, crime and social unrest if things don’t improve from here on. Everybody should chip in of their contribution to bring our country back on track!
S.N. Kabra
(The views expressed by the author in the article are his/her own.)
