Mumbai stranded once again
A few inches of rainfall is all it needs to bring life in Mumbai to a standstill as severe water logging forces the authorities to shut schools and colleges yet again for the umpteen time this year. The civic infrastructure in the city has collapsed and citizens become helpless during heavy showers which is a pity. Trees, mangroves and other natural plantation act as buffers to prevent floods and water logging but those sadly are cut recklessly for commercial gains which sadly is responsible for the mess we are witnessing time and again in the city.
Even the last stretch of little greenery left at Aarey colony is now being targeted which may drown the city in the decades to come. The Supreme Court should intervene and save Mumbai and that can happen if environment is protected. Citizens are the voice in a democracy and let us all unite to take on politicians as well as bureaucrats who are hell bent on destroying this beautiful city which is the commercial capital of our country.
The volatility index is causing concern and the BSE Sensex particularly volatile. What a monumental crash as if there is no other day in this world. GDP growth loses stream last year and the trend continues under global meltdown. The markets pull back from the morass and the hopes are dying down. It is a thousand dollar question whether RBI will step in to check the currency slide. The Indian currency too fared badly, closing at Rs.72.28 per dollar, the lowest since November 18. Have we seen the bottom or still a long way to hit the pit? The days to come will test the patience of a prudent investor. It had to happen a fortnight back but our market could recover. Now, we have to wait and see whether the recent fluctuations will take further toll on our economy or stop there. Thus, choppy days are here again.
Rerailing the economy
The economy is sluggish and unless corrective actions are taken, there could be recession. Falling private consumption has drastically reduced demand in all major sectors. The deliberate attempt by the government to push through radical reforms in taxation and regulation has had a debilitating affect on the economy. Scant job prospects in government and public sector units are also a factor. Government job creation has a multiplier affect on the economy. Major employment sectors need focus and assistance.
(The views expressed by the author in the article are his/her own.)