We the people of India and the sate of India has managed to sail through the 2007-09 recession. However I am slightly skeptical that it happened because of fool proof planning of the Central government or just by chance. Whatever may be the case, the Central government has not left any opportunity to pat its own back in public time and again. I hope they will maintain their stance and will take all the credit for economic, financial crisis which I tend to believe is imminent now, unfortunately though.
Interest rates have been going up, inflation, real estate prices have been going up as well. In past 5-7 years governments have announced several plans to boost infrastructure but except few malls and housing complexes here and there, randomly out of nowhere, not much has been achieved. Corruption has crippled the pace of growth and has eaten away a huge chunk of funds spent on infrastructure projects.
We, the hardworking people of India have been toiling hard, day and night, working despite all odds, lack of resources and sometimes despite lack of opportunities.
The western economies, be it US, Canada, UK or Italy do not appear to be recovering from the recession anytime soon. To save the face and then government, almost all the political parties and governments have been recklessly approving bailout packages on after the other. Only couple of people have been symbolically caught to give the message to the masses, that its not Wall Street but White House who's In-charge of the situation. But ironically neither of them want to take the blame for what happened.
The Indian IT industry which heavily relied in Outsourcing work has seen decline in top-line and bottom-line, slowly and steadily. Weak currency, which traditionally have been good news for the IT and outsourcing industry is becoming a bad news, slowly and steadily. Importers are already feeling the pinch and if go by analysts, the currency will remain under pressure for next couple of quarters, which means the pinch will hurt bad this time around.
The Indian stock markets have not done well in 2011 and bond yields are on rise. The corruption is on rise as well and almost all the incumbent governments at state and center are not able to give away their chair, their stone aged politics under the current circumstances.
New year is around the corner and its better we start preparing for unforeseeable circumstances. Couple of more larger then life scams or cracking real estate market will be sufficient enough to bring down the Castles in the Air made out of pack of cards !
So lets cheer up for a while. Enjoy the Christmas Sunday, keep our brick and mortar ready and be prepared to go out in the sun and the rain to mend our house which we have built with so much of love, passion and hard-work over the years.
Interest rates have been going up, inflation, real estate prices have been going up as well. In past 5-7 years governments have announced several plans to boost infrastructure but except few malls and housing complexes here and there, randomly out of nowhere, not much has been achieved. Corruption has crippled the pace of growth and has eaten away a huge chunk of funds spent on infrastructure projects.
We, the hardworking people of India have been toiling hard, day and night, working despite all odds, lack of resources and sometimes despite lack of opportunities.
The western economies, be it US, Canada, UK or Italy do not appear to be recovering from the recession anytime soon. To save the face and then government, almost all the political parties and governments have been recklessly approving bailout packages on after the other. Only couple of people have been symbolically caught to give the message to the masses, that its not Wall Street but White House who's In-charge of the situation. But ironically neither of them want to take the blame for what happened.
The Indian IT industry which heavily relied in Outsourcing work has seen decline in top-line and bottom-line, slowly and steadily. Weak currency, which traditionally have been good news for the IT and outsourcing industry is becoming a bad news, slowly and steadily. Importers are already feeling the pinch and if go by analysts, the currency will remain under pressure for next couple of quarters, which means the pinch will hurt bad this time around.
The Indian stock markets have not done well in 2011 and bond yields are on rise. The corruption is on rise as well and almost all the incumbent governments at state and center are not able to give away their chair, their stone aged politics under the current circumstances.
New year is around the corner and its better we start preparing for unforeseeable circumstances. Couple of more larger then life scams or cracking real estate market will be sufficient enough to bring down the Castles in the Air made out of pack of cards !
So lets cheer up for a while. Enjoy the Christmas Sunday, keep our brick and mortar ready and be prepared to go out in the sun and the rain to mend our house which we have built with so much of love, passion and hard-work over the years.
regarding recession we should not compare it with USA.
ReplyDeletegovt has dong nothing we just feel india was saved.
happy xmas and happy new year.
Thanks for the comment SM. On the contrary I am saying that government in India and almost any government anywhere has not done anything substantial, concrete to save the tax payers money from going down the drain !!
ReplyDeleteProbably you have already read this old article before... nonetheless just in case: http://www.indianexpress.com/news/how-they-saved-the-india-story/683133/0
ReplyDeleteNot saying things are as rosy this time though:)
that's a fascinating article Vivek. Not read that before. Hope few hundred phone calls and many more meetings like that can rescue all of us again !! But I guess we needed a recession and not just a correction to develop the necessary checks and balances !!
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