The hype prior to the budget turned out to be unjustified. Why blame the finance minister for that. High expectations were as much to blame as anything else. Read on
Monthly Archives: July 2009
Foresight or Fool sight? The answer lies in the brackets below. Here I have picked up Para 38 of the Budget 2009-2010 Speech of Pranab Mukherjee, Minister of Finance, Government of India.
The financial sector is the life blood of any economy. (Agreed) Our Government’s approach to the banking and financial sector has been to ensure robust oversight and regulation while expanding financial access and deepening markets. (Agreed, this is mainly done through the Reserve Bank of India) The merit of this balanced approach has been borne out in the recent experience, as the turbulence in the world financial markets has left the Indian banking and financial sector relatively unaffected. (Are all sure, partially I am) Never before has Indira Gandhi’s bold decision to nationalise our banking system exactly 40 years ago – on 14th of July, 1969 – appeared as wise and visionary as it has over the past few months. (That’s a joke. All give credit to Ex-Reserve Bank of India Governor, Y V Reddy for building a strong wall against the crisis) Her approach continues to be our inspiration even as we introduce competition and new technology in this sector. (That’s a veteran Congressmen glorifying the Gandhi family)
So, that’s politics of economic crisis. The Finance Minister is gaga about Indira Gandhi’s vision 40 years ago for something that no one saw coming even 4 years back. Come on, Mr. Finance Minister, are you putting yourself in the big race to be the next PM????
Here’s a copy of a submission said to have been made in 2005 to US market regulator the Securities and Exchange Commission by money manager and investment investigator Harry Markopolos.