Last few weeks have been devoted extensively to Wall Street trauma. The much awaited $700-bn bailout out package was recently cleared by the US. While some are skeptical that it will help in restoring the down trailing economy, some see it as temporary way of easing the worsening pain. The bailout has beyond doubt failed to restore confidence in investors and crisis continues to spread across the continents.
Undoubtedly, the current economic crisis has seen many trickle down effects. Downsizing, layoffs, hopelessness, suicides etc.are some of the aftermaths of the bloody battle at Wall Street. One of the news pieces that shocked me is here.
The recent G7 meeting has tried to send some positive signals to investors worldwide. However in spite of all this, it is clear that the system worldwide will need some time to stabilize. And while developing world has enjoyed the glamour of globalization, it is now the time to bear the brunt.It has already been announced that Indian GDP will moderate and slip down further. Indian markets have already responded in panic. While it may be difficult to establish a direct relation, I guess the trickle down effects in India will be subtle and definite!Some of the effects that I find interesting (not in any hierarchical order) on this Global crisis include:
1) Meltdown matters: Economics Nobel no easy pick (read here)
2) Global crisis to affect India’s credit card issuance (read here)
3) India not insulated from global crisis: Nath (read here)
However some convincing optimistic articles are here:
1) Why India stands largely insulated from global financial crisis (read here)
The Singur issue has been dominating media headlines for quite some time. While the debate and negotiations featured, I was convinced that it will set a trend for a healthy developmental debate and set path for several developmental projects to come...
However, I am dissapointed. Tata's finally decided to move out dream Nano project out of Singur. While this has sent out negative vibes to many industries waiting to set foot in Bengal, it is also a set back for the civil society groups that have failed to work out a middle path that can beenfit all. What is bothering me is following:
Is there a way to consider interests of all varied groups in developmental projects?
If not, I doubt if India can develop and propagate a common developmental agenda for its diverse groups. This essentially means that divide between rich and poor will continue to grow further in the coming years. Civil society groups will continue targeting capitalists for profiteering and capitalists will loose ground to cater to social objectives of equality, employment and rural development.
I wonder if it really makes sense for any of the groups. But yes, it definitely makes sense for Mamta Banerjee who's political career has managed some sensational vibes ! Thanks to Singur !
