Archive for October, 2008

Happy Diwali to all !

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There’s always something warm and bright, about this time of the year, when everything has a special glow, and hearts are full of cheer, that’s why, this special greeting comes your way, to wish you all life’s best, on Diwali and in the coming year, too.

The present times are tense for India. Fear of terrorist attacks, a falling stock market and depression in the economy has snatched the joy and enthusiasm of people to a great extent. Nevertheless, Diwali is a day of celebration and I pray to God that everything becomes fine in the coming days.

Wishing all fellow Indians a very happy and prosperous Diwali filled with hope & light.

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Liquidity Crunch in India : A good explanation in Hindi

Just came across this excellent explanation of credit crunch in India . It is written by Mr Anshuman Tiwari for today’s Dainik Jagran (20th October). So full credit to him for writing this excellent article.

The article is in Hindi. I hope most of you will be able to grasp it.

 Gafalat Se Nikali Bazar ki Afat… Read the rest of this entry »

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Reasons for Global Recession: In plain simple English

Economic Depression

These days the most talked about news is the current financial crisis that has engulfed the world economy. Every day the main headline of all newspapers is about our falling share markets, decreasing industrial growth and the overall negative mood of the economy.  For many people an economic depression has already arrived whereas for some it is just round the corner. In my opinion the depression has already arrived and it has started showing its effect on India.

So what has caused this major economic upheaval in the world? What is the cause of falling share markets the world over and bankruptcy of major banks? In this article, I shall try to explain the reasons for recent economic depression for all those who find it difficult to understand the complex economics lingo and are looking for a simple explanation.

It all started in US…

In order to understand what is now happening in the world economy, we need to go a little back in past and understand what was happening in the housing sector of America for past many years. In US, a boom in the housing sector was driving the economy to a new level.  A combination of low interest rates and large inflows of foreign funds helped to create easy credit conditions where it became quite easy for people to take home loans. As more and more people took home loans, the demands for property increased and fueled the home prices further. As there was enough money to lend to potential borrowers, the loan agencies started to widen their loan disbursement reach and relaxed the loan conditions. Read the rest of this entry »

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What to write in tough times ?

My last post was on 14th September, just one day after the serial bomb blasts in Delhi. Since then I got a few chance to write but somehow I just kept staring at my monitor screen and didn’t write any new posts. For the past one months, I seriously think the logic behind this blog.  Am I here to write all those problems which India is facing ? Will it benefit anybody? Can my writing help somebody? Or am I just wasting my time (as one reader pointed to me in the Raj Thackeray’s post). Seriously sometimes our mental state makes us go inwards for an inner evaluation of our intentions.

India is passing through a very rough phase these days. Never before I saw the imprints of fear so clearly on the faces of people. People have started avoiding crowded markets, festival gatherings and other busy places. A sense of insecurities have pervaded the whole nation. Terrorism has started affecting our life style.

Apart from terrorism, the global financial crisis is looming large on India. Our stock markets are at an all time low. From 21,000 in January this year, the SENSEX has nosedived on 11,000. There are some valid fears that it can soon fall below 10,000. Millions of people have lost their hard earned money in the markets. The Rupee is daily loosing its strength against Dollar. As a result our import bill (especially Oil Bill) is going to cost us a huge sum of money.

The internal law & order of the country is also in doldrums. In Orissa the Hindu -Christian clashes are becoming serious and violent everyday. in Assam, the Muslims and Bodo people are fighting a bloddy battle.

What pains me very badly is the attitude of our politicians in tackling such problems of national importance. A criminal tendency of looking every problem from the point of view of VoteBank has become prevalent in our so called leaders. In Orissa they are ready to impose President Rule just because an opposition party is in power. But in Assam, they are not uttering a word on Musilm-Bodo clash because of a Congress CM. Arrest of some muslim youths in connection with a bomb blasts has given some politician an opportunity to atttract the Muslim votebank. All types of irresponsible statments are coming from our politicians.

In the recent senate vote on Nuclear Deal with India, the members of US Senate of both parties (Republican and Democrats) voted in favor of the deal. Their was difference of opinion on some issue, but since the nuclear deal with India is a matter of national importance for US, both parties were in agreement over this issue.

However, the same deal was vehemently opposed by our opposition parties. Can you imagine the Congress,  the BJP and the CPM can unite on this issue of huge national importance to India. No, the national interest is not above party politics in India. Self interest of our leaders comes before the National interest.

All these things make me sad and disappointed. Will my writing this on a blog, which only a few educated Indians can read on internet, make any difference ?  Probably not. However, at least it gives me an opportunity to express my frustrations with the state of my country whom I loved so much. It gives me a platform where I can know what other Indians feel about these problems.  It is heartening to know that many Indians feel the same way as I.

Despite being in a state of despondency, I’ll keep writing on this blog. At least for the time being.

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