Responsibility comes calling - Views on News from Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Responsibility comes calling

Dec 1, 2008

In India...
A day after the 60-hour ordeal of terrorist assault on Mumbai ended claiming the lives of nearly 195 people, the Congress-led UPA government seems to have finally realised its responsibilities. The Home Minister, Mr. Shivraj Patil, who faced widespread criticism for the lack of security measures to counter terrorism, resigned on the grounds of 'moral responsibility'. It must however, be pointed out that this not the first instance of such an attack during Mr. Patil’s tenure as Home Minister, as about 300 people have died this year itself in India as bombs have exploded in markets, religious places, bus and train stations and theaters. The Mumbai attack, was nevertheless, the deadliest such assault in the country in 15 years. As per a leading business daily, the loss to the city in financial terms during the three day ordeal was to the tune of Rs 500 bn.

Mr. Patil’s portfolio will now be managed by Mr. Chidambaram who was so far shouldering the responsibility of guiding the Indian economy through the global recession, as the Finance Minister. The Prime Minister, Mr. Manmohan Singh who will now also act the Finance Minister, will not just have to fortify the country’s fragile defense infrastructure but also try to minimise the impact of the global meltdown on the domestic economy. He has already sought the support of the largest democracy in the world, the US, in his endeavour. He has sought for guidance on building a crime-fighting agency modeled on the FBI and tougher anti-terrorism laws.

Indian corporates, in the meanwhile, will also have to show some sense of responsibility. Besides undertaking critical measures necessary to sustain growth they will have to show resilience to low business confidence, particularly in the aftermath of the attacks.

...and in the US
The recession engulfing the US economy deepened this month as employers slashed more jobs and manufacturing contracted at the fastest pace in a quarter century. However, President elect Barrack Obama seems to be dealing well with his responsibilities. At least for the time being. He has already crafted a plan to save or create 2.5 m jobs in two years to stave off what he called a ‘crisis of historic proportions’.

According to the US Labor Department’s report, payrolls in the US shrank by 320,000 workers in November, the biggest one-month drop since the 2001 terrorist attacks. The jobless rate has jumped to 6.8%, the highest level since 1993. What is more, Goldman Sachs has forecasted a 9% unemployment rate by late 2009.

Equitymaster requests your view! Post a comment on "Responsibility comes calling". Click here!

  

More Views on News

Top 5 Recent IPO Developments You Should Know (Views On News)

May 12, 2021

So far in 2021, IPOs in India have raised nearly US$ 3 bn, the best start to the year since 2018.

How Did Mindtree Perform in Q4FY21? (Company Info)

Apr 20, 2021

Here's the rundown on the company's latest quarterly results.

5 Big IPOs to Look Forward to in 2021 (Views On News)

Jun 19, 2021

A peak into the hype around the IPOs of internet companies like Zomato and Paytm

HDFC Banking and Financial Services Fund: Emphasizes on the Growing Sector (Outside View)

Jun 18, 2021

PersonalFN analyses the features of HDFC Banking and Financial Services Fund and explains the potential this fund has to offer to its investors.

Can You Make More than 100 Times Your Investment? (Profit Hunter)

Jun 18, 2021

The open secret to multiplying your money in forever stocks.

More Views on News

Most Popular

Hotel Stocks Will Reward Investors (Fast Profits Daily)

Jun 8, 2021

This is why I'm bullish on the hotel and hospitality sector.

My 'Unlock' Investments (Fast Profits Daily)

Jun 11, 2021

The best unlock investments you can make in the market.

The Most Visible Sign of India's Revival is on Two Wheels (Profit Hunter)

Jun 9, 2021

Investing in the best stocks could result in wealth compounding on a massive scale.

How I Discovered a 400-Year-Old Open Secret to Extreme Wealth (Profit Hunter)

Jun 11, 2021

Charlie Munger's open secret about investing success.

More

India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Jun 18, 2021 (Close)

MARKET STATS