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

It's Time to Book Profits (Fast Profits Daily)

Nov 27, 2020

In my first video on Equitymaster, I want to introduce you my proprietary greed and fear index. It's telling us to book some profits in the market.

Mirae Asset Large Cap Fund: Participating in High Quality Businesses (Outside View)

Nov 27, 2020

PersonalFN's analysis on the features and performance of Mirae Asset Large Cap Fund.

Create Wealth for Yourself in India's Drone Revolution (Profit Hunter)

Nov 27, 2020

The Chinese drone market is 14 times that of India's. Billions may flow into Indian drone companies too. Don't miss out on this wealth creating opportunity.

Two Very Important Updates For You (Fast Profits Daily)

Nov 26, 2020

In this video, I'll have an update for you on gold and the new member of my team.

Adani Green: A Future Multibagger or a Big, Speculative Bubble podcast (Views On News)

Nov 26, 2020

Rahul Shah discusses the hype around Adani Green Energy and analyses whether it is justified.

More Views on News

Most Popular

Not Infosys or Wipro. India's Next Wealth Creators Could Be Drone Stocks (Profit Hunter)

Nov 25, 2020

India's drones directorate signals the next big defence tech multibaggers.

Stocks that Could Shine More than Gold After Diwali (Profit Hunter)

Nov 17, 2020

If the markets become volatile over the next few months, do this.

How the New Margins Will Impact You (Fast Profits Daily)

Nov 25, 2020

The new rules on margins will come into effect from 1st December. Are you ready?

It's Time to Book Profits (Fast Profits Daily)

Nov 27, 2020

In my first video on Equitymaster, I want to introduce you my proprietary greed and fear index. It's telling us to book some profits in the market.

An Eraser and Some Pencils (The Honest Truth)

Nov 17, 2020

Ajit Dayal on the road ahead for the world after covid.

More

Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Nov 27, 2020 (Close)

MARKET STATS