ABRUPTLY!!! WORLD BECAME ROUND AGAIN

In 2004, seeing the glory of Indian IT industry, noted writer and journalist Mr. Thomas Friedman declared that “World is flat”. In the post Soviet era, market dynamics consumed all countries with vengeance. Executives amassed wealth by undertaking inordinate risks. Regulations were forgotten across markets. Companies extolled their daredevilry.

Alarming wealth betrayed mankind often. Cracks in the system emerged from late 2006. One crisis led to another. First victim was housing sector. Credit crunch forced banks and financial institutions to burst across US and Europe. Global markets crashed due to recession fears in the western markets. World’s ferocious free market ayatollah’s panicked. Taxpayer’s money found their way into failing banks. In hell, Karl Marx should by smiling!!!

Luckily Indian banks escaped unhurt. As expected, stock market crashed to below 10k levels. Government and RBI are overworking to ensure the momentum of Indian growth story. Cash Reserve ratio for banks reduced. In the last 10 days, markets witnessed Government infusion of around one-lakh crore rupees to ease the liquidity pressures.

In India, aviation industry became the first martyr of the current phase of depression. Market recession, high oil prices and heavy duties severely restricted aviation industry’s prospects. To curb further losses, Indian premium airline, Jet Airways initially decided to lay off 1900 employees. Majority of them are probationary staff. Those smiling faces that welcome us in flights unexpectedly turned red. Minister for Civil Aviation shared their grief. He blames his cabinet colleagues for not lending enough support to save aviation companies. He is politically correct.

Exasperated, sacked employees went to Maratha firebrand Raj Thackery. Till recently educated middle class brandished his hatred against North Indians as a threat to Indian federalism. But at this moment of despair, they preferred a known troublemaker to solve their problems. Ideologically, Raj Thackery can interfere in this scuffle. Mr. Naresh Goyal the chairman of Jet Airways, being a North Indian shall be stopped from entering Maharashtra. By grounding all Mumbai bound Jet flights, he can show his profound love towards the Maratha pride. Later wisdom prevailed and Mr. Goyal himself withdrew the retrenchment order. Now the fight is for who must get the name and fame for this sudden withdrawal. Atleast employees are happy and joined for work silently. But our minister and young scaremonger is fighting for limelight.

Indeed, World has become round again. Market pundits who preached capitalism went into hiding. Executives, who are guilty for this mayhem, escaped in ‘golden parachutes’- (fat termination cheques). They will again come back at the onset of next boom.

Poor never get the fruits of boom in the market. Recession makes their life piteous. They are the forgotten lot. This greedy world will always forget them. Therefore they cannot expect a way out.

In a matter of few years, world will be roaring again. Then across globe money will be earned at an alarming rate. Next boom will witness the flattening of world more dynamically. Tightened regulations should be followed strictly. That’s the only way to restrain gluttony. Hope that better sense prevails during the next phase of boom.