Market Nifty
and Bank Nifty crash & truth of 20 lacs Crores.
Still I remember
prominently that day when Nirmala sitaraman was announced as Finance minister
of country ,Bank Nifty Fell almost 1000 points.
Obviously
Market gave again a very strong knee jerk reaction once it came to know the
shabby content and truth of 20 lakh crores package,
The strange
thing was that even 2lacs crore was not even part of cash assistance to MSME or
any other sector.
Ironically
when Prime minster announced the package of 20 lacs crore package, Nirmala Sitaraman had already announced
a package of 1.6 lacs crores and she cleverly told that this too was part of
package.
What was
new for any of the bleeding sectors and Indian economy that is beyond understanding,
loan was available prior to this and banks will do their due diligence before
giving loans. Still I remember in previous government when Economy showed signs
of tremors in 2013 they slashed bit of service tax and excise.
In this crucial
time it looks pathetic that primary duty of big office bearers is to increase the excise
duty on petroleum products once crude oil prices comes down and put anti dumping
duty on certain products, excise on Liquor.
I will quote Ex finance minister Mr
Chidamberam that there is a point when Honest people becomes dishonest and
dishonest people become honest as consumers and trader will tend to get tempted
when there be price difference between smuggled goods and heavily excised products
Almost all
the sectors like bank Nifty ,Nifty has shown weakness as market has apparently
shown it’s distrust on handling of issues for different sector as the
clear expression was giving your kid pocket money and asking him in morning to
give back
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