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Indian economy reeling from ground up – India headed for great Asian depression
Indian stock market has collapsed. The sensex has lost more than half its value in less than nine months. The foreign money that funded the rise has gone bankrupt and is running for airport where they came from.
Yesterday, Indian stocks tumbled by over 7 per cent, the rupee sank to a historic low of Rs 49.30 to a dollar and gold soared above Rs 14,000 per 10 gm amid signs that the economy had started to falter.
This is not pleasant for Indian economy. India will have to buy 78% of its crude oil from the world market with devaluating Indian currency.
The outsourcing sector will get wiped out as America and Europe plunges into multi-decade severe depression. In Mumbai, the sensex sank to an intra-day low of 10239.76, a drop of 9.60 per cent or 1088 points over Wednesday’s close — and almost triggered a circuit breaker that would have forced a one-hour halt in trading.
Under the rules, if the sensex or the Nifty (the National Stock Exchange index) move by 10 per cent either way before 1pm, trading must be halted for an hour. The sensex finally closed the day at 10527.85, a drop of 800.51 points or 7.07 per cent. The Nifty fell by 6.65 per cent to 3279.95 points.
The response from the authorities was swift with the RBI pumping another Rs 60,000 crore into a financial system that is struggling to cope with a mounting demand for dollars that foreign investors want to take out after selling shares on the bourses.
BIZ/FINANCE ARTICLES
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