labels: finance - general, economy - general, investment - general
From malady to melodynews
Uday Chatterjee
31 August 2003

Mumbai: Two bomb blasts, the imminent fall of the Uttar Pradesh (UP) state government and the declaration of the Archeological Survey of India's (ASI) findings about the Ayodhya site. All of that happened on a Black Monday last week.

On that evening, millions of Indians glued on to their TV sets were wondering as to where do we go from here and how do we respond to the neighbouring champions of terror (COT) guys. They, as well as the COTs, got the answers to full satisfaction during the course of the week.

The next day, attendance in the offices, factories and shops in Mumbai was almost 100 per cent, a fitting riposte to the COTs. "You can blow up a few taxis, but you can never break my spirit," is what each and every Mumbaikar was trying to say. The COTs' juvenile attempt to strike fear in the hearts and minds of the people, to disrupt normal life and create chaos in the economy fell flat on their faces.

The next day the markets bounced back. Not just that; the bourses only started behaving notoriously ever since - a clear sign that it was business as usual. If the COTs understand the Indian stock markets, or any other market for that matter, they should realise that you cannot break their backs with this amateurish sort of strategy.

The COTs had nothing to do with the developments in UP and Ayodhya, but there are lessons for them from here too.

UP, apart from being the largest state in India, is also a politically sensitive state. Political instability in this state could lead to political and economic instability for the whole of the country, a state of affairs, which every COT would dream of. No such thing happened. By the end of the week, a new and stable government was formed.

Mumbai blasts
July 2003: Three killed in bus blast
March 2003: 11 killed in commuter train
January 2003: 30 injured in market attack
December 2002: 23 injured at McDonald's outlet
December 2002: Two killed in bus blast
March 1993: More than 250 killed in serial blasts

Some might argue that the new government was formed by skulduggery. To some extent, that may be true but you cannot discount the fact that elections in India are free and fair and whatever be the quality of some of the legislators, the majority of them do articulate the hopes and aspirations of the people.

Does that happen in COT country? What are the COTs and COT country's CEO looking for? That may be a mystery but the people of COT country surely know what they are looking for and that is roti, kapda aur makan. How many of them have it? Will they get it after a few more such terrorist attacks?

Roti, kapda aur makan are just the bare necessities of life. In the 21st century, the aspiration levels of the people of all countries have gone up. Political freedom and freedom of expression are also the essentials for living with dignity. What do the COTs and the CEO of COT country have to say about this? Instead of bursting firecrackers would not attention to these matters be more fruitful?

Consider the case of Ayodhya, a religious-cum-political problem where the neither the religionists nor the politicians won. One of them may win after the ASI's findings. The real losers were, however, the small shopkeepers and businessmen of Ayodhya. Till 1992, Ayodhya was a prosperous pilgrim town whose inhabitants made a living by catering to the pilgrim tourists coming to Ayodhya.

Visit any well-known temple or dargah and you will know how prosperous this business is. Since the demolition of the mosque, Ayodhya has been a ghost town. Little wonder, that the people of Kashi and Mathura are not for such kind of demolition, notwithstanding the sadhus and the politicians.

But what do the COTs and COT country have to do with Ayodhya? Take lessons. Religious fundamentalism will not lead you to utopia.

Last week the Reserve Bank of India published its annual report. The report accounted for the country's overall economic performance during 2002-03 and also highlighted the bank's perception for the year 2003-04. A rosy picture, with the gross domestic product expected to exceed 6 per cent, recovery in farm and industrial output, lowering inflation and a healthy stockpile of foreign exchange reserves.

Photocopies of the report need to be sent to each and every COT for compulsory reading (if they can read that is). This report could be their guideline for attaining utopia.

A little darling called Baby Noor had to come all the way from COT country to Bangalore in order to get a life- saving hole in the heart operation done. In India such operations are routine, and are done in several centres, while in COT country there is not a single facility for such chota mota operations. The only operation they are capable of is perhaps a hole in the head operation.

The world is watching with wonder the amazing stride India is making and will be making in the next 15 to 20 years by which time she will be an economic superpower. The world is also watching with bewilderment the shenanigans of the COTs in COT country. And everyone knows for sure that if they don't change their ways, after 20 years they will remain exactly what they are today - a failed state.

also see : Mumbai blasts kill 45

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