‘USSR is a place where no one had money’ is how I concluded communist economy as a kid, though the concept of kids have been changing world wide;-) I was as young as 8 then. It was also one of those years when India only dreamt of becoming a world power soon – post ’91, after a few economists held up the magic wands – in this context, magic words, such as globalisation, liberalisation and free trade etc.
Ours is even stranger, communist govt gets Tatas to set its people’s car plant in West Bengal, old Congress (Capitalist) loyalist drives Tatas back – the yet-to-born car got its home in Gujarat. They say, it’s way she’s making communist rulers taste the bitterness of their own medicine – once patented, now popular!
Yesterday, after the market bloodbath where the BSE Sensex crashed below 9K level, I headed straight to a panel discussion – to hear what they have to say. One of the panelists was the advisor to the finance minister.
I don’t understand much about market, my understandings of business journalism remained poor, despite my current craze for it. I find it easier to deal with spicy stories related Sensex than the facts & figures of Dalal St. Stories like hubby seeking divorce as wife loses 30L in market downturn excite me more.
Getting back to last evening’s panel discussion, where all the panelists echoed each other on Indian mass media being “clueless” about everything and follows each others’ competitors. It sounded as if Indian media created the havoc or could have stopped it. We don’t think so.
To go a li’l off-track and why Indian mass media still a world class, I must add an example. We have a few interns joined us a few days back from the Columbia School of Journalism and assigned to cover the Lakme Fashion Week. My collogue who supervises them had commented ‘assholes’, ‘they don’t know who Tarun Tahliani is, and here to cover fashion!’
In India, we know who Paul Krugman is. I’m not trying to compare the two, and even if I did… what’s wrong? At my tiny J-school, ‘Watergate scandal’ was taught as the first lesson. Is the media wrong in carrying Finance Minister's statement saying: ‘RBI will act swiftly when needed’. Or my naïve understanding says… RBI might be following the crowd – what China or Korea is doing with their real rates. Even as famous economist argues, “we are a strange economy; we follow the success tactics of all the countries and land no-where”
India booming stories are still doing the rounds… But the mighty DLF residents get to see a large slum across the road in Gurgaon, as one of examples of booming-dooming ratio. Amidst the global crisis, banks refuse to give home-loans to the commoners but the other day a
paan masala king bought a car for Rs 2 cr to gift his daughter on her B’day. Did I hear someone saying, a perfect example of “personalise profit and socialise loss”?
While the RBI and the govt is going ga ga over its latest move on rate cut, surely the giant companies would incur huge credits from the international markets. At the bottom husbands will continue seeking divorce, or the wives – as and when they suffer from the high real cost of credits. So when FM's financial advisor suggests us to be less scholars and more humans... we know why economists should start speaking 'our' language!