It happens only in India...

Ever wondered what is the impact of global meltdown on Indian junta????  (When I say junta it includes everyone, not just IT sector.) 

Let’s start with subprime-crisis. I don't know much about sub-prime mortgage crisis. To me its something to do with USA, home loan and bunch of jokers who blindly believed in 'Credit Default Swap'. 'Credit Default Swap' is nothing but a mechanism where a stupid fellow is willing to buy third party credit risk. 

But how come India didn't introduce 'Credit Default Swap' when the times were good. After all we are known to copy the West, no matter how foolish there policies are.  Yes, there were constant pressures from Indian banks to introduce those policies. But thanks to India's central bank RBI that those policies were kept at bay. Recently Nobel laureate Stiglitz also confirmed the same by saying "RBI knows banking better than US Fed".

A hard way of learning. In my childhood days every other shop use to have a board - "Udhari se shama" (No borrowing/credit please), but with times Arthshastra was replaced by Economics. I feel, Kautilya's Arthshastra should be made mandatory in all US and Indian B-schools' syllabus.  Recently ICICI bank suddenly and drastically reduced credit limit of there customer. The bank must be operating on the principle - less 'udhari' less 'shaama'. 

To counter the recession US and UK government came up with multi billion/trillion stimulus or bailout package but what about stimulus or bailout package for India? India has many ways of channelize these kinds of packages. 

Recently 6th pay commission came into force, which means higher salary for government employees. Indian govt paid 6000 crores rupees to central govt employees as arrears. All the state govts would have also paid same amount to state govt employees. Where will this money go? In buying house, cars, jewellery and in stock market.  

Now there is an unfortunate but unavoided event happening called as election. Crores of black money will be put in to win the election. But the brighter side of election is that the money which was hidden somewhere will come in economy. Though temporary but there will be many jobs created because of election - as banner painting, media advertising, brand imaging, high-tech campaigning and so on...  

This was not enough for country like India, we needed one more event to make our economy on track & then came T20. Though twenty20 is happening in SA, crores and crores of investment has been made in buying the players, signing contract with marketing company, merchandising team products. T20 won't directly benefit Indian Junta but will provide enough opportunities for companies to sell there products. 

I wish UK & US also had the "events" like us.