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MUMBAI ATTACK: A DOUBLE TRAUMA
PRAMOD THOMAS | 02 Dec 2008

It's about Mumbai terror attack and it's impact on the financial sector of the country.

 

MUMBAI ATTACK: A DOUBLE TRAUMA

pramod thomas

It's about Mumbai terror attack and it's impact on the financial sector of the country.

As our prime minister Dr.Manmohan sigh said earlier terrorism is a crime against humanity. It is a disease wich affect the growth of human race. From a contry’s perspective it is of double effect. First upon it arises insecure feeling among people secondlyI will affect badly on the country’s economy. Days before home minister of India Mr.Shivraj Patil said that each state should set up anti terrorist groups to tackle terrorist activities in the country. The time has come to think seriously about the menace. The prevailing situation now in India is that whenever a terrorist attack happens all political parties will line up to blame the government in the centre. This is not to be done. Of course there may be faults from their side but blaming each other would not give any solution to the problem. Now the BJP leadership wants to reimpliment POTTA but the congress government in the state is against it. The are saying that the laws are sufficient to tackle terrorism. But nowadays nobody can agree with it. The serial blasts occurred in many parts of the country recently had proved that some strict laws should be needed.
After all political dramas the truth is crystal clear. India is definitely a target of terrorists. The same situation will continue as it is.
 
Thank God Exchanges are closed
After the attacks in Mumbai (attacks are continuing at the time of writing this article ) both the stock exchanges NSE (National stock exchange) and BSE (Bombay stock exchange) closed for Thursday. Exchanges are the very sensitive institutions in the country where even a small news is affected. If it were open definitely there will be a downward trend in the market which is already down due to global financial crisis. Yesterday (26th Nov )sensex closed 331 points up which was a great relief for the investors. Sensex also crossed the important level of 9000. But due to the panic situation arised because of the attacks the indices will go down further and would wipe out all the gains residued yesterday.
There were reports that the Great Indian bull Mr.Rakesh Jhunjhunwala said that markets should have been opened today- I disagree with him.
 
Double trauma for the country
Mumbai attack is a double trauma for the country as a whole which is already facing difficult financial condition. Due to the global melt down Indian stocks are badly hit. After all assurances from the ministers the situation is still bleak. Aviation industry is in big trouble. People had lost their jobs or are going to loose their jobs. Salary cut and retrenchment happens on a day today baisis. Job aspirants are sitting fingers crossed with their appointment letter with out being informed when to join.
Markets are down from it’s January peak. Investors had lost huge amount of money due to global financial turmoil. The world is in recession and no exit signal for India from the situation. People of India, as a part of an emerging economy, are suffering from the illness of financial crisis. News about Mumbai attacks came at the same time. This a double trauma for the people and for the market as well.
 
When we heard about Sep-11 attacks in US we thought that it will only happen in there. Then it was in UK and other developed countries. At that time we thought that terrorists will target only developed countries. But when we came across the same situation we realized that it is a global disease. But we were unfortunate that now it is happening in India in a large scale.
Some immediate steps should be taken to tackle the situation. It is the duty of political leadership to inject confidence and a sense of security among people and it is not easy. The topics which need attention are terrorism and financial crisis. Financial meltdown is a global situation and a little can be done in this regard. But as far as terrorism is concerned it is a domestic menace to a large extent.
Political machinery should work properly and effectively to control the situation. Parties should unite to manage the crisis. It is not the duty of a single party it is the duty of the country as a whole.