How surreal can it get — the finance minister of the country talking the market up and down as if he’s mastered the Great Indian Hope Trick for once. And what a ‘rope’ this one: whatever goes up, comes down. Excuse Me, Mr Chidambaram, why this obsession with the sensex? Is there a faint flashback to the Harshad Mehta days, lurking somewhere deep inside your mind, still? You know what I am digging at? And somebody said,yours isn’t an office of profit....
Frankly, Mr FM, what difference does it make, this sensex swing? Is it really your business? Wonder who you are really to suggest that “the retail investor shouldn’t panic and stay invested”. It certainly doesn’t behoove the finance minister of a country to be my investment adviser on the sly.
Come to think of it, over the past week, every time the FM’s opened his mouth somebody’s lost his cash. And lots of it, for that matter. Ever since his intention got known that he wants to empower the taxman to decidewho’s a crook, who’s not, who’s a trader, who’s not, who’s an investor,who’s not. And then decide how much to tax or not. In case you didn’t know, Mr FM, there are only 7.6 million retail stock investors in this country of over a billion people. And I am not sure how many of them are like you and me sinking hard-earned cash into the market. For, as ET put out last weekend, quoting Sebi figures, only 3.7% of Indian households invest in equity, mutual funds and bonds that account for a little over 1% of total household savings in financial assets. If you ask me, it makes no difference. Because the likes of me can’t swing the sensex at will, even though the likes of you can... and do, every now and then. And it’s guys like me who get mauled every time you open your trap.
Other than you, the boys who really swing the sensex are only a handful of investors. They book a profit every time you blink. And they couldn't care less whether you intend to tax them or not. I am talking of the FIIs,Mr FM, whom you first labelled as investors, because you wanted their cash to fatten your bulging forex kitty, and later, threatened to tax as traders in breach of trust they placed in you, because you suddenly thought you haven’t had enough. But now that those Smart Alecs of theStreet are pulling out, and you are too scared to admit, your hourly clarifications no longer wash.
Frankly, you know what, Mr FM, for all your effort at bleeding the market dry, there’s this thing about FIIs. They don’t care what you say, and they don't care what you do, because they retain their free will to deploy their cash wherever and whenever they want. And it’s so because the money they deploy has no colour and no feel and is only meant to beget their investors the highest returns they can, not to fill your coffers. It’s high time Mr FM, you forgot this sensex bit; there are far more important matters of state to occupy your mind. Like the plight of the poor little tribal girl from Orissa who sold her newborn for Rs 2,000 because she could not fend for her. I read that bit of news on Monday hours before the Sensex crashed by 1,100 points and wondered, what’s this man doing inNorth Block whom we the citizens of Bharat, that is India, pay thousands of crores in taxes so that the less fortunate among us can lead a more dignified life.
You know what, Mr FM, there are 260 million people in this country who don't even get to eat one square meal a day, there are 300 million illiterates, there are 5 million HIV positive patients, there are 100 million homeless. And they are all desperate for help. As we do every year, MrFM, this year too we the taxpayers of India, that is Bharat, will entrust Rs100,000 crore from our earnings to your care by way of taxes so that you may spend our money well. And yet, in this strange united progressive coalition we have in New Delhi, nobody holds you accountable when that money goes waste, or when you force government banks and institutions to pour our hard earned savings into the market to boost your ego as you did last Monday.
Ever since your one-time mentor Rajiv Gandhi pointed out 20 years ago that only 15 paise out of every rupee allocated for welfare purposes goes where it is intended to do, nothing really has changed in this India, that isBharat, of ours. You could ask this of Rajiv’s son Rahul, who’s just returned from the backwaters of UP encashing record votes for his mother so that the finance minister of her government may spend time addressing their concerns. Walk the streets, Mr FM all right, but not the one inhabited by dalals. It would be so much better if you took some time off forBharat darshan in the backstreets of India.
For, it makes little difference to 3.7 million Indian households if they lose a tiny bit of their savings because you threaten to tax them more. Nor does it matter much if you threaten a handful of plasma TV owners to track their source of income.
But it sure will matter a lot, Mr FM, when India’s deprived millions have a finance minister who shows real concern for them.
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