Necropolis of hope

Finance Minister Arun Jaitley now says the central government does not intend to tax retrospectively, and the taxation policy is not against foreign investments. This is rather a belated statement as the Indian investors lost several crores of rupees in the last two weeks of time. Several A group shares had shed out 50 percent of its market value due to the non-clarity of the tax policy. The FIIs sold their stocks at a throwaway price taking Indian investors to despair.

Unlike former Finance Minister P Chidambaram, the present minister Jaitley lacks the skill to protect Indian Stock Market. In every down fall Chidambaram interfered effectively and protected investors’ interests. On the other hand Jaitley is busy with other business when the entire market nose-dived to bottom.

The stock investors were in a lively mood when Modi Government assumed charge.. Nevertheless, that dynamism soon perished making Indian stock market a necropolis of hope. Almost all investors deserted the market. The business now seen in the market is only a speculative play by some beer operators. If the Finance Ministry has nothing to do for saving the stock market all the investors who abandoned the market would never return.

K A Solaman
The Hindu Business Line Published on 29 April 2015