Market Nifty and Bank Nifty crash & truth of 20 lacs Crores.
Still I remember prominently that day when Nirmala sitaraman was announced as Finance minister of country ,Bank Nifty plunged almost 1000 points.
Obviously Market gave again a very strong knee jerk reaction once it came to know the shabby content and truth of 20 lakh crores package,
The strange thing was that even 2lacs crore was not even part of cash assistance to MSME or any other sector.
Ironically when Prime minster announced the package of 20 lacs crore package, Nirmala Sitaraman had already announced a package of 1.6 lacs crores and she cleverly told that this too was part of package.
What was new for any of the bleeding sectors and Indian economy that is beyond understanding, loan was available prior to this and banks will do their due diligence before giving loans. Still I remember in previous government when Economy showed signs of tremors in 2013 they slashed bit of service tax and excise.
In this crucial time it looks pathetic that primary duty of big office bearers is to increase the excise duty on petroleum products once crude oil prices comes down and put anti dumping duty on certain products, excise on Liquor.
I will quote Ex finance minister Mr Chidamberam that there is a point when Honest people becomes dishonest and dishonest people become honest as consumers and trader will tend to get tempted when there be price difference between smuggled goods and heavily excised products
Almost all the sectors like bank Nifty ,Nifty has shown weakness as market has apparently shown it’s distrust on handling of issues for different sector as the clear expression was giving your kid pocket money and asking him in morning to give back.
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