feb 27th, 2007
loses punjab
loses uttarkhand
trounced in mumbai
inflation 6.7%
your little games are being seen through by the electorate, eh?
i am dreading chidambaram's budget. in his previous incarnation as FM he managed to inherit a healthy economy and when he exited, he had converted it into a 'nehruvian rate of growth' 3.5% economy. he'll surely try to repeat the stunt now.
3 comments:
Ragz,
I agree. But most people think Chidambaram is some sort of genius. I think Yashwant Sinha is the best FM we have had.
chidambaram came up with this idea of taxing any withdrawal above rs10,000. the market reaction to his latest budget is just we have expected.
Chidambaram, in spite of his Harvard Education (perhaps, he was taught by Witzel and company) isn't as classy as he is made out to be. He made a big mistake two years ago when he proposed a big transaction tax. That would have literally killed the market if his proposed rate had got through.
This time, he has come up with a tax on IT industry and a few other 'innovative' taxes. He comes out as one who has a looter's mindset. There is little vision there.
Two years later, if BJP comes back to power, most of the credit will belong to this backbreaking budget.
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