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January 27, 2020
Mumbai, Aug 22 (IANS) Well-known investor Porinju Veliyath on Thursday expressed his agony over the sorry state of affairs of Indian financial markets ever since the Budget was announced last month.
Veliyath, after the sharp sell-off in the Indian markets on Thursday, which saw the Sensex falling over 580 points, said that the broader markets and the economy are doing worse than Bangladesh, Myanmar and Vietnam.
“Broader mkt & economy doing worse than Bangladesh, Myanmar & Vietnam – really scary!,” Veliyath tweeted.
Veliyath drew a timeline describing the events that caused sharp sell-off in Indian market : “July 4: CEA says, need to awaken the animal spirits. July 5: Budget kills residual animal spirits of investors, biz men & entrepreneurs Aug 22: CEA @SubramanianKri: Don’t expect much from Govt”.
This elicited a response from Chief Economic Advisor K.V. Subramanian that “We are working hard on identifying the structural constraints faced by industry and working to remove them…”
“.. which will really empower industry to invest and foster the virtuous cycle… as shown in #EcoSurvey2019 private investment is key to the virtuous cycle,” Subramanian said.