Even as the Finance Minister admitted to a slowing down of the economy, the Sensex touched an all time high (Front page, “It is not recession yet, says Finance Minister,” Nov. 28). The decline in growth is at a seven-year low at 5%. The erosion in the economy is wide ranging — pertaining to banks, businesses, exports and, hence, job creation. The unemployment rate is the highest in decades. Gross revenue collection is likely to be 25% short this fiscal. And yet, our proverbially overrated stocks are chasing new highs, driven by raw speculation than by real capacity addition. Has the management of the economy been outsourced to speculative investors?
R. Narayanan,
Navi Mumbai
