Gurus of Chaos – Modern India’s Money Masters : [PDF Download]

PDF Title:Gurus of Chaos
Author:Saurabh Mukherjea
Publisher:Bloomsbury Publishing India Private Limited
Total Page:193 Pages
PDF Size:2.25 MB
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“In the midst of this meltdown in IDFC’s share price one of the largest FIIs investing in India, at that time, bought as much IDFC stock as could be found in the market.

This was also a time when confidence regarding India was at its lowest since the Lehman meltdown of September 2008, The Economist published an in-depth piece titled ‘How India got its funk?’ (24 August 2013). It summarised the situation nicely by saying: ‘Not so long ago India was celebrated as an economic miracle.

In 2008, Manmohan Singh, the prime minister, said growth of 8–9 percent was India’s new cruising speed. He even predicted the end of the “chronic poverty, ignorance and disease, which has been the fate of millions of our countrymen for centuries”.

Today he admits the outlook is difficult. The rupee has tumbled by 13 percent in three months. The stock market is down by a quarter in dollar terms. Borrowing rates are at levels last seen after Lehman Brothers’ demise. Bank shares have sunk.’”

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