LPG circa 1991

why can't we have more privatization? why can't we have less govt. intervention in the working of private companies in India, like other democracies. One might say thats what is holding our economy from going the US way. I disagree, its more coz we lack basic human ethics. Indians will never leave a chance to usurp all rules of morality and make a quick buck. I know the same old adage -"politicians are spoiling the name of the entire country. We're being generalized based on our ruling/representing political class". Its not just pliticians, is now seeped down to the very core of our society. Trust, honesty and integrity, instead of being omnipresent are now considered foolish virtues to possess. The one who does is hailed as a national hero, his past all washed away by just one virtuous act.
Indian economy doesn't have the morals or the spine to hold on its own without govt. intervention. They have harbored this bad habit of bein ruled. Unless they know someone is watching they won't tow the line. Even bound within rules, we tend to look for loopholes to take advantage of. Harshad Mehta, Ketan Parekh, UTI, all cases in point.
We keep pushing for privatization but thats only to further our own personal interests. The bigger picture is what no one likes to look at, its taboo. The rationale is to ignore whats doesn't concern you.
FIIs entered in huge numbers with all guns blazing. Our sensex was only at the 5000 levels. It started zooming. There was no restriction and hardly any monitoring on foreign investments. Sebi tried to regulate P-Notes. There was widespread criticism and the move was stalled. Nobody cared as long as money came in. Whats happening now?
Everyday the sensex is spiralling its way down, we are helpless. Govt rebates keep the sensex from falling for a day, next day the same story unfolds all over again.
The bloated PE multiples are coming down to their absolute value. Now we'll know whats the true worth of the India market, thats to say if the stock price was ever an indicator of the worth of a firm.
People say only 5% of the Indian population has invested in the stock market, it can't be an indicator of the economy. Then why does the RBI and FM go all crazy when the sensex shed 100 points, start giving assurances to avoid selling. I say the amount of influence the stock market has on the India psyche is more than it is in any other country. But the fact that hs market runs on pure speculation is another matter of worry. There might be so man Liame Neeson(Barrings) in the making here. Thanks to the heavy regulation and monitoring they've not been able to spread their wings. The moment they're let loose, even God won't regulate us that day.