No Disrespect,but we find ourselves sandwiched on this weekend between two Bong ‘JEE’ Budgets
From Friday’s Narrow and Metre Track Railway Budget by Mamta Baner’JEE’ , we move to Monday’s Broad Gauge Union Budget by Pranab Mukher’JEE’….gauge reference is in context of scale and content both.
Yesterday, i.e. Friday,we had Trinamool Congress’ Mamta Banerjee,Railway Minister in this UPA Government, presenting her Railway Budget….Don’t see her as a Visionary…more aggressive and acerbic and whose acoustics and antics display asperity…all alliteration intended…I do concede she was pleasantly more mature in her delivery in the Lok Sabha yesterday…less of a Firebrand and a Firecracker that can erupt any moment…a reputation she has cultivated for herself.
All that I can say on her Railway Budget Pronouncements yesterday is that she too, like her predecessor,succumbed to playing State Politics…from one ‘B’ to another…from Bihar to Bengal…fine print reveals the the largesse to Bengal,her Home State
All I can further opine is to quote Benjamin Franklin ” Well Done is better than Well Said “
Now we await Monday and the Union Budget… exceptional Hope and Hype precedes this day as Pranab Mukherjee will enjoy a clear mandate this time and the reforms process should be put on a fast track…However,I don’t see him too as a Visionary…more a legendary Party and Family loyalist and lackey and therefore his Latitude being lassoed by this constraint…all alliteration again intended…..Well Respected veteran columnist ,Kuldip Nayyar highlighted this in his column last week when he commented on Pranab Mukherjee’s loyalty to Prime Minister,Indira Gandhi during the 1975 Emergency imposed in India…one of the darkest periods in our Democracy.
So Pranab Mukherjee may announce some very forward looking pronouncements on the three ‘D’s…Disinvestment,Decontrol and Deficit Controls
Yet,all of you can expect me to repeat Franklin’s Quote
Oh Yes ! Sensex may zoom towards 16000 instantly in immediate reaction to such pronouncements…Sensitive Indices are designed to do this !
Just don’t get too carried away by all the Generous and Flattering Comments that you will inevitably hear on the Media Channels from Anchors,Experts,Business Heads,Politicians from the UPA,Bankers,Economists etc…Many have already drafted some cliche ‘phrases and quotes’
Valuations at 17 times earnings,Less than Normal Monsoon forecast,supply of IPO Paper and deteoriating financial and economic crisis in ,especially,USA (what green shoots !?) will weigh down markets here after any post budget euphoria…and be careful…all Hope and Hype may already be reflected in Share Prices