The single most important event which has a huge bearing on the how world history will take shape going forward is the downing of the Russian fighter jet by the Turkish forces. Immediately thereafter there has been a virtual chorus of world leaders talking about the certainty of a third world war. Even the Holy Pontiff of the Roman Catholic Church did not mince words. There is clear evidence of polarization building around this incident. One only hopes and prays that wiser counsel will prevail, because if a third world war does happen (sadly, all indications seem to point in that direction) then only the utterly naive and ignorant would think that it would not conflagrate into a nuclear war. On the home front, yet another session of Parliament went waste with the GST bill not getting passed, this inspite of the Government reaching out to the opposition in all earnestness. Thus, yet another opportunity was lost in putting the economy on the growth trajectory. While the blame game may continue, it is the country and its citizens who will be the sufferers.
Inspite of all the not so happy tidings happening around us, the Government and industry appear to be upbeat on the economic prospects of our nation. In a recent meeting called by the Prime Minister Narendra Modi in which industry and business leaders, bankers and economists were present the topic of discussion was how to convert the global turmoil into an opportunity for the country by attracting global capital, boosting spending and improving the ease of doing business. In the said meeting, Prime Minister laid emphasis on low cost manufacturing and stated that the strength of economy lay in its huge human resource, size of domestic market and that it is not entire export dependent. Let’s hope that the efforts of the Government bear fruit.