|
Over the last one and a half
years, people across the
globe have felt the impact of the economic downturn in one
way or the other, resulting in significant changes in living and working
conditions, relationships, leisure time, etc. This is basically a testing time for
the human community at large. It is a time of transition, and a time
of struggle; and one of seeking the path to recovery and growth.
There is a famous stock exchange maxim - "No one was ever ruined
by taking a profit." This is quite true. However, one should also give
a thought about the changes that were behind the earnings of those
profits. The financial sector landscape of our country has altered substantially
during the past decade, beginning with the reforms initiated during
the 1990s. These reforms have undeniably opened up the constituent
segments to competition and liberalized operations, making marketing
their life blood.
The integration of Indian financial markets with the global
markets is now well-established. The earlier growth trend, last year's
downturn and the current upward movement of the Indian capital markets have
completely defied the well-established historical pattern, and stand in
evidence of the enmeshing of the domestic and global markets. In fact,
going further, it could be said that the Indian financial system enjoys
some kind of a "best of both worlds" advantage.
|
