When Prakash Karat, general secretary of CPI(M) came to The Indian Express, I looked forward to a heady debate, among many other issues, on why the party is averse to stock markets. I thought, finally, as I drag myself out of the analytical, empirical, logical paradigm, enter the “people”, the “political”, the “national” arenas and revisit my assumptions all over again, I may get a little enlightenment.
I was disappointed. Question: what’s wrong with the stock market? Answer: a paper on the Chilean experience. Question: why not invest in the market if returns are guaranteed? Answer: putting Government funds in the stock market means you are providing a vast source of capital to the corporate sector.
Opinion in The Indian Express, October 31, 2006
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