Financial Daily from THE HINDU group of publications
Tuesday, May 18, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 18, 2004 |
||
|
|
||
|
Home Page
-
Politics Markets - Stock Markets Manmohan warns of stern action against 'perpetrators' Our Bureau
New Delhi , May 17 THE Congress-led Government-in-waiting today sent out a stern warning that it would act decisively to punish anyone found guilty of manipulating the capital market that could have perpetrated today's crash. ``We are not in Government. We do not have the details. But if there is any evidence we will take action against those who seek to manipulate the markets. They have to take responsibility,'' said senior Congress leaderDr Manmohan Singh. Dr Singh's comments came soon after the markets crashed on heavy selling within minutes after it opened for trading. Dr Singh, who during the day held a meeting with the outgoing Finance Minister, Mr Jaswant Singh, also threatened action against anyone responsible for creating "unnecessary panic" in the stock market. His words soothed market nerves slightly with the Sensex and the Nifty soon clawing back a little from the day's low. Dr Singh said that the new Government would support any action taken by the outgoing one in bringing about sanity in the capital market. "We will support any action taken by outgoing NDA Government to restore order in the capital markets." He also promised that the Congress-led Government would adopt policies that would ensure a ``stable, orderly and disciplined'' growth of the capital market. ``Our tax policies and policies on FDI will be pro-growth and would be to create an environment favourable for Indian enterprises.'' Promising an orderly and disciplined growth of the capital market, Dr Singh said that Congress-led alliance would soon come out with a common minimum programme that would propose ealistic growth policies that are "pro-growth, pro-investment, pro-savings and pro-employment". He also promised a favourable climate for investment, for both domestic and international players. On the issue of disinvestment, he said that the Government would not be against privatisation per se but would not pursue it as an ideology. ``Where it (privatisation) is called for, it will be done. We are for it on a selective basis.'' He advised leaders of the alliance partners to exercise restraint in making public statements that could affect market sentiments. It is widely believed that the negative sentiments in the capital market had been triggered off by the Left parties' demands on scrapping the Disinvestment Ministry and to put a halt to the privatisation of profit-making PSUs. Later, Mr Jaswant Singh informed Dr Singh that that he agreed with the statements given by him.
More Stories on : Politics | Stock Markets
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|