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Sooner or later - (better) sense will prevail

Public sentiment moves in extremes, were the prophetic words used in my induction to the world of PR. Ever since, I have seen very few departures from the words of wisdom.

But once in a while, there is a voice that describes the situation as it is rather than as it is believed to be.

In this particular incidence I am referring to the economic condition prevailing in India. Stock market crashed by more than 70% from its peak. Neither the peak was justified nor, I think, was the trough. Yes, there may still be a few skeletons in some cupboards but those are unlikely to impact either the whole industry or the whole economy in any significant manner.

Banks also seem to have got some better sense prevailing and the practice "have money, will not lend" being given a go bye. Inflation is down (should go down further very significantly as POL corrections are brought in line with prevailing prices) and so are interest rates. Manufacturers are reducing prices by large fractions as input commodity prices have nosedived anywhere between 30% to 60%. More is on its way in case of oil products.

It was nice to read/hear sane words from many industry leaders like Chanda Kochhar (ICICI) and experienced journos like Mrinal Pandey (in an excellent edit piece in Hindustan of Sunday).

Advertising is making a comeback on print, TV shows are getting more sponsors.

When will we stop comparing to the wild west which has no savings?

India, despite being poor, has a savings rate of more than 30%. More than 50% of world's non industrial gold is in the hands of Indians (mainly as jewelery), and this can go on for a long time.

India is bound to make a recovery that may not be the best but definitely first of the block.
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