The Hindu Business Line : A Deepavali like no other

I am waiting to see in what mood the various strata of society are going to approach the celebration of this year’s Deepavali. As at the time of writing, the observance is restrained, as measured by decibels of noise made by bursting of crackers. In previous years, the assault on the ear-drums used to begin three or four days before the day of the festival, and extend for another few days thereafter. This year, I notice, even on the eve of the festival, there is litt le sign of exuberance.

One could think of several reasons. Heavy rains, and accompanying water logging and floods, have meant utter misery to large numbers of poor people in many States, particularly, Assam, Bihar, Orissa and Tamil Nadu. Operations mounted by administration for organising supply of food and drinking water, building of shelter, hygiene and sanitation, and health care — in short, the whole gamut of relief and rehabilitation — have been hampered by the parlous finances of the States.

Disturbed state of mind

As a consequence, resources in cash and kind could not be mobilised in a timely manner and in an adequate measure. It is only natural and also proper that the celebration is muted in an atmosphere of such suffering and hardship. Actually, in these circumstances, the social obligation of better off people to channel what they can afford for humanitarian purposes takes precedence over any expensive display of gaiety.

The year has taken a heavy toll of lives following serial blasts at a number of places. The ominous and pernicious pall of terrorism hangs over the entire Indian landscape. With the emergence of the Indian Mujahideen, it is no longer possible to palm off terrorist attacks as having been masterminded by outfits across the borders, whether from Pakistan or Bangladesh.

This home-grown incubus has made every nook and corner of the country vulnerable to surprise strikes by murderous desperadoes. Its menacing dimensions leading to a disturbed state of mind are hardly conducive to the kind of gay abandon with which Deepavali festivities are associated. All one can do is to hope that terrorism and terrorists will meet the same fate as the evil demon Narakasura whose killing marks deepavali.

Rampaging bears

The gnawing anxiety over the state of the economy in the context of what has been called the tsunami of the financial crisis is perhaps the greatest dampener robbing this year’s deepavali of much of the enthusiasm. The bears at the bourses are on a rampage despite the injection of an unprecedented quantum of liquid funds by the Reserve Bank of India and repeated assurances of the Government about the health of the banking system and the country’s macro-economic fundamentals.

The business front too must be beset with a sense of encircling gloom because of the pervasive fear of the baneful rigours of recession in industrial countries acting as a deadweight on the economic players in India as well. If, unfortunately, this brings about a fall in investment, income and savings and, as a result, the rate of growth slides towards 4-5 per cent as against the 7-8 per cent as it has till now been assumed to be, all the momentum built up so far to make India a global economic power in the next 20 years will be lost.

Thus, Deepavali this year is full of undefinable forebodings. Even so, who knows, lighting the lamps and the sparklers and the flower pots may yet lift our spirit. Happy Diwali, then!

B. S. RAGHAVAN

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