Business Daily from THE HINDU group of publications Wednesday, Dec 03, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Opinion
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Terrorism Agri-Biz & Commodities - Insight Columns - Down to Earth Lessons from Mumbai siege Sharad Joshi As a Member of Parliament representing Maharashtra in the Rajya Sabha it would be vain to claim that I am composed while writing this column (November 30). I was very upset at what happened in the last three days. That 10 terrorists, from a launching base in Karachi, could cross over in a primitive boat and a dinghy is disturbing. It is even more shocking to hear reports of the possibility of some of the terrorists having checked in as guests in the Taj Mahal H otel. That all the authorities concerned had received intelligence reports about the possible attacks on the specific targets — Taj Mahal and Oberoi — but failed to take proper preventive action suggests either sluggishness or deliberate complacency. And the fact that sheer red tape held some of the anti-terrorist squads immobilised for want of orders from the competent authorities raises questions about the whole system of the control by the civil authorities of the armed forces. The role of the media, particularly electronic media, needs to be questioned. There is reason to believe that the electronic coverage, while performing admirably the work of keeping people informed, also unwittingly provided the terrorists with details of the movements of security forces. The response of the people, who consequently gathered in large numbers at Nariman House, also brought out a certain lack of maturity among the ‘Mumbaikars’. While Mumbai was under siege by a handful of terrorists it is remarkable that the Sensex actually showed a slight upward trend when trading opened on Friday. This was in contrast with the commodity trade, where a large segment of players kept away. The turnover on the MCX and the NCDEX was down. The MCX recorded a 23 per cent drop in turnover. If the terror strike was an attack on the nation it is intriguing why the two markets should have responded so differently. Basmati tradeWhen everybody was clear about the Pakistani hand behind the attacks, one wing of the Government was quietly offering Pakistan on a platter near total control of the international basmati trade. The Centre had imposed earlier an export duty of Rs 8,000 a tonne on basmati rice shipment, over and above the imposition of a minimum export price of $1,200. Europe’s imports of basmati rice from India fell from 2,85,037 tonnes to 2,68,991 tonnes. The export duty on basmati rice has benefited a country that has waged, for years, a proxy war against India. Also, the difference in the responses of the commodity and stock markets needs to be interpreted carefully, along with the findings of the investigations of the siege of Mumbai. Basic security The siege of Mumbai has put a serious question mark over the Government’s ability to perform even the basic state duties of internal security and Defence. Some of the private security organisations have already started clamouring for greater latitude in dealing with such crisis situations. A more privatised security system might have provided a far more effective check that would have controlled the crisis faster and, at the same time, dissuaded any intending perpetrators of future adventures of the type. More Stories on : Terrorism | Insight | Agriculture | Down to Earth
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