Date : March 14, 2008

Globalised Crisis...

THE Union Budget comes at a time when the world is battling for different but linked developments. The globalised economic crisis is due to some bad economic environment all over the world

• The impending US recession, already costing our financial markets to tumble.
• Record oil price hikes.
• Skyrocketing prices of food grain in the international market.

This week, the price of rice has surged to a 20-year high, touching $500 per tonne for the first time since 1969. The price of wheat within the last eight months has risen 88%. The fourth one is climate change, already rearing its evil head in terms of the intensification of extreme and variable weather events - from tropical cyclones, heavy rains leading to floods, bitter cold spells and frost which is killing crops.


The fact is that no finance minister can, in this globalised world, design policies without taking these developments into account. These developments are inter-linked, are already playing out in the world and will impact our lives.

(Source : Economic Times)