Vijay Kumar Gaba

Last weekend I happened to attend couple of e-meetings. The participants were mostly financial market participants. Few business persons and professional also were present. The agenda was primarily to discuss the current economic scenario and the trends in financial markets. However, within few minutes, the discussion digressed to the current socio-political environment. The views of the participants rekindled the memories of 1993 in my mind.

It was summer of 1993. The country was in total turmoil at that time. The unprecedented balance of payment crisis in 1990-91 had forced the government to initiate significant economic reforms - some under pressure from IMF, some forced by the massive scam in financial markets, and some voluntarily. Many small and medium sized businesses - there were very few large businesses back then - were struggling for survival. Most of them would eventually become redundant over next one decade.

Financial markets were still reeling beneath the debris of the massive scam (popularly known as Harshad Mehta Scam); even though, the liberalization of capital markets had created a certain amount of excitement amongst businesses and market participants. The stocks markets were running far ahead of fundamentals on global buoyancy.

The global geo political situation was tense post the first Iraq war, the first war that was televised live on TV. Czech Republic had ceased to exist. Bill Clinton had just taken over as 42nd President of the United States and committed to widespread fiscal reforms in US. European Economic Community created a single market bringing European Union into existence. The global markets were buoyant though economy was not doing well. Few years later, the internet boom would start that will obliterate the memories of all previous stock market bubbles.

In India, the financial capital Mumbai was rocked by a series of bomb blasts killing hundreds of innocent people. The premier stocks exchange of the country (BSE) was also targeted by the terrorists. These blasts were reportedly carried out by hard line Muslim groups to avenge the demolition of a Mughal period disputed structure in Ayodhya. The decade old insurgency in Punjab had just peaked and was brought under control, while the situation in J&K had started to worsen.

So, while the country was struggling to revive from an economic debacle, it was also struggling with communal and sectarian violence. On political front, the killing of Rajiv Gandhi had weakened the Congress Party. It had started to lose significant ground in many states; in which it would get rendered irrelevant forever. 1991-1996 would be the last Congress Party government at the center, where it had ruled since independence, except for two short breaks during 1977-1980 and 1989-1991.

In these settings, I had a chance to interact with one of the most prominent politicians in the country at that time. The man was very enthusiastic about the Hindu renaissance in the country. He claimed that all the wrongs done to the country and its Hindu majority would be undone now and the aggressors would be put to their place. Being naive in the political and religious matters, I requested him, could I ask three questions. He was gracious enough to allow me the opportunity. I asked him the following three questions. Incidentally 27yrs later, I am still waiting for the answers.

1.         Does Ram belong to only Hindus or Indians?

2.    Does Brahma creates only Hindus; Vishnu nurtures and preserves only Hindus; and Mahadev destroys only Hindus? or they are lords of the universe and creator, preserver and destroyer of "life" per se.

3.    Does Vishnu incarnates to protect the rule of Dharma or rule of Hindus?

These days, my social media timeline is inundated with messages which claim Ram to be an Indian phenomenon. Incidentally, one Union Minister has recently mentioned Buddha also to be India's contribution to the global community.

As society we are moving away from Ram at accelerated pace. We are implying that Ram is capable of being insulted and respected by ordinary people; just like any other ordinary person. Even judiciary promptly admits complaints of insult to Ram. The judges fail to assimilate that their act of admitting such cases is equally hurtful to the sentiments of millions of devotees of Ram, as it seeks to trivialize Ram as ordinary citizen capable of being insulted.

Recently, some organizations have demanded Ayodhya like decision in cases of co-existing temple-mosques in Kashi and Mathura. I have still not heard any politician saying that these demands should be suppressed, lest they become more ardent and potentially violent.

In another development the elected Chief Minister of a State has declared that as "Yogi", he would not like to visit foundation laying ceremony of a mosque. My understanding of the term "Yogi" so far is based on what Lord Krishna narrated to Arjuna in Gita. For example-

sarva-bhūta-stham ātmānaṁ sarva-bhūtāni cātmani
īkṣate yoga-yuktātmā sarvatra sama-darśanaḥ

A true yogi always see’s God in all beings and he also see’s every being in God. A true transcendentalist see’s God everywhere.

ātmaupamyena sarvatra samaṁ paśyati yo ‘rjuna
sukhaṁ vā yadi vā duḥkhaṁ sa yogī paramo mataḥ

The person who is a true yogi never differentiates between any two persons. He see’s them equally both in happiness and distress.

Equanimity is thus the primary characteristics of a Yogi. But from the recent stance of the Chief Minister it appears that the color of robes is replacing equanimity as primary characteristics of a Yogi.

The short point is that we are likely to witness a fresh round of communal disharmony in the coming years. I am neither taking any sides nor would like to sit in judgment over the conduct of the government, judiciary and other organs of the society. I am just saying that like 1990s we are likely to witness political, economic, social and geopolitical turmoil in next couple of years.

My fellow investors though would be more interested in knowing whether we shall also see a dotcom like bubble in the stock markets also. Well, I believe that is already a work in progress. Just take care of your health and security.