At Hamburg I referred to the Ancient Indian Rope Trick

I watched with relish, the interview of Raghuram Rajan, the new governor of RBI, who seems to have an uncanny flair for flirting with the stock market - a shoulder-shrugging demeanor that gives confidence to investors - despite India having slowed down to a 5 pct GDP growth - having stayed course for about 3 years with 8-9 pct. It is imperative for the Government to set up some corrective mechanisms, as without them, the country will dash asymptotically to the Hindu Growth Rate.

That, India would not lose it’s sovereign-rating, is an event, with much higher odds in its favor and far-fewer against it. The credence with which Rajan assertively stated that India could pay off its short term debt the next day was for sure, confidence giving.

While he was sensible enough not to sound pompous, he appreciated in full measure the propensity of the markets to react to cues which may not always be fully rational.

 

Few months ago, the Economist's cover page screamed if India had lost its magic. While presenting at Hamburg, to a group of Pharma professionals, I had shown this cover page to them as a barometer of mood of disappointment with the India Story.

Of the 9^th century India, the World believed, the Indians had a rope trick. The rope when beckoned by the magician, would rise vertically up into the sky. The Jhamoorah (the English language does not seem to have a parallel to this word) would climb up the rope and disappear, till his body, split in multiple pieces would drop down, and be re-assembled and spewed with life by the Magician.

While I have seen several Magicians and Illusionists, I have never witnessed this rope trick myself. But it has been chronicled in many ancient texts, the earliest being some Buddhist texts dating to 700 AD’s, And such references to the trick continued to appears even in British accounts of people of eminence of none less than Sir Ralph Pearson.

While the cover page of the Economist could in some measure be a barometer of the view of the international media, I still believe, India, under the right leadership, has the wherewithal to perform such tricks.