Thread by @sainik636

1. WORSHIPPING FALSE GODS : Many a time I used to wonder why India has never realised it's full potential. A wizened Old Broker on the MSE gave me the answer : Because India is always lets down by it's Intellectuals, because they are not really Intelligent.🙃🙃🙃

2. Consider the legacy of DAS : Everyone, especially the Intellectuals hail him as a Saviour of India during COVID times. How different were RBI's policies vis a vis other Global Central Bankers. An objective analysis here ( Only for Serious Market/Economy watchers). 👇👇

3. Liquidity was infused by Global CBs during the start of COVID hence Markets recovered & to that extent the Global Economy did. Including India😋😋😋

4. But INFLATION too raised it's head globally including India. The world blames the FED ( rightly so ) that they were behind the curve in anticipating & acting on it till March 2022. Let's see what RBI did 🧐🧐🧐

5. RBI did a peculiar thing in April 2021 ( After the 2nd wave of COVID was waning) & the country was returning to Normalcy. They started a Desi Version of QE labelling it as G-SAP where RBI bought G-ec worth 1 lakh crore in the 1st Q of 2021-22. This gave a BIG BOOST to the Markets & Rampant speculation ensued. Seemingly unsatisfied with their misadventure they went BIGGER through G-SAP 2 & took the genie of Inflation out of the Bottle. 🥳🥳🥳🥳

6.They probably realised their Blunder a few months later since unbridled speculation had got hold of our Markets, they abruptly shut down the Programme . When they suddenly withdrew GSAP the market topped out a couple of days later to drop 12 % in a matter of weeks. Finally Nifty dropped 18 % in the next 6 months after their Quixotic Rate Rise in May 2022. Just imagine going from Desi QE to Desi QT in a span of 6 months 😡😡😡

7. But it was too late. 😱😱😱Inflation started climbing from September 2021

8. Even as late as April 8th of 2022 ( MPC Meeting) they persisted with"Inflation was under control " theme, even though FED had already panicked & started raising Interest rates from 0.25 % to 0.5 % .

9. Then comically within less than 4 weeks, they tried to pre-empt the FED's 2nd interest rate raise by convening an Emergency meeting to raise Interest rates to 4.4 % since they knew FED would raise that evening.🫣🫣🫣. And why 0.4 % & not 0.5 % as it is the general norm of CBs ???. Only GOD & his Das Knows. The minutes of the MPC Committee make interesting reading especially that of Jayant Verma rbi.org.in/commonman/engl…

10. The market panicked & there was a 8 % drop in a week

11. They continued to maintain a Tight Monetary Policy till December 2024 even though Corporate india ( Asian paints) were complaining in Mid 2024 that a rising GDP was not visible on the ground. It was reflected in their dipping sales. The poor MD was arm-twisted behind closed doors & they hurriedly issued a clarification. So much for Intellectual Honesty 😷

12. RBI's track record for predicting GDP during the last few years has been easily the worst in last 30 years I have been following RBI. Even long time ardent supporters of RBI tend to agree.

13. And yet we have *ANDH BHAKTS* who think RBI has done a great Job by pointing out that he was conferred as the GOVERNOR of the Year 2023 by *GLOBAL FINANCE MAGAZINE* which in reality is an obscure magazine with print order of around 50 K subscribers. (Forbes : More than 5 Lakhs) Interestingly they also want *entrants* to suggest themselves 🫣🫣😷😷. Excerpt from their website : *In most cases, entries are not required to be chosen as a winner *but they do increase the chance of success because entrants are able to present information and perspectives that are not readily available to the editors of Global Finance*. *Banks and financial services companies are strongly urged to submit entries for the appropriate awards* and participate in the review process.

14. END POINT : OBAMA won the NOBEL PEACE PRIZE. This has been his TRACK RECORD 🫤🫤🫤 : Obama’s legacy

President Obama, who hoped to sow peace, instead led the nation in war latimes.com/projects/la-na…

15. @andymukherjee70 @dugalira @latha_venkatesh @Iamsamirarora @devinamehra @Moneylifers @LarissaFernand @_prashantnair @ActusDei @dmuthuk @sandipsabharwal @govindethiraj @paranjoygt @TamalBandyo @mkvenu1 @PrannoyRoy7749 @VivekLaw @kaul_vivek @ShereenBhan

16. @threadreaderapp . Please "unroll"