The issue of CAA and the protests related to it have become a pressing concern for our government, perhaps this is why the government is not giving time to the growing economic disaster in our country. The chaos which has been created due CAA in our country has also attracted the eyes of our foreign investors, who have now become apprehensive of investing funds in India.
The economic structure of our country has received a massive blow after the Western Asset Management Co, cut-down the bonds which it had with the Indian government due to the Jammu & Kashmir and CAA crisis. The USD 453 billion investor and affiliate of Legg Mason Inc, will now be diverting its attention towards the Malaysian and Chinese debt and shifting funds there as it currently has more “overweight’ in the Indian Bonds.
The company believes that the pressing protests against the CAA have taken up all the attention of prime minister Narendra Modi along his government who currently are too preoccupied to attend to the crumbling economic condition of our country.
A report released by the company says ” It certainly distracts Prime Minister Narendra Modi’s government from making the necessary economic policy and reforms to focus on the economy. We are in the process of reducing India somewhat,We are in the process of reducing India somewhat. Foreign holdings in Indian sovereign bonds have slipped to their lowest in three years.”
As of now the economic condition of India is hanging by a thread. Prime minister Narendra Modi is yet to address the economic condition of our country but it cannot be expected anytime soon as the Modi government is already too busy addressing other issues that they have created themselves.
Shubhankar Ghoshal Roy