oppn parties Omicron Spooks Stock Markets Worldwide

News Snippets

  • Rain deficit seen in India in january for the first time in 5 years
  • Heavy snowfall disrupts life in J&K, Himachal and Uttarakhand
  • Centre says Teesta Setalvad's politics is divisive and opposes her plea on conversion law
  • The ASI who shot and killed Odisha health minister Naba Kishor Das might have done so to extract revenge as the minister had rebuffed him
  • Law minister Kiren Rijiju says pleas against BBC documentary are a waste of court's precious time
  • Self-styled godman Asaram held guilty of rape and sodomy. he is already serving life term for another conviction in a rape case
  • Supreme Court to hear pleas against the ban on BBC documentary on Gujarat riots and Prime Minister Modi
  • Adani Enterprises FPO subscribed just 3% in 2 days
  • Hindenburg slams Adani response to its report, says nationalism cannot be an excuse for fraud
  • Gold hits new high in India: traded at Rs 57149 per 10 gms
  • Adani Group companies continue to bleed although Adani Enterprises reversed the trend to gain on Monday
  • Markets end positive after a highly volatile session on Monday: Sensex gains 169 points to 59500 and Nifty 44 points to 17648
  • Satellite images show significant increase in night lights in India with some states growing at 43% in 10 years and some even 400%. Economists consider this as indicator of growth
  • Bombay HC has ruled that there will be no parole for TADA victims in Maharashtra
  • Courts handed out the death sentence to 165 accused in 2022, the highest in 40 years
Investors lose Rs 5.6 lakh crore as Adani Group companies lose 29% market value in three days and the carnage is continuing
oppn parties
Omicron Spooks Stock Markets Worldwide

By Linus Garg
First publised on 2021-11-27 15:20:48

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The B.1.1.529 Covid variant, now named Omicron and classified as a variant of “concern” by the WHO, spooked the stock markets worldwide on Friday as South Africa reported a ten-fold increase in fresh Covid infections in November. Indices in India fell by nearly 3% as the Sensex crashed 1687 points to close at 57107 and the Nifty by 509 points to finish the day at 17026.

The biggest worry is that Omicron is showing that the variant has a huge number of mutations and clusters of mutations. This spells fresh trouble for a world already grappling with the virus for nearly two years now. Even as all countries, including India, were thinking of easing norms for international travel in the wake of falling fresh Covid cases (India reported below 9000 cases on Friday, the lowest in more than 18 months, the discovery of this new variant has thrown a spanner in the works.

The business community is worried that if restrictive measures like national, or even local, lockdowns are once again enforced, demand for goods and services will fall once again and supply chains, showing signs of returning to normal, would once again be thrown out of gear. It has taken nearly one year for the economy to limp back to normalcy. Any disruption at this stage would be disastrous.

But governments all over the world cannot take risks. India suffered immensely when the second wave struck due to premature celebration for having warded off the Covid threat and a consequent lowering of the guard. This time the country should not be caught napping. We are likely to miss the vaccination target for giving at least the first dose to the eligible adult population. Hence, all Covid protocols must now be followed with strictness.

The Prime Minister has already asked officials to review their decision to ease international travel restrictions. He has also called for a greater number of samples to be sent for genome sequencing. In the last couple of months, testing has come down drastically in India. It needs to be done on earlier levels again. The vaccination drive must also pick up pace and the Har Ghar Dastak (or door-to-door campaign to vaccinate people) drive must also be strengthened. If people are not coming forward to get jabbed, they must be given the jab at their home as vaccination remains the best shield against the virus. Any laxity is going to spell disaster for the Indian economy.