Year 2008, the year which most of us want to forget, but no one will. Thanks to the outcomes of the year 2008. Thou the start was exhilarating, the end was discouraging & daunting. 2008 hovered on one keyword, with which the entire world is operating, economy. The year saw the most number of brutal terror attacks in Indian subcontinent. The year saw the rise of new super power(s) by suppressing the monopolies, both in world politics and sports. The year saw the dream of Martin Luther King comes true. The year saw the world becoming even more flat. On the whole I could term this year as a year with corrective actions.
Personally, 2008 will be one of the most memorable years in my life, the year in which I completed quarter century in this action-packed world, the year in which I had my first aboard & flight journey experience. The year taught me how to handle failures, how opportunities should not be wasted, how to handle life in relative terms and many more. An exciting year indeed!! Let me recapitulate what happened in 2008.
Bull and Bear face of the economy.
Many thought the first quarter of the calendar year was the best quarter, which saw glooming economy. Stock markets increased by close to 50%, YoY, cutting across geographies. Inflation increased, oil prices increased to 147 USD per barrel. All companies’ quarter and financial year results were positive. Emerging powers like India, China, Brazil fought hard to attain double digit growth, recruitments were at its peek. Unemployment rates decreased and many more happened. Not many would have noticed that the last bit of space available in the balloon, world economy, is getting filled and it is going to burst at any time. And as expected the world economy busted and recession was felt across geographies. Everything started with the sub prime crisis in USA and went on with bankruptcies by bank & automotive majors. Unemployment went on to 26 years high in USA, growth rates were in negative and all major countries went on to fill their recession reports on 2nd quarter of the financial year 2008, for instance Japan, a growing economy for past few decades, filled the decade’s lowest growth rates. Exports and imports crashed. India’s Bombay stock exchange, which touched 21K in the year beginning, went on to as low as less than 8K in October end. If there is one mantra which was flouting around all major industries, then that is “cost cutting”. Many job cuts were also done using this mantra word. Thou oil rates slashed to less than 50 USD per barrel, all business which are mainly depended on oil still faced the axe, for instance aviation industry. On the whole close to 800 billion USD was given as bailout by various countries’ government, saying this as a corrective measure, do you think just bumping in 800 billion USD into world economy will not have any adverse effect? I would say wait and see for its effect. Growing economies like China, India reduced their targets from double digit growth to 7%, which is still good because all the other major countries are giving negative growth. When this crisis end and the economy will be back to normal state? The answer is the famous saying “only God knows”.
Rise of bad powers.
If there is one thing that constantly increased in 2008, then it got to be the terrorism. Terrorism in Indian subcontinent rose to a new level, thanks to well versed indirect support from Pakistan. Close to half a thousand people died in India alone. In 2008, the targets of terrorism were on so called safest and important cities of India. It also struck across the length and breadth of the country. From IT capital to financial capital to India’s capital, every important citiy were targeted and the aftermath efforts of these attacks were as usual power packed with blame games & vote bank politics. The pick of the lot among the attacks was the Mumbai terror attack, so called India’s 9/11. This attack forced India to be in jeopardise situation on whether to tackle the rising recession or to make forceful moves to control terrorism. This was an attack which also bought the entire people to react against politicians, Thanks to movement “Enough is Enough”, which was duly supported by media campaign. The attack also tasted the lives of some of India’s finest officers. One of the aftermath effects was strong reactions not only from India but also from rest of the world against Pakistan. Situation is so bad that we can even see a repeat of what US did to Afghanistan by India on Pakistan. But as an individual, we want only one thing better security, better process to tackle terror, better equipments for our respected guards, better feeling of being safe, but will the new year give all these? Well let us wait and watch.
Move away, it is my (our) turn now!!
The 2008 recession not only thought us a lesson, but also showed us a glimpse of who will be the next super power. 2008 showed us how USA, the unanimous superpower, paved way for the upcoming economies to take the responsibility. Yes, it was a year for China, India & South Korea to prove their credibility. China showed the world want they are capable of not only by conducting the best ever Olympics games, which turned Beijing into a dream land, but also when the entire world unanimously looked at them for help during recession periods. India too for its part shocked the great nations with continuous growth, which was cutting across all sectors. Along with them growing economies like Brazil, South Korea and others continuously marked the rise felt and gave a tuff time to the so called developed nations, G8 nations. If there any rise in 2008 which has to be seen at the top and praised, then it is undoubtedly the raise of Barack Obama, which made Luther’s dream come true. USA was once well known for its racist act on black people and not many would have thought that this will change, but when Obama was termed as president elect, it was clearly evident that it is no more a divided states of America and it is actually United States of America. Yes, the power of “Yes, We Can” is going to rule not only USA but also the world in a significant manner. Another rise was the rise of EURO, which defeated US dollar and trying to defeat another super currency, Great Britain pound. The rise of upcoming powers was cutting across all areas from economy to space to sports. When India’s space centre, ISRO, successfully landed its first non manned satellite into moon the entire world was astonished and started to realize India’s power. Obama, who was US president candidate during that time, mentioned in is speech that “We should not be left behind in the space war”, this statement clearly shows that ISRO’s success had impacted the super power. In Olympics China headed the medals tally putting an end to USA’s continuous dominance in the games. While South Africa and India thrashed the mighty Australia in cricket, Spain dominated in Cycling, Tennis and in other sports. IPL, a cricketing event brought entire world cricket’s attention to India. The list does not stop here, but if you ask me whether these growths will sustain and will they really replace the super powers? My answer will be “Wait and watch the power packed action unfolding in front of you”.
Do you still believe that the world’s shape is round?
With Chinese & Indian companies went on an acquiring spree, world thought that the world is hammered hard to make it flat. Tata’s acquisitions of Chorus, Jaguar are the best listed examples for this. US companies pressuring USA’s government to sign a unconditional and special nuclear treaty with India was also a important fact to show how much US companies were interested in doing business in India. Companies spread across; business went beyond boundaries, racism, nationality nor does any partiality was shown by the companies. All global companies continued to have one mantra “spread, spread and spread as soon as possible”. We should not be surprised if America, India & Uganda become the same in all aspect, in the process hammering the world to become flat.
2008, a perfect masala entertainer
In the end 2008 turned out to be a perfect bollywood masala entertainer. It started of well with world economy being at its peek, then had lot of fun and comedy in between and then comes the villain, recession, who shattered all the joy and continued to give more and more tragedy and pain. As in bollywood flims we do had some flights, this time fight was against terrorism. Many heroes like US bailout, UK bailouts, China bailouts tried to kill the villan but at the end, unlike in normal movies, Villan wins bringing sadness to everyone.
Let every one of us hope that this new year does not have any bad twists and turns as the earlier one had and this new year act as a perfect hero and kill the villan and bring the happiness and successes needed. Be prepared to see a power packed action and drama movie called 2009.
2009, please give the peace & happiness a chance to prove what they are capable of.
May all the bad things associated with you, the grudge & ego you developed and the wrong things that you have been doing end and 2009 bring all the happiness needed.
I would like to end this article with one thing that I believe and if we do it, success in inevitable.
“One should not only do the things, which are up to his/her potentials. He/she should do things, which are above his/her potentials, that’s when you actually learn new things & achieve new heights and doing so will make success a habit and not a destiny”.
