Terrorism: adding fuel to the fire of global financial crisis

India, despite of many internal problems is rising as a major power. Financially the potential of India has gone considerably high. But the recent terrorist attack in Mumbai, the commercial capital of India, not only shook the whole world, but also gave this rising economy a major blow. The series of deadly attacks in Mumbai on Thursday, which continued for around three days, forced the National Stock Exchange and the Commodity exchange to close down. So it is just pouring fuel in the fire. The whole world is already traumatized due to the global financial crisis and this event literally accelerated the situation in India making it even more worse. The Reserve Bank has already closed the bond and foreign exchange market. The Indian market is a paradise for the foreign sellers of Indian assets. But this situation has resulted in steep fall in rupee and gave a massive blow to the market confidence. The risk premium of the major lender bank, The State Bank of India rose considerably. Mr. Joseph Tan, the chief Asian economist in the credit Suisse, Singapore has stated that in this present global situation, the recent attacks in Mumbai created negativity in the minds of the foreign investors. This is quite obvious as people from all over the world suffered and many key personnel from US, Germany, UK, and France etc have witnessed the incident and many more died. Its also being predicted that when the stock market will open in India, it will open considerably down as compared to other Asian stock markets. The rupee closed Wednesday's trading at 49.48 per dollar. Now it figures among the weakest currencies in Asia along with the Indonesian currency and Korean currency, which have dropped by 20% against the dollar. The foreign investors have already withdrawn dollar 13.5 billion dollar from the Indian stock market compared with a withdrawal of 34 billion dollar from the South Korean market and 22 billion dollar from the Japanese market. Similar situation with a much higher intensity was earlier faced by USA following the 9/11 attack on the World Trade Center. If we look into the pattern of attacks we will find that the terrorists always attacks major points which is directly connected with the trade ,commerce & finance of a country, in order to cripple a country financially. Tourism in India attracts huge revenue and throughout the year flocks of foreigners come to India. Thus these attacks in major international luxury hotels gave a massive blow to the tourism industry in India.

It is a fact that when someone is trying to develop himself/herself, others will try to destroy him/her. This is the situation which most of the major powers in the world are facing. This situation will definitely cool down and everything will become normal and we will forget everything. Nowadays most of the discussion revolves around the global financial crisis. Banks and financial institutions are blaming the governments, the government is blaming them for their faulty policy, and we are blaming each other and everyday finding new theories to solve the crisis. But terrorism is another major factor and if this factor comes to the forefront, then no theories will work, no financial analysts and economists can solve it. But inspite of all these we are overlooking this major problem which is preparing itself hard to come to the top of the list. As a result the root problem is remaining same, preparing itself for a next attack. So its enough. Enough we have tolerated the evil intensions. So lets come together and fight this evil because next time it can happen anywhere and we are not safe at all and if it happens again then the crisis which the whole world is facing, will never come to an end.