The Sensex on Friday crashed by 560 points. From the pre-Budget close of 39,908, this index is now down by more than 1,500 points.

There is widespread gloom and doom even though the Sensex is just a little below the all-time high of 40,312, which it touched in late June. If you spend an hour or so on social media, you will hear constant bickering about this government’s policies as the reason for the massive wealth erosion, hidden behind the (still) high level of the Sensex. Comments like this abound: “It’s not even one month and the entire goodwill of the Modi 2 Govt has ...