Finance Ministers Urge to maintain CALM??

Did I hear it right in the morning news? Finance Ministers urging people to maintain Calm??. I once again looked into the news in detail. I know its not the time to be too pessimistic but it also do not give us enough reasons to be optimistic the way we are always. Its getting very hard not to believe that the global contagion is getting hit from all sides and struggling to keep intact what was other wise a smooth sail so far. Never in the history have heard COUNTRIES going BANKRUPT. With the news of ICELAND in the brink of bankruptcy, it urges us to look deeper into the economic transformation of the world happening in the last few days. Rumours are that Pakistan is next in line.
What is happening in India? For those who for several years have made a hue and cry that Indian banks are not totally privatised, I think it is now time to acknowledge the fact that we are more regularised and regulated Financial System with India leading the growth trajectory, exercising caution always. Other than complaints on a poor service, I think most of the public sector banks do have a very regularised lending pattern which saves them from the economic turbulence. Except for the rumours on ICICI, there are no major consequences on the Indian Banking industry.
Somehow, it does not give us a sense of security when it is been repeatedly said by every economist and bureaucrats of the country that our fundamentals are strong. Then why is the sensex dipping day by day as a reflection of the global markets. RBI Governor's repeated statements that we are not having a direct impact raises its own direct questions, then why is RBI introducing the dreadful p-notes which were curtailed from the market earlier? Why are measures taken to cut the CRR rates for 7.5% and what makes him be in Washinton DC discussing consequences with the worlds' finance ministers if every thing back home is safe and secured?? May be the new governor Dr Subba Rao have lot more work to do and challenges to upkeep the reputation created by his predecessor Y V Reddy.
The sensex and nifty is going low every day making investors and companies have sleepless nights and it is impacting the every corner of the Indian economy no doubt. So there cannot be a wave of calmness unless people are rest assured that we are not sinking along with the global ships. Time to maintain calm, I doubt. Least we could do being born optimists is that to keep trying for what our finance ministry is asking us to do!!!