Saturday, August 17, 2013

Disasterous Manmohan Singh And Misrule of Congress Party Has Made India Weak

Our Economist Prime Minister Mr. Manmohan Singh and Finance Minister Mr. P Chidambram do not hesitate in saying  that economic condition of India is still better than many other developed countries and the current  crisis as per their assessment is still of low intensity and in temporary nature due to global bad situation, economic health of India is also facing some critical problems.

PM  says that GDP growth is still more for India than any other developed country. He says that price rise is the sign of prosperity. He says that corruption is universal phenomenon.He does not hesitate to say that India is decoupled with global crisis or global recession. All things are positive .

Still Indian trade balance is negative, 
fiscal deficit has gone beyond control, 
price rise is beyond the tolerance of common men, 
rich has grown richer and poor has become poorer due to which gap between the rich and the poor has widen during last decade. 

Dissatisfaction and frustration has grown at ground level. 
Corruption has broken all past records. 
Majority of population are not in a position to afford their bread butter, house ,cloth, safe road , safe water and adequate electricity . They cannot dream of  quality education and quality medical care in India for their children. UPA government has granted Right of Education but not ensured availability of quality education in all schools and colleges 

Ninety percent of population are facing difficulty in meeting the need of their daily needs.

Unemployment has grown . Job creation has almost finished during last few years. State government or central government has not come out with any vacancies during last ten years. Number of staff in banks has sharply come down during last ten years in public sector banks despite multiple rise in business volume and in number of branches and number of products.

There is complete policy paralysis .No industries are being set up.  Majority of power projects stared years back are almost facing closure before they come of embryo. 

Administration has become ineffective , indecisive and dormant.

Exports has not grown whereas import has drastically gone up.

Government could not stop or restrict import of non essential goods like gold, coal, coal, iron etc. 

The greatest shameful and painful is that Indian talent coming out of colleges of Higher education are forced to seek employment at overseas centers . 

Indian Industrialists are constrained to set their industry at foreign countries. 

Manufacturing sector has almost collapsed. 

Farming has been coming down year after year. 

Banks are full of stressed assets and facing historical crisis of capital shortage. 

Government is not in a position to extend capital support to sick banks to comply Basle norms of Capital adequacy. 

And similarly there are numerous deficiency, inefficiency ,shortcomings and  failures of the government in all parameters and which are  getting exposed.

Scam after scam are coming to light. 

Land reform, judicial reforms , labour reform etc which were the fundamental need before the implementation of reformatory policies of economist PM Manmohan Singh have not been given due weightage during last ten years . Now after living in power for ten years MMS says that new idea is needed for containing economic crisis.It is ridiculous.

Our beloved PM treats inflow of FDI as the one and only one  yardstick of success of his government , he treats rise in share market and commodity market as symbol of success and it is his government which has made India fully dependent on Foreign countries instead of making it self dependent.

This is why MMS  always talk of FDI and FII . Unfortunately even FDI and FII is also slowly falling down and the most painful is that foreigners who had invested in Indian market are gradually going back to their own country due to adverse environment in Indian administrative and political circle and due to atmosphere not being conducive for growth in India . 

Even domestic companies think it better to invest their surplus cash in foreign countries. 

Inspite of absolute freedom given in retail sector , FDI has not poured in Indian in any  sector. 

MMS during his first tenure got Nuclear deal signed and said that power problems in five to seven years will be solved completely. It is sad that there is not any development in power sector . 

There is no investment at all . Savings habit of India has face erosion and people who have surplus money thing it better to invest in gold or in real estate and thus making banks dependent on RBI for liquidity.

IIP data is poor and growing poorer month after month .

Depreciation of rupee is unprecedented during UPA rule. 

And it is ridiculous that MMS still feel proud for Development India has achieved .

To add fuel to fire, Ratings of banks has been downgraded. Big banks and star performing banks like SBI, PNB, Canara Bank , Bank of Baroda have grown weaker and are facing capital crisis and have exhibited in their balance sheet unprecedented growth in bad assets.

Sovereign rating of India is likely to be downgraded. 

Despite several measures taken by RBI though taken after much delay and after causing much damage RBI has failed to stop appreciation of Dollar and completely failed to contain price rise.

I have no doubt in saying that with the current mindset of persons like MMs or Chidambram or Mr. Ahulawalia India cannot dream of improvement in any parameter related to economic or social position of the country.

 They cannot imagine of getting success with their present mindset in any field ,  it may be improvement in economic situation or maintaining social peace or securing  international safety or facing threat from domestic naxals or giving relief to common men from rising corruption or even ensuring good governance and corporate governance. 

Undoubtedly UPA government under the leadership of MMS has failed in all field and India has become weaker and weakness is growing. They may blame BJP and NDA for all their failures but voters of India will not excuse them and MMS will be remembered for causing the severest loss to the country.India is facing the risk from Pakistan, china and microscopically small groups of terrorists working from foreign centers against India. 

No comments: