Sunday, February 2, 2014

Great Manmohan Singh And Sri Chidambram

Amount of economics that 

Narendra Modi knows can be

 written on back of a postal stamp: 


Times of India 03.02.2014
NEW DELHI: Hitting back at BJP leader Arun Jaitley, finance minister P Chidambaram said he has "carefully avoided" questions that he had raised about Narendra Modi and asked why the Gujarat chief minister spoke nothing about various economic issues.
Reacting to Jaitley's comments on his views on Modi in a TV interview, Chidambaram said he expected him to rush to the defence of Modi and he had not disappointed him.
"He has responded to my lighter-vein comment on 'back of a postage stamp' and I enjoy such exchanges. However, he (Jaitley) has carefully avoided the other questions that I raised.
"Why has Shri Modi said nothing about the fiscal deficit, nothing about the current account deficit and nothing about monetary policy," the minister said.
Chidambaram said he had further questions "why do Madhya Pradesh and Gujarat oppose goods and services tax (GST) and prevent a consensus? Why did Shri Modi write to Prime Minister opposing the Food Security Act? If Indian-owned multi-brand retail will not destroy jobs, how will FDI in multi-brand retail destroy jobs?"
In an interview to BBC, Chidambaram had said that the amount of economics that Modi knows can be written on the backside of a postal stamp.
Jaitley had on Wednesday attacked Chidambaram saying he thinks he is the "principal repository of all economic wisdom" even when the country's growth story was being turned into a "nightmare".
Corruption did not get worse during UPA regime
Blaming constitutional authorities for widespread perception about corruption, finance minister P Chidambaram said that the situation was "not worse" during the UPA rule.
"I agree there is corruption...I won't say it got worse," he told BBC in an interview, when asked that 92 per cent of people surveyed believe that corruption situation worsened.
Corruption, the minister said, "has been magnified...We are now looking at policy decisions on which there can be debate as instances of corruption and since these have been magnified by some constitutional authorities, there is a widespread perception that corruption has become worse".
The government, he added, was aware of the problem and was dealing with it.
Congress-led UPA government has faced series of corruption allegations. These include 2G spectrum allocation, coal block distribution, Adarsh society and conduct of Commonwealth Games. The alleged scams surfaced following reports of the Comptroller and Auditor General (CAG), a constitutional body.
Chidambaram retorted by saying that corruption was not only limited to India, but is being witnessed in other countries also.
On large number of Members of Parliament and state legislator facing criminal chargers, the finance minister said "that is no different of what we read, say in The Economist or The Time Magazine or in The Wall Street Journal, about law makers in other countries".

Amount of economics that Narendra Modi knows can be written on back of a postal stamp: says Finance Minister Mr. P Chidambaram.

Our venerable Finance Minister Chidambaram  during an interview to BBC 

said "What Narendra Modi knows about economics can be written on the back

 of a postage stamp."

The statement of learned Chidambaram is correct or not is not my point of writing this all about. My point is that Sri Chidambram along with Manmohan Singh  might be having knowledge of Economics that can't be written even on REAMS OF PAPER, but how far this knowledge has been beneficial to the country.

The country touched unprecedented current account deficit, unprecedented currency depreciation, and unprecedented long lasting recession in economy during their stewardship. . We became so much dependent on UNCLE SAM'S ECONOMY that when US economy was in shambles, we were in crisis and now when there appears to be a turnaround in US and MONETARY TAPERING is on the card, we are again suffering from HIGH FEVER.
Let us now assess the result of economic of Great Manmohan Singh and his team of economists

I reproduce some of my blogs written in past

Know your Manmohak Manmohan

Theory without practice is impotent and practice without theory is blind.
Leaders like Manmohan Singh, Chidambram, Pranab Mukherjee and Montek Singh Ahulwalia may possess a good number of valued degrees in Economic and political science, but they have miserably failed in using economic principles and political ideologies for the betterment of common men and for overall development and equitable growth  of the country.

Manmohan Singh may be clean and honest and simple too but he as head of the government has failed to stop corruption of his ministers.

There may be many reputed advocates in the cabinet of Manmohan Singh, but they have completely failed to ensure quick and affordable justice to all.

There may many wise men in the government ruling the country, but they have not performed well to provide affordable education to children of poor and middle class families.

Policies of reformation, privatization, liberalization and globalization adopted by Manmohan Singh led government may have given benefits to a few hundred rich trade houses but failed to protect the interest of common men.

 Leaders of ruling UPA led by Congress Party may have experience of four to five decades in ruling the country but they have completely failed to ensure good governance and corruption free departments and failed to mitigate the hardship common men are facing in their day to day life.

GDP growth of India may be comparable with China and may be higher than that of USA, UK, Japan, Germany and many other developed countries. But the government led by Manmohan Singh has completely failed to provide comfortable and respectful living for common men.

Price rise and pain of inflation is beyond control of the government. Manmohan Singh has given conflicting and confusing statement many times during last three four years on the issue of price rise but failed to convince aggrieved common men. Sometime he says that he has got no magic stick which can stop price rise and some other time he says that he says that price rise represents prosperity of Indians.

He says that his government has been taking appropriate steps to contain price rise and have been making one after promises to control price rise, giving one after other dates by which prices of goods  will start coming down.RBI has taken a lot of monetary steps, revised interest rate 13 to 14 times and amended policies frequently to control price rise and inflation but failed to achieve the goal.

Government of Manmohan Singh may blame BJP, NDA or other opposition parties for the failure of government , may promise for uncalled for reservation quota for Muslims or Dalits, may waive loans of farmers to the tune of billions of rupees, may torture Team Anna or Ramdeo and their followers but cannot change the perception of common men for long. Anger of common men against anti people attitude of the government is visible to all.

Great Manmohan Singh

Manmohan Singh has been on important post since 1971. He has worked in RBI and served Ministry of Finance as Chief Secretary for several years. When the country was almost bankrupt in nineties, he became finance minister in 1991. And as per the dictates of IMF and World Bank, India had to introduce reformation measures willingly or unwillingly to get economical support from developed countries. Under compulsion India had to dilute its socialistic policy and accept capitalism based policies under the pressure of USA.

When financial health of the country improved from the pitiable position of bankruptcy, the then finance minister Mr. Manmohan Singh became Doctor of economics. But inspite of lapse of two decades there is no change in standard of living of Indians. Only elite groups of big trade house have multiplied their net worth more than 100 times. Poor have become poorer and rich have become richer. I think Mamohan Singh himself may be astonished that he is considered as Architect and Doctor of Indian economy. 

 It is therefore necessary to analyze and ascertain the actual gain India has achieved due to reformation steps taken since 1991. Whether social inclusion is simply a slogan to enlarge vote bank or there is considerable gain to common men. It is need of the hour to expose the true person in Man Mohan Singh.

Real position of economy will be understood by people of India only when some other party comes to power.   As long as Mr. Lalu Yadav was the Railway Minister, none doubted his claim that railways had a surplus of Rs.90000/ crores. But now when Ms Mamta Banerjee has become Railway Minister, she has openly told in the Parliament that surplus in railway is hardly 8000 crore rupees.   Is it not shameful and mockery of budget exercise and cast direct aspersion on the integrity of financial experts and CA certification.

Lalu was considered as Management Guru only by dint of his showing unparallel surplus in railways. After all, the Lalu was working under the same Manmohan Singh government headed by the same Congress Party under the banner of same UPA. 

 Satyam Computers is not alone or an isolated example of mockery of balance sheet or CA certification, most of the government departments, PSUs, Public sector banks, and even private sector giants are playing with figures, indulged in window dressing to project rosy picture.  

Unfortunately Mr. Manmohan Singh the architect of economy, the doctor of reformation and the ideal of honest administrator prefers remaining silent spectator of all these misdeeds and malpractices. Latest example of collapse of Metro, not once, not twice but thrice in last six months clearly depicts the hollowness and corruption ridden administration.   Is this not an attack on pride of Indian engineers, administrators, politicians and economist?   World will now ridicule the quality of Indians engineers and Indian contractors. After all Metro project was considered to be the pride of India.

Monday, July 16, 2012

Underachiever Manmohan Singh Now Dubbed as Puppet and Flatterer to Sonia

After Time magazine calling Manmohan Singh as Underachiever, now UK based magazine ‘The Independent’ has dubbed Manmohan Singh as Poodle or Puppet of Sonia Gandhi.

Some of media men might be indulged in projecting Manmohan Singh as best Prime Minister and some of politicians may feel proud in saying that Manmohan Singh has no parallel but international community has well understood the real characteristic of so called great economist Manmohan Singh.

Congress Party may blame NDA or BJP for all non performance and media may be bought in propagating the line of Congress spokesmen like Manish Tiwari, the international community and foreign media have realised the truth of Indian economy.

Some of Indian Patriots in India may not like US or UK comment or interference in Indian internal matters and prefer blaming US and UK media men, but the bitter truth will not change.

When economics of an economist has failed , commentator will comment all over the world as from time to time Indian media men comment of  fiscal or political events of foreign countries. People of India have to ponder over ground reality of common men under reformation era led by Manmohan Singh and force Indian rulers to take immediate corrective steps.

Power crazy politicians for their vested interest may win the game of election by harping on slogan of Secularism, but people of India who are real victim of bad economics of Manmohan Singh will never forgive him and his party UPA.

Pain of common men due to relentless price rise and due to poorest quality of infrastructure has been increasing as time passes by, and they will teach a lesson to Manmohan Singh and his government sooner or the later. People of India want bread and butter, pure water, continuous electricity, safe house etc and not his DATA on GDP growth or Inflation 

Voters should not be misguided by dirty politics of Manmohan Singh and his party and give a united fight to remove UPA government from power as soon as possible.

Before it is too late and before, we Indians are subjected to slavery by multi- national companies, Indian stalwarts should come forward to stop bad economic and bad politics of current rulers. Secular vs communal card or quota card should not be allowed to perpetuate game of corruption and spoil the country's future.

Unregulated freedom has led to corruption and corruption only, has led to unprecedented profit making by business men fueling price rise and inflation and finally pilferage of all funds meant for social welfare has annoyed the common men to a considerable large extent.

Let us come together, forget our traditional differences, come out of narrow mindset based on caste or community and region or religion and try to reconcile our ideological differences and shed our ego to make India really great.

Last but not the least, politicians who are blind supporter of Foreign Direct Investment (FDI) and who are begging FDI should be ready to tolerate the comment of foreigners on Indian economic and Indian politics. After foreign investors who invest in India cannot be expected to keep their mouth and mind shut .

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