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India's Dooms Day Economy: It's time for govt. to act
The Men in white stumbled on the potholed road and the weight of 1.5 billion aspirations, dreams and sentiments dropped down the drain for they were looking up towards the US economy while walking in India. Read on how our white dhoty's and kurta-pajamas are writing our nations dooms day story by walking looking upwards towards heaven for a miracle and not at our countries ground reality.

It seems our men in white are the bane of all problems facing the country today. They are doing things which they never should be doing rather they should be opposing the very things which they are doing right now like agreeing to have strong RTI, supporting the apex  Court on their criminal brethren ruling, fighting corruption, modernizing and becoming self reliant in our  space and defense infrastructure etc, etc, etc.

Most importantly they should be looking at the Indian economy rather than uplifting the US, French, Italian and UK economies by our hard earned money. The most recent buzz in the highest echelons of the government is the FDI coupled with costly Investments abroad by our erstwhile PSU and private sector. These at a time when today our Indigenous industrial needs and economic concerns are over and above everything else. The country is in a serious recession mode and the economy is plummeting down at rocket speed.  Instead of reviving the Indian economy the government is hard bent on reviving the US and other foreign economies. I can safely bet that many of these Foreign Investments by our country affecting our precious forex reserves are dubious in nature. The congress has already damaged our education or so called Indian competitiveness on US fears of more degree holders than they can ever produce by diluting our age old education system at School level.  Our Rupee is depreciating like the way it did in Nehru’s time – a syndrome synonymous with the congress. Our Industry is crying for investments, mostly in its expansion mode somewhat to the tune of 1000 percent increase from its present size to do true justice to our economy and create the requisite jobs for our youth to move healthily forward democratically and not the Naxal way.

The most surprising aspect of our Indian economy is the USD 250 Billion Forex reserves, which, have not grown, at all in the last so many years – Where are the dollars going? I considering hiring Sherlock Holmes to investigate ‘The mystery of the missing dollars’; this particular syndrome is common only to India except for corrupt African nations & not patriotic nations like ours if one compares itself with China. Everyone knows the true figures of our actual reserves. The latest RBI table in their website explains it all.

The government should put a blanket ban on all Indian dollar investments abroad and instead start spending money on infrastructure and capital goods manufacturing at the earliest. We should now whole heartedly concentrate on Indian Industrial growth rather than somebody else’s. We should not bother about current account deficits but rather our industrial growth.

The green revolution cannot sustain an economy of a country but an industrial one can.

Why are we having multinationals controlling our consumer boom and not Indian manufacturers? We as Indians should start boycotting foreign made goods. Why is it that these multinationals are allowed to siphon of entire profits abroad and that too in dollars and not reinvest in India like in the Gulf countries? If one sees the true picture; India has stopped manufacturing even sewing needles today – what a tragedy and dismal state of affairs  for our industrial growth. The government only basks on Its IT earnings but everyone knows that its future too is doomed, as government has run out of sops and innovation for its growth. There is huge foreign pressure to curtail this sector of our industry too as vested interests cannot bear a strong IT oriented India. It seems a poor country is more manageable to them and also for our men in white. Today the government is hell bent on selling out everything to foreigners and I see a day not far when once again we would be slaves in reality but not in name.

The best way is to open Indigenous Defense production on a war scale though god only knows how much we need it more than anything else today. The other way is to increase Infrastructure investments and protect our Indigenous manufacturing every and anyway way we can - for example FDI retailers should outsource 70% goods from India & not 30%. Today the Retail FDI sounds more like the US help where Indians were forced to eat Red Wheat, which in the US was deemed unfit even for Bovine consumption.

Today we are in the same situation as in 1940-50’s when we had to depreciate our rupee to raise foreign debt. This foreign debt has now changed its terms and is currently famous in India as ‘FDI’. Cambridge historian Angus Maddison has shown, India's share of world income collapsed from 22.6% in 1700, almost equal to Europe's share of 23.3% at that time, to as low as 3.8% in 1952. Indeed, The brightest jewel in the British Crown or the Golden bird of the east is still counted amongst the poorest country in the world in terms of per capita income due to FDI only. If things don’t move the way they should than I foresee imposition of economic emergency in the future and revolutionary ‘Garibi Hatao’ concept under which income tax levels at one point rose to a maximum of 97.5%, rise again.

It seems that History is repeating itself and our economy is once again sailing dangerous waters and what we require is nothing less than an Industrial Revolution. We have to become the hub for International manufacturing like China if we have to remain a country of strength and sustain a vast youthful population. We would require to generate huge resources vide this Industrial revolution in the near future to look after an aging population too. We cannot afford 90% FDI siphoning off 100% earnings. What we require is Indigenous heavy industry growth in each sector of the economy. We need self-reliance more than anything rather than foreign reliance. Our population can support Indian low quality manufactured consumption instead of a high quality foreign one. Why our Men in white are not supporting this type of growth story is a mystery to me? Are they conniving with vested interests to make us weak & enslave us once again?

The government should wake up, announce more PSU with PPP formulas to revolutionaries our growth story, and save our nation from its imminent doom.

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
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Dr. KB Vijayakumar, Ph.D.,
The article is well intentioned but appears to be out of sync with ground reality that politicos never seem to bother about the country than about themselves and their party. The Government is definitely cheating its 1.5 billion Indians on every front. The fault lies not with the politicos but us. How many of us are ready to react against them? How many of us are even seriously talking about the atrocities of the politicians? Are people really concerned about the loot of the country by the politicos. I dont think so. That is our fault. We are not united enough as people to question each and every decision taken by the Government against the interest of the country? A small example I can remember is the Nirbhaya movement in Delhi and elsewhere. That spontaneity and the vigour forced the Government on its knees and the politicos were running for cover from the media. That fear has to be revisited. But then again it is my wishful thinking like that of the author. One recent example. In Bangalore we have a constituency called Govindaraj Nagar. Last time they elected their MLA in Priya Krishna. He was 25 years old. This year he again contested for a second term. Along with his nomination, he submitted his Assets and Liabilities Statement as is required by law. Look at his arrogance and "dont care" attitude. This guy, all of 30 years, a post graduate in Politics, with no business of his own, showed an Assets Value of Rs.900+ Crores which included Rs.770 Crores as gifts from others. Can anyone in their senses believe this financial success story of an individual who is just 30 yrs old and with no source of income? But look at us. Our people elected him with a thumping majority. Not a single soul asked him how he got his money? This non=questioning attitude is our curse. Not the politicos.
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