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Indian Government holds the responsibility for country's current economic crisis
The rupee is spiraling down and overall sentiments towards Indian economy has turned negative. While everybody keep looking up to the Indian Govt. to take control of the situation, analysts rule out any immediate respite. Is this the end of road for India's shining economy? Who should be blamed for the current crisis? Could a timely intervention or a proper policy saved the day? Share your opinion.
Agree
"UPA policies are 100% responsible for the economic mess in the country i.e. rupee's downfall, inflation, market crash etc. Onion, one of the main ingredients of the food across India, is costing Rs 80/kg. The petrol prices are nearing Rs 80/litre and a can of beer is also available at Rs 80. So, the necessity, need and luxury all are priced at the same level. In Hindi we have a saying, "Taka ser bhanji, taka ser khaja; Andher nagari, chaupat raja." This is actually what is going on (in the country). These are the policies of the Md. bin Tughluq, that are being pursued by this government, where the petrol, cooked food and beer can all are being sold at the same price. You know it is like Queen Marie Antoinette who during the revolution in France said that if there is no bread, then go and eat cake."
Meenakshi Lekhi, National Spokesperson, BJP
Disagree
"In my opinion the Indian government is NOT responsible for either the fall in value or the perceived crisis. It has been pushing for all reforms that analysts have asked for....FDI in retail, pensions, removing FDI caps, Land acquisition, Companies bill......but can't do much about the US economy recovering, the dollar strengthening and the stock market taking a fall."
Dr. Amir Ullah Khan, Economist and President, Glocal University
RESULTS
Agree :
80.56%
Disagree :
19.44%
Agree : 80.56 %
karan singh | Mar 13, 2014
yes, alway govt. must be held accountable for the policies they follow .govt. must work as per peoples aspirations . god bless all
Dr. O. P. Sudrania | Nov 03, 2013
There is nothing to debate on this gross issue. UPA II has been in hot seat at centre for a decade. It is their responsibility to have seen this dasastrous economic downfall...
Aju Mukhopadhyay | Oct 08, 2013
Not for they are whimsical but for they don't care much for what is happening in a situation where economy is moving whimsically. Government is spending huge and disproportionately, making all purchase contracts with the biggies in areas not so important, trying to show like bringing down the percentage of below poverty line people, lavishly giving away country's resources to their target people as the time for voting comes near, not only one Government but Governments in provinces, utilising democracy to degrade democracy.
Rohan | Sep 13, 2013
Truth Behind collapse of Indian Economy & Globalization Exposed http://www.youtube.com/watch?v=elicZLUmp9s
ANAND KRISHNAN | Sep 11, 2013
When Corruption and unlimited scams on peak naturally the economic growth will come down and in India Corruption and scams on peak due to weakest governance ever we have seen that is fact, 2G Scam , CWG , Coal gate scam , Rail gate scam , chopper deal scam , Thorium scam, Condom winding scam, and many scams at every step then how the development of our nation will happen naturally it is a clear sign of RED not GREEN and finally middle class families SUFFERER
Ramesh Manghirmalani | Sep 11, 2013
You are stupid even God cannot help you
Government is always responsible & accountable for country's economic condition! UPA though have good economic experts but the economic health is precarious largely due to indecision & policy paralysis! I never think that populist program affects economy. Rather I would say than bad management of economy has made condition worse!
S.Swaminathan | Sep 07, 2013
With this insatiable greed to amass wealth for themselves at any cost, how can the country grow ? Has the congress party said anywhere that it will protect wistle-blowers, encourage honest officials and punish the corrupt? Is it correct that as per their stated view, no congress man is corrupt ?
Sadhu | Sep 06, 2013
THE CONGRESS PARTY HAS RULED INDIA FOR 60 YEARS. DURING THIS TIME CORRUPTION HAS SPREAD FROM TOP TO BOTTOM LIKE WILDFIRE, LAW ENFORCEMENT HAS COLLAPSED IN MANY AREAS, MERIT AND INTEGRITY HAS TAKEN A BACK SEAT, , BUSINESS CONFIDENCE HAS TAKEN A BODY BLOW. MR GANDHI ( NO RELATION OF MAHATMA GANDHI)BORN WITH GOLDEN SPOONS, HAS NOT HELD ONE SINGLE JOB OR RUN ONE BUSINESS IN HIS LIFE. HE HAS NOT BEEN CHOSEN TO RULE OVER THE DESTINY OF 1.5 BILLION PEOPLE,NOT BY ANY POPULAR VOTE, BUT BECAUSE HE HAPPENS TO BE THE GR GRANDSON OF MR NEHRU INDIA'S FIRST PRIME MINISTER. IN THAT RESPECT HE IS LIKE NORTH KOREA'S KIM JON II. 500 YEARS AGO, INDIA WAS THE ENVY OF THE WORLD THAT MADE BRAVE MEN LIKE COLUMBUS TO RISK THEIR LIVES TO DISCOVER A NEW (SEA) ROUTE TO INDIA, HE DISCOVERED AMERICA BY ACCIDENT. CORRUPT CONGRESWS RULE HAS MADE INDIA THE LAUGHING STOCK OF THE WORLD, AND EVEN INDIAN BUSINESSES ARE FLEEING INDIA.MODI IS IN REFRESHING CONTRAST. HE HAS TURNED AROUND HIS HOME STATE GUJARAT TO BE THE POWER HOUSE OF INDIA. TRAVELING IN GUJARAT YOU WILL THINK YOU ARE NOT IN INDIA, BUT IN SOME OTHER ASIAN COUNTRY.INDUSTRY HUMS, WIDE ROADS, BUREAUCRATS SHOW UP FOR WORK WITHOUT BRIBE, PLENTY OF POWER GREEN LANDSCAPES ETC. RESULT COS LIKE GM, FORD, SIEMENS SUZUKI.... ARE STREAMING IN. MODI HAS BEEN ELECTED BY INDIANS IN FOUR GEN. ELECTIONS BY INDIANS WHO LIVE IN THE SATE OF GUJARAT, BY MORE AND MORE LANDSLIDES. THE RIOTS IN 2002 WERE CAUSED WHEN A GROUP OF MUSLIMS INCINERATED A TRAIN LOAD OF INNOCENT PILGRIMS. PASSIVE GUJARAT (MAHATMA GANDHI'S HOME STATE)ERUPTED, IN REVULSION OF THIS HEINOUS DEED.(MUCH LIKE AFTER AMERICAS OWN 9/11 EVENT). MR MODI HAS BEEN FOUND INNOCENT OF ANY WRONGDOING BY THE NATIONS HIGHEST COURTS. MODI REPRESENTS DEMOCRACY'S RAY OF HOPE THAT WE CAN MAKE IT TOO AS OPPOSED TO COMMUNIST CHINA.
Nigam Anjaria | Sep 06, 2013
When Morarji Desai was the Prime Minister, the prices of all essential commodities fell by substantial numbers. It would be unfair to expect the UPA government to do the same as was possible when Morarji Desai was the PM. Also the strengthening of the the value of the dollar is hardly a one person's or a group of people's doing. Despite my appreciation of the UPA government's performance in the last four years, the UPA government clearly appears to be making financial decisions that seems more to appease the voters than to actually help them. The Minister of Finance's decision to decrease the lending rates to banks will only increase inflation. This decision reminds me of President Ronald Reagan insisting in 1981 to the then Chairman of the Federal Reserve Bank, Paul Volker, to decrease the "Discount" rates. The "Discount" rates are the similar to our lending rates. I distinctly remember that Paul Volker asserted that he would not decrease the rates until inflation was in control. The inflation happened to come into control in 1984. That is when Paul Volker decreased the "Discount" rates. Does the analogy make sense. Substantially it has to. This is because if the lending rates are decreased, the banks having more money, will lend it at lower rates. This will cause an increase in people borrowing money to buy homes, cars, anything that can be financed. This will naturally cause more spending thereby increasing inflation. This is the result of what is known as "expansionary monetary policy." I am not against our five-year plans. But today having reached where we Indians have, we are proud and much more flexible. We need to review our fiscal spending. Wherever the spending goes can we today cannot afford such constant "expansionary fiscal policies." We Indians who have accomplished a lot with farsightedness, perhaps need to take more short term measures. In the end, we Indians have proved we can do almost anything. In the field of economics, we should do what is required, rather than do what should be required.
deepak | Sep 06, 2013
The government is 100% responsible for all these crisis in India.
Mirza Arique Alam | Sep 04, 2013
Who else, if not the government? Yes, there are a number of factors but certainly the share of the Indian government is maximum.
INDIAN | Sep 04, 2013
GOLD HAS BEEN THE COMMONSENSE SAVIOR OF COMMON PEOPLE FOR THOUSANDS OF YEARS, NOT ONLY IN INDA BUT ALSO THROUGHOUT THE WORLD, AGAINST THE CAPRICIOUS ACTIONS OF CORRUPT POLITICIANS AND CLUELESS BUREAUCRATS.. IT IS ALSO A SAVIOR OF GOVTS. WHEN OUR GOVT GOES BEGGING BOWL IN HAND IMF WILL DEMAND COLLATERAL IN TH FORM OF GOLD NOTHING ELSE. .
Swadesh | Sep 03, 2013
THE SOVIET STYLE STATE OWNED HEAVY INDUSTRY MODEL, PROMOTED BY CONGRESS RUN GOVTS DURING THE lLAST 60+ YEARS HAS BEEN A DISASTER FOR INDIA. EXAMPLES OF CORRUPT, WASTEFIL "UNDERTAKINGS" ARE COAL INDIA, (we have to inpot coal fron australia) AIR INDIA (the airline no fare paying passengers fly) BANKS (a disgrace) BHARAT ELECTRONICS (India imports ALL the CHIPS, NOTHING MADE AT HOME) HAL,)not a single Indian plane flies) RAILWAYS (preserve of politicians). THEY HAVE MADE US THE LAUGHING STOCK
Daya Sagar | Sep 02, 2013
I agree that governments have been responsible. But to be brief it has not been the POLICIES (neetiaan) but it has been the INTENTIONS that have been responsible for 'economic crisis'. The "theft"/ corruption on the national wealth & the tax revenue has gone unchecked. The foreign debt of around INR 25 Lakh Crore and huge repayment liability due on 31 March 2014 have added to crisis. No doubt corruption on public resources can not brought to zero level, but the MUE (money use efficiency) of the tax revenue and the loans from the International Finance institutions has been miserably low in India.The whole responsibility lies on those holding the reins of governance including the superior bureaucracy. No new policy is needed for revival, only need is to undo the 'theft' on the public wealth and raise the level of MUE to atleast 75% ( which is not more than 10 to 15 % at present). The unproductive and unrealistic populist programmes will have to be reviewed and rationalised. Balance of Payments is most worrying irritant at present.The import export trade deficit can be narrowed by reducing the internal production costs and the production costs can be reduced by reducing the cost of service inputs and the state taxes ( direct and indirect). In India the day's governments are covering the low MUE (money use efficiency ) by imposing new direct / indirect taxes and raising loans from institutions like ADB / WB. The public servant / government servant who has to collect the tax revenue and manage the expenditure of state revenue has miserably failed to deliver. The political governments have been using the bureaucracy for their interests and in return compensating the government servants by indirectly or directly given about 20% annual wage increase in terms of DA / increments every year where as on the overall such wage increase in the private sector is not even one third of this ( 6 to 7% ). . The voter citizen will have to understand that what ever state resources are corrupted today are 'his' money and he/she will have to question the public servants, if not done so theoretical write ups and economic quotes would keep on taking space . See, in India cost of services is much less than what is there in United States but the Petrol in US is available to the consumer at much lower price, how strange. Daya Sagar Sr Coloumnist dayasagr45@yahoo.com 09419796096
Koraputonline | Sep 02, 2013
it is the result of continuous ignorance by the respective governments in the country who have not given a serious thought on the economic model prescribed by Mahatma Gandhi , making the nation self reliant .Let the country look within and explore the possibilities .
PATRIOT | Sep 02, 2013
INDIA IMPORTS A LOT OF OIL THAT TAKES A LET OF FOREIGN EXCHANGE. BUT THIS WAS NOT NEW. THE CONGRESS HAD YEARS TO DEAL WITH THE PROBLEM. IT COULD HAD NEGOTIATED LONG TERM ARRANGEMENTS WITH SUPPLIERS LIKE CHINA DID, IT COULD HAVE FORCED THE PUBLIC SECTOR ZOMBIE ONGC TO SHAPE UPA LONG TIME AGO, IT COULD HAVE SPEED ED UP NEW ON SHORE/OFF SHORE OIL BLOCKS AND A THOUSAND OTHER THINGS LIKE REDUCED DEMAND FOR OIL, INCREASED ENERGY EFFICIENCY ETC AS ANY PRUDENT GOVT WOULD. IT DID ZERO. INDIA SITS ON THE LARGEST KNOWN COAL RESERVES IN THE WORLD. THANKS TO RAMPANT CORRUPTION, SCANDALS AND SCAMS,IN THE STATE MONOPOLY COAL INDIA, INDIA HAS TO IMPORT ALL ITS COAL FROM... AUSTRALIA!!! WHAT A CRUEL JOKE, FOR THIS SCANDAL ALONE THE CONGRESS GOVT SHOULD BE THROWN UP AND ALL TOP OFFICIALS IMPEACHED FOR HIGH TREASON. THE SUN SHINES ON INDIA 300 DAYS A YEAR,THE HIGHEST OF ANY COUNTRY IN THE WORLD. YET WE PRODUCE NO SOLAR PV MODULES AND LIKE ALL COMPUTER CHIPS WE IMPORT IT FROM WHERE .... CHINA. I THE FUTURE IMPORT BILL FOR THESE TWO ALONE WILL MAKE THE OIL IMPORT BILL VERY MINISCULE.SO MUCH FOR CHALTA HI ATTITUDE.
Bharati | Sep 02, 2013
Manmohan Singh blamed Syria (!!) for the collapse of the Indian Economy. Many of the writers on the other side are taking the same line, vague/unspecific/reasons for he collapse of the Indian Rupee. Dont buy this bunch of bureaucratic bull, The economists jargon crap. If you dont know how to clean up your mess, you have no reason to hang on to your job. Yu dont deserve it.
AUM. Of course it is the Congress led Government at the Centre that is solely responsible for the current economis mess in our country. No less a person than Shri Subbarao, Governor of the Reserve Bank of India has blamed the Manmohan govt squarely for the current economic crisis. If the government sits over a scandal a day like the 2G, Coalgate,Bribing persons by PM to save the govt from a fall, Vadra'a shady land deals; the economy is bound to sink into an abyss. The free fall of the Indian Rupee against the US dollar indicates that economists like Chidambaram, Montek Singh and Manmohan Singh have lost control over governance and economy. The less said the better.
PATRIOT | Sep 01, 2013
INDIA WAS THE ENVY OF THE WORLD FIVE HUNDRED YEARS AGO BECAUSE INDIA PRACTICED THE PRINCIPLES LAID DOWN BY HER SAGES AND HOMEGROWN SEERS LIKE CHANAKYA, KAUTILYA ETC IN CLASSICAL TREATISES LIKE ARTHASHASTRA ETC. THIS ENVY MADE INDIA THE TARGET OF MANY PLUNDERERS LIKE MOHAMED OF GHAZNI OR GHORI AND NUMEROUS OTHERS. THE EUROPEANS WANTING A SHARE IN THE SPOILS, FINANCED ITALIAN AND OTHER ADVENTURERS COLUMBUS , MARCO POLO ETC TO FIND A SEA ROUTE OF INDIA. COLUMBUS DISCOVERED AMERICA THOUGH HIS INTENTION WAS ACTUALLY TO FIND A ROUTE TO INDIA! AT THE OF INDEPENDENCE, INDIA STARTED RELATIVELY IN GOOD SHAPE ALONG WITH DIRT POOR KOREA, CHINA, TAIWAN, THAILAND, BOMBED OUT JAPAN ETC NOW THESE VERY NATIONS HAVE LEFT INDIA IN THE DIRT, AND RACED AHEAD THANKS TO THE MISMANAGEMENT AND CORRUPTION OF SUCCESSIVE GOVTS BY THE FAMILY RUN CONGRESS PARTY.. NOW INDIANS HAVE NO INCENTIVE TO WORK HARD, BE ENTERPRISING, CONSERVE THE ENVIRONMENT, HAVE SMALLER FAMILIES AND TAKE CARE OF THEM BECAUSE OF THESE SCREWED UP POLICIES. INDIA IS HEADED IN IN A BIGGER CALAMITY THAN GREECE OR ITALY, EXCEPT INDIA HAS NO BACKERS LIKE EU. INDIA WILL SOON GO WITH BEGGING BOWL TO IMF, WASHINGTON AND YOU KNOW WHAT WILL HAPPEN THEN. GOD SAVE OUR COUNTRY. JAY BHARAT
Santokh Singh Saggu | Sep 01, 2013
Yes, Government and Its politicians having an attitude of LOOT and is responsible for the economic crisis. The judgement of Supreme Court is also questionable. The the government and politicians have reverted the judgments of Supreme Court not once but twice. And in future many more to come.Whenever the public starts a movement against the Government and its Politicians , then every politicians try tp prove that they are clean chit and start scream Sansad is in trouble , Democracy is in trouble.Blah.. Blah and Blah . But , the Politicians don't look within that how they are doing damage to the democracy and to its people.
PATRIOT | Sep 01, 2013
THE ONLY SECTOR THAT DID OK FOR INDIA IS SOFTWARE. THAT IS BECAUSE DELHI POLITICIANS AND BUREAUCRATS DID NOT HAVE A CLUE ABOUT SOFTWARE, A PRODUCT OF BRAINPOWER. THEY DID NOT BELIEVE INDIANS HAD ANY BRAINS TO START WITH. SO THEY LEFT SOFTWARE SEVERELY ALONE FOR 30 YEARS.SOUNDS RIDICULOUS BUT TRUE .. THEY EVEN BANNED COS LIKE IBM FROM INDIA! INITIALLY SOFTWARE TOOK DEEP ROOTS IN THE SOUTH FAR AWAY FROM DELHI. MERCIFULLY THEY DID NOT CLASSIFY IT AS AN INDUSTRY FOREIGN PRESS BEGAN TO SING THE PRAISES OF INDIAN SOFTWARE.AFTER INDIAN PROGRAMMERS SUCCESSFULLY FIXED THE Y2K BUG. SOFTWARE TOOK OFF MASSIVELY IN INDIA. . NOW THE DELHI POLITICIANS ARE BUSY SHARPENING ALL THEIR KNIVES TO KILL THIS ONE GOLDEN GOOSE THAT BRINGS SO MUCH GOLD FOR OUR COUNTRY. THANKS TO THE BUREAUCRATS THAT RUN INDIA WE MAKE TONS OF ALOO CHIPS BUT ZERO BELIEVE ME ZERO COMPUTER CHIPS. AND GET EVERYTHING FROM CHINA. !!!
PATRIOT | Sep 01, 2013
1. COMPETITIVENESS: . INDIA NOW RANKS NEAR THE BOTTOM OF THE LIST OF NATIONS THAT EXPORT PRODUCTS. 1. INDIA PRODUCES ALL THE COTTON IN THE WORLD, BUT BANGLADESH EXPORTS MORE TEXTILES. DITTO WITH ANY MANUFACTURED GOODS. OUTDATED LABOUR LAWS THAT GIVE FACTORY WORKERS 100% CRADLE TO GRAVE JOB SECURITY HAVE NOT HELPED. NO INDUSTRY WANTS TO HIRE PERMANENT WORKERS. NOW WE ARE BACK TO SQUARE ONE, (JOINING SUB SAHARAN AFRICA) BY EXPORTING MASSIVE AMOUNTS OF COTTON, IRON ORE, RAW MATERIAL. THE DEMOGRAPHIC DIVIDEND IS TURNING INTO DEMOGRAPHIC NIGHTMARE . 3. .RAMPANT CORRUPTION, BYZANTINE POLITICIAN/BUREAUCRAT NEXUS, KAFKAESQUE/SHIFTY POLICIES ZERO GOVT ACCOUNTABILITY ETC HAS MADE NEW DELHI A QUAGMIRE FOR HONEST BUSINESS PEOPLE.. EVEN ESTABLISHED INDUSTRY IS LEAVING FOR HONEST LOCALES. EG; APOLLO TYRES EXPANDING ABROAD, MIND YOU INDIA PRODUCES ALL THE RUBBER. EVEN NOKIA HAS GIVEN NOTICE. ALL THIS HAS RESULTED IN ZERO GROWTH BY INDIAN INDUSTRY. 4. WHILE TOP POLITICIANS TURN VIOLENT WHEN SIMPLE QUESTIONS AT AIRPORTS, AND GO ABROAD AT WILL WITHOUT ANY CHECKS USING EXCLUSIVE/EXPENSIVE VVIP FACILITIES AT PEOPLES COST THE SAME POLITICIANS WANT YOU TO FILL OUT 40 PAGES OF FORMS JUST TO OPEN A SIMPLE BROKERAGE ACCOUNT, GOD SAVE OUR MOTHER LAND
sadik dalvi | Aug 31, 2013
Firstly, why is the rupee linked with the dollar and not with GOLD? secondly, the govt. policies are outdated and not bold enough.
Narendra Ch | Aug 31, 2013
Primarly, Dr Manmohan Singh and his team of economic monitors P Chidambaram, R Rangarajan and Dr Montek Singh Ahulwalia should be held responsible. Above all, the Queen of the team, Smt. Sonia Gandhi. The principle opposition BJP should also held its responsibility for failing to corner the government with a more strong voice. In a way felicitating the Congress to loot the country.
ajit sarthi | Aug 31, 2013
India needs patriots... those who will not mind giving up comforts for the sake of their nation... give up any thing that is imported... vehicle fuel, electronic goods, cold drinks, imported food like pizza, .... give up anything that is imported from China...! try to export goods and services... Indian Government lacks the basic sense... if it had been patriotic, it would have made patriotic education compulsory even in madarsas long ago... we have only ourselves to turn to... and we have to turn patriotic if we want Indian currency to gain in status...
ajay narayan jha | Aug 31, 2013
vote bank politics and myopic view of bureaucrats has leaded our economy . IN 1990 DEVI LAL & V P SINGH promised to waive off loan for farmers upto Rs10,000 which created heavy burden on financial system resulting ban on any recruitment in banking sector for 12 years. when Iraq attacked kuwait and crude price raised sharply these politician handed over driving seat to economist which successfully bring our economy in good shape in 21th century .after that again politician taken charge of driving seat and they lead us into bigger mess of economy.
Rupam Banerjee | Aug 31, 2013
What more you can expect from the worst ever corrupt Government in the country. UPA is solely responsible for the present crisis. It's suicidal policies are ruining the country. They are pursuing so called reforms to satisfy the USA, the master of UPA. UPA is following crony democracy like its bosses in the USA. Such policies are bound to ruin India.
DHAWAL AMAR SINGH | Aug 31, 2013
Political Parties in power are responsible for all debacles in the economy of the country. The result of the policies adopted are reflected through sliding of Rupee, reduction in fiscal balance, reduction in growth rate, the continuous trend of price rise in food products, inflation and above all the environment to grow fast is for the rich or corrupt or dishonest or for citizen carries on illegal activities to amass wealth. The poor or law abiding or honest and faithful to the country has no means to grow, rather he is beaten hallow from all sides. This is all happening inside the country. Blaming foreign country on these counts by the Political Parties in power is defeated from its foundation. The import of oil was to be contained by the Government may be by rationing, the cycle has vanished from the roads. Why? Take least path of resistance forget about the country. The gold the second main product is being imported on market need base. The trend was known to the Government but did not care to find out where it is going, whether against investment or in to the lockers. The Prime Minister will talk to large and extra large industrial sector owners; there is no means for the MSME to give upward communication to improve production. Claims are made for the agriculture sector that MSP had doubled in last nine years. Why suicides and agriculture is becoming unviable? Now for these blunders blame foreign countries and accept the trend, this is what is adopted by the Political Parties in Power and follow it by giving assurances.
Dineish J Mangal | Aug 31, 2013
All Individual Neta in the Governing Party has his or her banners and posters Claiming and Advertising their Individual Achievements. If Every Neta has become a Multi- Millionare and the Country Has Become Poor, who is responsible? The Minister Responsible for the Particular Ministry, does not have any Answers for his Ministry, but, they have answers pertaining to IPL and other trivial things.
Mitrajit Biswas | Aug 31, 2013
Though in the very beginning i am contradicting myself that it is fool hardy to blame solely the government for the recession effect.However now coming in the context of the role of government there is no doubt it has been a succession of failures and topping it up is the muti billion dollars scams from Coal-gate to Spectrum and even Commonwealth games.Taking cue from these incidents the government has failed to inspire confidence and bring in revolutionary policies including the FDI on which the govt has taken a stand of laggardness. The vision and the lack of foresight to critically address the issues has been the reason why we can and should solely the govt.The stagnation in the administration and the lack of spirit for growth rejuvenation are critical factors for which the govt. cannot shirk of it's responsibility.
Aju Mukhopadhyay | Aug 30, 2013
From the speech of the outgoing governor of RBI we can rightly guess who are responsible for this chaotic condition. It is mainly the Government’s policy. One can see daily in the paper and through the other publicity media what great expenses are made by the Government of India for exhibiting the satellite and nuclear headed ships and other such mammoth devices launched by them showing the so called greatness of the government. While great might is shown we see our soldiers’ heads are twisted and their relatives are paid in lakhs. The country would go well without such huge expenses in making and launching them. So Our imports. Government is only trying to show its credits at the cost of the country. They are suddenly feeding millions of poor people. What great are the people who do it! Foods are produced in the country as in earlier years – if there be surplus food why were they not fed earlier? How are some given at the cheapest prices? At whose cost? In all these it is seen that huge expenses are made with foreign currency or restricting our earning of foreign currency. This helps the fall of rupee. Some pet names are regularly publicized at the cost of worthier sons of the country. This is made in the same tempo as the other publicity.
KRAM | Aug 30, 2013
It is a man made crisis to benefit LPG policy thrust.
The freakish and lacklustre economic policies of the current union government and an awful dearth of foresight is absolutely responsible for the present bleak and dismal economic scenario. Until and unless sturdy reform measures are taken the money would continue to spiral down pushing us at the verge of a dreadful recession. And savant economists, a request most humble, please eschew your obsession with models and econometrics and game theory conundrums.
Deepak Bansal | Aug 30, 2013
It is unfortunate that Government of India is probably more concerned about filling its own bags without actually caring for Indian Economy and people at large. Such steep slide in value of Rupee vis a vis Dollar is going to have very adverse affect on the economic situation of the country in long run. It is joint responsibility of both Government of India and RBI - Central Bank of India to stop Rupee from sliding down further.
Sureswar Satpathy | Aug 30, 2013
Failure of the Government to curb corruption has led to diminishing purchasing power and inflation .Coupled together it has affected the production both in agriculture and Industry. Increase in cost of production and distribution due to inflation has lowered down export and increase in the import resulting in the trade deficit to cause devaluation of Indian currency. The UPA should resign immediately and go for fresh mandate in greater national interest.
Manu Sharma | Aug 30, 2013
I agree with madam. In my opinion time has come to hold the office bearers of the Government including the politicians criminally liable for the sorry state of our economy today? Is the sate of our economy a larger vested plan by foreign powers to keep India poor & thus manageable avoiding creation of another power block like China? Someone is answerable to the public for the emancipated slapdash state of affairs of our economy; for no one can play with the sentiments of 1.5 billion people and get away with it so easily claiming any variant of indemnity as held sacrosanct under our constitution. The value of our rupee is also reciprocal to the foreign payouts of corruption money set over so many years & nothing else. Our policies today thwart self reliance in manufacturing sector rather than supporting it. Our policy makers today seem to support more of saving the dollar economy rather than our frail rupee economy. If we still want to save our nation then tackling corruption and mass Manufacturing impetus of all our internal needs are only the two options available. Manufacturing based on quantity rather than quality is the MANTRA.
mathai | Aug 30, 2013
govt policies are responsible for the its economi upturn or downfall. look at the policies: upping petrol and diesel prices to meet that elusive parity with international trend. see the concocted calculations used to establish loss suffered by oil companies. the private ones if u r in the know. govt policies are responsible. if govt policies are not responsible for giving directions to the economy then what are the govt's responsibilities? if u r not polishing your shoes then whose shoes r u polishing ?
jaideep | Aug 30, 2013
It is the leadership that is to be blamed for any drastic failure or crisis that happens in a corporate. Then logically the same applies here also.
Mahendra | Aug 30, 2013
Below are some of the key reasons for our down fall. * Lack of "in control" leadership, * n number of scandals with ineffective judiciary and zero accountability, Ways to correct course. * Introduce presidential elections leading to result oriented leadership, * Give some teeth to Judiciary that will close loopholes effectively curbing scandals, * Motivate citizens to be proud of our nation
KRISHAN KHANNA | Aug 30, 2013
India's exports are only $300 billion less than UAE, Singapore and nearly 40% of Hong Kong! India's imports are nearly $500 billion. Taking into account inflow from IT & remittances we still have a negative trade gap of $80 billion. I do not see any importance being given to exports and export related mindset during UPA 1 or UPA 2. China exports are nearly 10X of India. To start, are labour Laws should be left to the individual State Governments, just like FDI in retail was planned. For more details see us at www.wakeupcall.org
Daksh | Aug 30, 2013
If Govt is not responsible then who else can be ; US or UK. Is Governor of RBI is also wrong, in that case he is incompetent and PM should publicly say so.
deepika ponugoti | Aug 30, 2013
I completely agree with the statement because the govt. is solely responsible for the up's n down's in the economic situation of the country. They must take some preventive measures as early as possible to recover the crisis regarding fall of rupee value compared to US dollar.
captainjohann | Aug 30, 2013
The real reason for the fall of the Rupee is the PM and his economic advisors kaushik Basu and Raghu Ram Rajan who are all connected to World bank and IMF> Ofcourse Montek singh Ahluwalia cannot escape blame. these people did not allow manufacturing sector in India to grow and stifled exports while importing items like coal,Iron ore just because some people benefitted from this crony capitalism. At the same time they were pushing RBI to cut interest rates(thank God we had one patriot who did not oblige) so that inflation will surge. this is done to suit the Big capitalists in USA who want Indian economy to be appendage to them . for them the immediate target is the $280 buillion foreign exchange kitty which must be scuttled and then they will move in with their crony capitalists in India to make a killing.
krish | Aug 30, 2013
A few years back, when the global financial meltdown occurred, we said it Indian economy, which too had a downturn, has been relatively less affected by it than many others. Now when the US Economy is recovering, we are blaming our woes on it. Again, when the Government is blaming the Judiciary, the Media and the Opposition for the stunting of growth, will they tell us whether the CWG, the 2G and the Coal scam we the doing of anyone but the Government? Now, to add to it, the relevant Coal Files are missing. I think it is downright preposterous.
Rusha Kumari | Aug 30, 2013
2008 -> US Doing Bad -> Manmohan says "Outside factors are pulling us down" 2013 -> US Doing Good -> Manmohan says "Outside factors are pulling us down" I say "What the @#$%" Do you think we all are stupid?
Buru | Aug 30, 2013
Yes, I extremely agree that the downfall of Indian economics is due to weakness or corruption of government, because everything happening in the society is due to govt. either good or bad.
Col N Bhatnagar | Aug 30, 2013
Allocation of spectrum, allocation of Coal mines and their subsequent cancellation will send shivers to any entrepreneur planning to do business in India. MNREGA has created shortage of manpower to manufacturing sector, why would some one learn skills when he gets easy money. No Labour reforms and now Food security Bill. I do not think we need some one from outside to do all this for us. The right environment has to be created by us and not USA. A nation sitting on largest Coal stock is importing Coal. And even now we are blaming others.
ASHA PAIDHUNGAT | Aug 30, 2013
Reduced custom duty favoured imports & worsened current account deficit. In turn, it led to easy availability of foreign items.Local manufacturing took a back seat. Foreign direct investment was favoured, when we actually needed Foreign exchange. Various Bills were hurriedly passed without working out impact on rupee value.
Sahil Gupta | Aug 30, 2013
This economy over the years of rules, policy and taxation has given a significant fall in Industrial production. Now we import instead of producing. Every new policy is making even the existing trade difficult enough to withdraw from it. Proving the same the government is ready to special relaxations to big players in MNC instead of giving an easier taxation and policy for common man to grow.
Virag | Aug 30, 2013
This Government is not at all concerned about citizens. By bringing in legislation like Marriage Laws (Amendment) Bill which endangers the property of Hindu Husbands, it has actually put the Indian economy at jeopardy as now Hindu men will stop marrying and stop investing in real estate.
Jasvinder Singh | Aug 30, 2013
All because of three Idiots. Sonia, Rahul and Maunmohan
ayushi yadav | Aug 30, 2013
I totally agree that the inaction of the UPA govt is responsible for the economic crisis that we are in. They are not doing anything to control rupee's fall, they are not doing anything to prevent corruption. The PM himself has now accepted that the country's economic situation is not well.
Sona Thakur | Aug 29, 2013
Lets be a little logical. Why would Congress want India's economy bad just when elections are coming? If they could have done anything - they have already done so or wud have done it by now. Its just that you cannot control the world economics.
Biplab Sen | Aug 29, 2013
Supposedly we have big economists ruling the country, yet we see a downfall that they cant control. Who else do you blame other than the corrupt Govt?
Rumi Pitalwala | Aug 29, 2013
No more Congress in the coming election. They are responsible for everything bad happening to the country at the moment - economy, rape, murders by Pak ... everything!!
Sheetal Parua | Aug 29, 2013
Yes. The Govt is responsible. Most of the money has flown to Swiss account. The corruption has made the foundation weak. Now they are in a position where they do not know what to do.
Regular Citizen | Aug 29, 2013
Of course the govt. is responsible. Who else? They cannot keep blaming the world factors for Indian crisis. The world has gone through even bad phase when India was holding its ground strong. But this corrupt Govt has taken us to doom
Disagree : 19.44 %
It is not wrong to say that the current world hs been passing through exterme economic crisis but it is a govrenment or be govrenment resposnible the biggest resposible factor is the political and economic system led by the corporate capitalists of the worlds, all the present govrenment making political parties are the favourote tools to operate and sustain this inequal economical and political set in whgich the inflation and crisis are the permanent features. Until the socialization of the economcs and politics is not made such questyions would follow us.
Virat Bahri | Sep 13, 2013
Corruption wasn't absent before these 9 years of the UPA, when growth was trending at 8 per cent plus. There are structural deficiencies in the economy like weaknesses in manufacturing and infrastructure. Without addressing them, it is tough to keep growing at 8 per cent largely on services. We need a more competitive economy in the overall sense, and I would say that it is a collective responsibility of government and business. Also, oppositions need to be more responsible when bills are introduced in Parliament. It is true, however, that some policy decisions by the government have scared investors like GAAR.
Harvinder Paul | Sep 04, 2013
The main reason for the economic crisis in the country is that we are having a few number of national thinkers who think for the country. We are accusing and blaming others but doing nothing to overcome this problem. The price of the gold has been increased to 34000 Rs. per 10 gms but still there is no decline in the demand. Still we say that the nation is going through the financial crunch. We should use the sources as well resources to the optimum utilisation rather than storing it for show off.
Prabhu Patil | Sep 01, 2013
No other country -Thailand and Indonesia etc - are debating such things. They are together trying to pull up things. And here we are - in a frenzy to blame the Govt and the Govt alone. No one makes an effort to look out of the window and try to understand what is happening around in the world. Most of the developing nations are taking ahit on the global economic crisis. India is not a case in isolation. Wake up countrymen. Just because we have some stupid politicians who are trying to misguide us - dont run after a wrong reason.
Nitin Sirohi | Aug 31, 2013
I don't blame the government. This is all related to the FDI and the world economy.
Pinaki Sanyal | Aug 31, 2013
Please do not be naive to blame the govt. alone. The FDI in retail could have saved us. But what did the opposition do? They blocked the way for growth in every sector and are now blaming the govt.
Anik Pattanaik | Aug 31, 2013
People who are commenting here are blind with prejudice. Have you guys even cared to check what is happening across the world with other economies of developing countries? All other developing nations are reeling with their currencies falling. This is a world crisis. Hold on guys, good days will come. Do not forget to praise your Govt. at that time.
Hari Lakhera | Aug 31, 2013
It is a basic question of economics and in a global village India cannot remain untouched. I believe that economists hardly come to an agreement on a single solution and rightly so but the issue should not be politicized. All heads should be put together and the most acceptable solutions should be implemented.
Tahir | Aug 31, 2013
There is a number of factors that controls the economy...Does Lekhi know the abc of Economy!!!???.. Is there any Govt who has done good for country instead of fulfilling their pockets... In India most of the things are going on just because of compelling circumstances...
Dr P L Joshi, Malaysia | Aug 30, 2013
Sorry. Yes it is true that Indian economy consequently the value of rupee in international market has been falling sharply. But this is not the end of road of shining India. India is a large country and agriculture based. If agriculture output increase in next harvesting period, there may be a gradual recovery. We need to understand why rupee is falling. Any country's currency value is significantly influenced by various non-controllable variables such as interest rates, inflation, exchange reserves, position of imports and exports, unemployment conditions, currency and trade deficit, banking performance, foreign direct investment etc. depends on factors that affect the economy such as imports and exports, inflation, employment, interest rates, growth rate, trade deficit, performance of banking sector, FDI etc. On all these front, India is doing badly. The economic performance parameters are not in India' favor , therefore, value of rupee falling. I strongly believe that there has been unnecessary demand for imported goods which must be curtailed immediately. The deregulation of interest rates by RBI is another main reason for the fall of rupees. NRI deposits seem to be not increasing. There seems significant amount in currency circulation, no control over this. Industrial production and efficiency is on the decline. Somewhere, the policies of the govt. and institutions are micro levels need to be blamed. Immediate need is to bring down inflation and encourage farmers for increasing agricultural output. Promote export earnings. Indians can invest in international markets through the mutual fund route. Cut down foreign trips of government officials. Appeal to NRIs to increase their remittances in foreign currencies. Thanks Lets hope for the best.
Dr. Kumar Taurani | Aug 30, 2013
Anybody who understands world economy will understand that it is not totally the Govt's fault. They are probably partly responsible for depending on FDI but then also the opposition stalled the FDI investment. BJP should hold responsibility too.
Dr.m.mustafa | Aug 30, 2013
Government of Dr.Manmohan singh cannot do anything knowingly which can harm his reputation country and his governmet
Bimal Pathak | Aug 29, 2013
I dont think the current Indian Govt can be blamed for the economic situation. Even the past Govts did nothing to decrease India's dependency on imports. This is resulting in the loss of money from India's economy.
Atanu Mukherjee | Aug 29, 2013
India imports a lot of goods including crude the prices of which we cannot control. So lets not just join the masses in blaming the govt. The Govt has no role to play in falling Re.

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