The big three economists Manmohan, Montek singh and Chidambaram took the Indian economy to the lowest and everybody fears of repeating 1991. If they don't treat it as early as possible it will further go down. then they will hold the name forever that these three spoiled the economy of India. I hope the ex-governor of Reserve Bank Dr.Y V Reddy may give some good treatment to get back the rupee. Some where the mistake has been done otherwise this type of situation should not have been come.
What happens to Indian economy suddenly? The Prime Minister, Finance Minister and Reserve Bank Governor telling that there would be no worry whatever the length Rupee gets down. They may have no worry because they are experts in economy but common man of the country is in much worry.
Even in the recession and slowdown of American economy the Indian economy is not tumbled, but the situation now is reverse. The Rupee against Dollar is being pathetic day by day. Already it has been touched 63 Rupees.
The Prime Minister, Finance Minister and planning commission vice chairman all are economists. Besides them newly appointed RBI governor and Rangarajan and other big names are constantly keeping a watch on Indian economy. But it has crumbled. Where the wrong was done?
Day before yesterday there was big market crash and investors have lost not less than two lakh cores of rupees. We called it as black Friday. Again on Monday there was a little crash.
Prime Minister has assured during the release of fourth volume of Reserve Bank history that there was no situation like 1991 and it would not be repeated as the country has foreign reserves for six and seven months.
As our economists say that India was going to be a strongest economic country in the world by 2025 or 2030. But it doesn’t appear like that now. Everybody fears of 1991 situation. Already there was a big unemployment and all soft ware companies are stopped to recruit from the last two to three years. If the economy of India weakens like this the fate of youth will become a hell.
The UPA-2 is full of big scams like 2G and coal gate. Though the Prime Minister Manmohan Singh is honest but nobody accept if the coal-gate scam was taken place when the ministry was under him. If it not be the Manmohan Singh CBI would have arrested the coal Minister.
If we put the all scams a side. When will be the economy of India recovers and investments pour into the Indian market? When the FDI are liberally allowed all expect investments pour in but nothing happened. We are liberalizing them day by day; even then nobody comes to India. I hope the foreign investors do not believe in Indian leaders and their policies. As the period of the Government ends in a few months they may not hope the UPA Government will come again. If the BJP lead Government comes they may change the economy polices some of them what will have now.