On Thursday, America's famed Motor City Detroit, filed
for bankruptcy protection. A glance at how this famed city worsened would tell
you the reason for the condition today.
The reason being "the city's
undisciplined spending".
What if I told you the city's decision to enter bankruptcy
proceedings is a sign of things to come for us?
Detroit witnessed blatant corruption in the past decade,
coupled by a loss of 38 crore dollars in the yearly budget
With India's growth slowing down to 4.75%, Imports higher than
Exports. , scams worth crores of rupees,Rupee depreciating. prices rising are
we heeding towards a Detroit kind of disaster?
“No long term worries as it will be out once approvals for
outside mining companies or retailing like walmarts are granted.” someone
might have said an year back. An year later, with FDI limit increased in more
than twelve sectors, the promise seems hollow.
16th July: Korean steel company Posco, cancelled an
investment of 30 thousand crores in Karnataka.
17th July: With no progress in 3 years of the project's
commencement, ArcelorMittal pulled its hands out of a 50 thousand crore
investment in Orissa.
Investors seem unhappy with the environment in the country,
then how exactly do we plan to attract FDI ? If we fail to utilize the
investments, why would new investors keep their faith in us?
To top all this is undisciplined spending. Years back I
asked dad why can’t the government print notes and give it to the poor. Dad told me doing that reduces the currency's value ,and the currency they give away becomes useless.
Our politicians perhaps fail to understand this simple logic,
how else do you explain schemes such as distribution of free food to the poor in the name of welfare to attract votes? Continuing with schemewe will ruin our already fragile economy further if we do this.
Without a sustained reform process, which will take
considerable time, India will not return to the days of fast growth. Government
revenue and GDP will continue to disappoint, deficits will continue
to be high, and consumers will continue to suffer. This is the path India
remains on, and this path leads straight to the accidental one way of
bankruptcy L
A few oppportunists ... among billions of idiots ..thats India
ReplyDeleteReforms in democracy are brought by govts and by changing the govt if need be.. the time has come when we need a leader .. a visionary ... a patriot .. for Movements in India are crushed with water cannons once and for all.
A few oppportunists ... among billions of idiots ..thats India? Not sure, I seem to believe the thing about India is most people have got their priorities wrong, and that's what makes the country the way it is. Time has come we need a leader? We need much more than a leader, the priorities while chosing a government need to change foremost
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