A Sure Shot Way to save the Indian Economy
A method that will never be implemented…
The recent depreciation of rupee against USD has raised serious questions about the degrading state of Indian economy and the UPA’s inability to curb such a problem. Notable economists including D Subbarao have blamed many domestic issues like the monetary burden of Food Security Bill. The decision which may look to have a noble intention is actually a mean to bribe the poor for the upcoming election and compromise on the economic growth of the country.
These selfish moves by the Government coupled with scams and corruption have made India very unappealing to foreign investors.Although the financial crash was sudden and happened within a couple of months, the real governing factor had been in existence for quite a long time. Poor governance and massive scale of corruption came to limelight after the exposure of so many scams that deprived the country of some lakhs of crores of rupees. Investors began to lose trust in the Indian market and started pulling away. Obviously when people doubt the proper utilisation of their capital, they will think twice before investing.
The Government has tried few methods to curb the depreciating rupee, the recent being the decision to provide dollars to public oil companies. None of the previous methods has worked and the new policy may show temporary improvement but will be futile in the long run if something radical is not done to fix trade balance and Current Account Deficit.
Leaving the domestic and international matters aside, there is a simple solution to revive the economy which can be done in the next 24 hours. If the Prime Minister of our country is brave enough he can make a difference in no time. Suppose he comes to the forefront and announces to the people of this nation that whatever has happened in the country for the last 9 years is not in the best interest of India. He can take two corrupt ministers from his Cabinet and replace them with honest bureaucrats. This action itself will send an electrifying signal across the country and financial world. Investors will think that the government has finally woken up and striving for development and to fight corruption. Indian market will become attractive and confidence among people will be restored.
This was pointed out by the popular Business Leader Sanjeev Aga on NDTV. Alas, this is too much to expect from our silent Prime Minister. I believe he would have taken some heroic steps by now if the people in UPA playing dirty politics hadn’t created problems. Pity, he succumbs to Madamji’s baseless ideas of Food Security and Land Acquisition Bill and keeps quite.
Have we forgotten his contribution to Indian economy in the 1990s. You were our savior then Mr. Singh. Has the genius within you died away ? You can prove the people who call you submissive wrong. Can you show in your last year in office that you are one of the best Prime Ministers India ever got?