WHEN I WAS 9 YEARS OLD, IN 1952, PETROL WAS VERY COSTLY!! IT WAS Rs 1 & 2-4 annas, a GALLON! $ WAS AT Rs 2 to 1$. we have/HAD some CHANAKYAS,( READ R- REGULATORS), WHO KEPT ON DEVALUING THE INDIAN RUPEE. SINCE IT WILL TAKE US ATLEAST 10 YEARS TO B SELF SUFFICIENT, MORE THAN 40 % OF OUR GDP WILL BE SPENT 4 IMPORTING CRUDE OIL. UNLESS V MAKE OUR RUPEE STRONG, BY HOOKK OR BY CROOK, ONCE OUR PETROL BILL COMES DOWN, & WE ALL CAN BUY PETROL @ Rs.20/= per INR/LITRE (IF NOT A GALLON), V NEED NO SUBSIDIES,OR REGULATIONS. OUR COST OF PRODUCTION WILL ALSO DOWN TO < THAN HALF. WHERE IS Dr MANMOHAN? OUR HON PM,WHO PROMISED THE NATION TO BRING DOWN INT RATES/ COST OF CAPITAL, B4 HE WAS JOBLESS,IN INDIA, BUT MAY B ON PAYROLLS OF WB/IMF.REDDY IS A GUIDED CHAMCHA/SADIST, WHO I FEEL IS NEITHER FAR SIGHTD/NEAR SIGHTED, BUT MAY B OFF SITED. HE IS HAMPERING OUR PROGRESS, & NEEDS TO B SACKED. 'SUB RO RAHE HAIN- POOR,MIDDLE & RICH CLASS ALIKE'. OUR HON FM ALSO NEEDS 2 UNDERSTAND THAT 'U CANNOT CONTROL INFLATION BY INCREASING TAXES. REDUUCE ALL TAXES DIRECT/INDIRECT, TO GIVE EVERY INDIAN A CHANCE TO BCOME SELF-DISCIPLINED-HONEST'. JAI HIND. REGARDS, COL SK SURI,MD,Retd.
in india?...that makes majority indians vulnerable...many things become less affordable...i expect 1 USD and 40 INR to buy same amount of goods and services everywhere...and people working in india and abroad shall earn same amount, working same kind of job...currency you earn in any country make sense keeping that countrys structure...the time it changes country, it'll hv an serious implications, impact..and wud hv adverse impact on our economy...which is at receiving end....
to check flow of money in our economy...classic example is globalization, made fraction of india's population instant rich...they gained tremendous buying power cos of foreign currency they earned and fat salaries they get...started buying goods and services in india...buying multiple houses, a basic need, is a lucrative investment for many, resulting a surge in real estate and making affordable housing scarce...and remaining, majority of india's population, still work and earn same age old job and salary...and live the hard way...
RE:we need regulations...
by Bhupinder Singh on May 16, 2007 06:53 AM
this is media and our politican bunch of joker, who are hypnotising the gullible and poor people in the name of globalisation,, 90% poeple will no solution to their problems,, they are getting hooked by rosy picture of few star and rich people,,,
I do agree with the views osted by the author of the article. Nowadays in India, given the high levels of inflation on most of the items involving daily use (particularly commodities), its logical for the people to demand for rights to trade in such commodities with maximum liberty. Considering the fast pace in which the effects of Globalisation are affecting the India economy, it must be a natural step for the regulators o open up acess to foreign markets for Indians, and to promote free trade.
RE:RE:Need for open markets...
by VENKATESWARAN ANANTHANARAYAN on May 16, 2007 05:35 AM
I agree. Governments must regulate to facilitate. Our govt seems hell bent on throttling the common man. Our politcians have spent untold sums of tax payers money, going abroad to study their various systems of different countries, but nothing gets implemented. My travels to different countries have indicated that most of the systems in all countries work for the benefit of citizens. It is not required for them to be ever vigilant and point out mistakes. We in India are forever doing that. Venkateswaran.
The guys like authors of above article are more interested to promote their business interests.Most of the so called share and investment experts are as good as astrologers and Tarot card readers.It is all buisiness to sell one's own products and earn one's own bread and butter ( a bit too much of that).Uncontrolled trade and speculation in commodities,bullion and real estate leads to inflation that increases more speculation, rents go up and value of money falls.But it never happens equitably.People who are short of earning power become more poor and the corrupt and landlords become more rich.That is what is model of capitalism in its full naked appearance.Economies like in USA which are authentic democracies are characterised by national and basic moral character, relatively much honest and efficient bureaucrcy,accountability and market mechanism that punishes corrupt and inefficient.Indians lack every thing.Character,honesty,efficiency and sense of service.The markets are immature unlike in USA and there is lot of poverty and hunger around.Yu can' use foolish economics models here.India needs balanced policies with regulated growth particualrly serious reforms in bureaucrt's service rules and salaries and perks ( A big burden on poor people) corruption, hoarding, easy flow of communication and a quick and severely punishing judicial system no where to be seen.Nothing is there at the moment.Things are going from bad to worse.Indians are traditional law breakers and take pride in spitting on roads, peeing on neighbor's wall, smoking right under the No Smoking board and parking car or bus in front of next door neighbor's house or even a shop front.Our policemen are rampantly corrupt and goondas in uniform no one trusts and likes,businesmen and politician nexus is busy looting country shamelssly rigging everthing including IPOs. So these psuedo experts like one writing this article should keep quiet.Government must properly regulate economic growth , stop leakages and profiteering,bring down infaltion and prices and those who are champions of free markets can just go to hell.There are no free markets,anywhere including USA.It is only fantasy.Consumer is not a king in USA nor India ,much less in India.How many times you are roughed up and cheated in a day by government departments, babus and shop keepers and companies and banks.What you can do.what any one has done?Consumers like voters loose control on suppliers as well as politcians.Markets can't be perfect.So regualtion is must.Greed has to be checked and equitable distribution of wealth is pre- condition for survival of democracy.What good is democracy if it is run by same type of corrupt and monopolising people like old Maharajas and autocrats? What has changed then for common man?Why we should bear huge cost of civil sevrices and politicians and their perks?Pack and dump them all in sea.
RE:These psuedo experts should not be published
by Rajesh t on May 15, 2007 10:45 PM
u have rightly pointed it out Rule of law doesnt exhist here for the hi and mighty!! The legal system is dead slow and the state machinery and politicians corrupt ..........
RE:RE:These psuedo experts should not be published
by Rajesh t on May 15, 2007 10:50 PM
plus the system is lopsided and favors traders here as there is no system for delivery based trading and worse the whole system favors multiple chains of traders, Let them bring Walmarts here too as it wd benifit the consumers here both equity and debt mkts are not as advanced and there is rampant manipulation and insider trading, and Sebi s is unwilling to deal with rogues due to political pressure and poor enforcement powers
RE:These psuedo experts should not be published
by Junais P on May 15, 2007 11:09 PM
Well said prof. Liked your thoughts. But I see a very bleak future ahead. The commitment from the top level is so meager that I cant imagine India wiping out poverty let alone becoming a welfare state in another 4 decades. We do pay tax, but where is it distributed? The media is least interested in bringing social reforms. All they want to do is just bolster about the growth in economy just what the politicians are doing. We need to change the mindset of common people to bring about changes and make the politicians accountable. So I appeal to the people who control the mass media to help in this regard.
RE:These psuedo experts should not be published
by Rajesh Raman on May 15, 2007 11:19 PM
Prof, I guess you are absolutely correct and the bottom line is that this country of ours is morally corrupt ,our society is degenrating on values so we do not stand anywhere close to first world let alone competing with them,yes we are a third world country and we should accept it because we belong to only and only this class.
RE:These psuedo experts should not be published
by Ekalavyan Acharyan on May 15, 2007 09:35 PM
As an Indian citizen I'm pretty statisfied as to how the regulators have handled things so far. Many countries had to go through economic disaster doing this. Take Russia for example, they were f**** up before putin toook over. There will be some persons always not happy... especially the vested interests and their stooges.
RE:These psuedo experts should not be published
by on May 15, 2007 09:02 PM
Take a Microeconomics 101 course and you will understand supply and demand...
RE:These psuedo experts should not be published
by Dinesh Nagaraju on May 15, 2007 09:46 PM
jst drop some names like USA and anything goes without much justification and you sound cool, mod and hip economist...prof isnt addressing any issue...jst beating around the bush...with some stale comments abt indian society and bureacracy...
Communists dont believe in free markets.But this cannot be avoided .Even China,a communist state,is removing regulations.PPL WANT GOOD PRODUCTS AND SERVICES AND AT A LOW COST.this can happen only in a free market.
The biggest problem for this country is judiciary which has become highly corrupt. take any case it takes not less than 3 years which is simple and for big no time bound. Why is telgi in jail only why cant that case get closed because sharad pawar and bjujbhal should be saved. Bombay rights take any case this country cannot come out of this. I am ashamed tosay that in this country justice is available for sale.
