The Indian Constitution allowed the Economy to have Mixed advantage to Maximize the benefit of Growth was miscarried by Nehru Dynasty,by Control Raj,in early 90's Globalization allowed FDI's without discretion to allow further erosion of Capital through Stock Markets and Soaps at huge cost of Dollar parity. The world over all Nations are gripped under the influence of Lobbyists occupying the Governance by the Manipulation of Elections and Investment mood to deprive the Legitimate Right's of the Citizens without any avenues of of Judicial adjudication on the pretext of Legislative supremacy over the Courts,rights violations a Statuary obligation to the Governance.
From the 'renowned economist' on down, the same bunch of unrepentant Commies are still running things, only now they're pretending to be open to "free enterprise".
But they have steadfastly refused to dismantle the Communist regime in place...merely tinkering around the edges, with very bad results....hybrids rarely work, and in this land, never does.
By comparison, The Mandarins merely pretend to be Commies, but in fact are a totalitarian state, totally committed to capitalism rather than socialism as the way out of poverty and prosperity of their people.
We are already in the middle by stagflation. I expect next decade to continue this way - with the govt claiming GDP growth. This will be followed by a spectacular collapse of whole economy with unstoppable deflation. If you look at the economy - parts of it has been blown big like a bubble - this will last for some more years before falling on its head. Author should have really said that we are on the verge of hyperinflation.
He says socialism has failed worldwide - for most countries he is right, but there are pockets where socialism has been there for a long time and very successfully. Sweden is my most favorite example - it is led by huge government but while all other "capitalist" nations worldwide are drowning in debt Sweden is running excess reserves. Why is it so - because Swedish govt is led by honest people. It has been their tradition since a very long time. Cuba is not an economic success - but if you take its HDI it is very developed. Government spending and effort can work if it is implemented by good people. Socialism in India is a big failure - thanks to our dynastic leaders. Also author declares globalization a failure - why so? India has benefitted from partnership with other countries - there are flaws like huge inflation but it is more to do with monetary policies than with economic integration of the world.
Last point - India can still succeed. But it has to orient itself towards producing more and free the markets from politicians and red
We are already in the middle by stagflation. I expect next decade to continue this way - with the govt claiming GDP growth. This will be followed by a spectacular collapse of whole economy with unstoppable deflation. If you look at the economy - parts of it has been blown big like a bubble - this will last for some more years before falling on its head. Author should have really said that we are on the verge of hyperinflation.
He says socialism has failed worldwide - for most countries he is right, but there are pockets where socialism has been there for a long time and very successfully. Sweden is my most favorite example - it is led by huge government but while all other "capitalist" nations worldwide are drowning in debt Sweden is running excess reserves. Why is it so - because Swedish govt is led by honest people. It has been their tradition since a very long time. Cuba is not an economic success - but if you take its HDI it is very developed. Government spending and effort can work if it is implemented by good people. Socialism in India is a big failure - thanks to our dynastic leaders. Also author declares globalization a failure - why so? India has benefitted from partnership with other countries - there are flaws like huge inflation but it is more to do with monetary policies than with economic integration of the world.
Last point - India can still succeed. But it has to orient itself towards producing more and free the markets from politicians and red t
there is no solution. Just stating the problems...everybody knows we have many issues but I feel accountability of each part of government is required. We need to see what is the assumption or fact we are considering to take decision and then fix the target. If target is not met then we need to change course. Fight over socialism & capitalism is very old one and it will keep on going for rest of 25 years... What is changing whole world is not technology but science of management & planning. We need to focus on that.
I take every figure dished out by every govt. agency / dept. with a pinch of salt. The figures that are given out have no relation with reality. Figures are figures and little importance is given while collating them. If a figure suits a motive, it is accepted; if not if it manipulated to suit a motive.
But a reality that stares in the face and continues to be ignored is the inadequate storage capacity for food grains leading to mammoth waste.
It is all the result of abject poor management, lack of sensitivity and no accountability at any level.
India's GDP per capita is pathetic and it is due to the very low level of productivity per person. Now the agricultural land per person has fallen to less than 1.5 acre there is no chance that GDP per capita of a person who does agriculture will ever rise. Most of the Indians do not have any opportunity to earn more, they are just timepassing and producing more and more children. All this will only lead to worse conditions. Only activity that is making actual profits is call centers wherein large number of low skilled people work for overseas companies and even this sector is now facing stiff competition from other poor countries that are overpopulated. Root cause of Indias problem is its population size and no government has actually done anything effective to reduce the population. Add to this is the millenniums old dogmas, beliefs,social systems, and practices. For a while lots of Indians went abroad to different countries but now no country wants Indians anymore because they have enough of their own population. India has become a country of useless people who are just passing their time.
Re: root cause
by Das on Jan 15, 2013 02:34 AM
"India's GDP per capita is pathetic" is exactly so. But it seems Indians journalists, editors, politician are particularly dense and oblivious to this fact. Indian remain not just poor, but abysmally poor and despite NDTV "big Fight" moronic-debate about GDP and rants from certain dull Arun Mair, it seems to be lost Indian public what yardstick one uses you need to measure level affluence and productivity. Indian comes at the bottom, to reach even middle income bracket India needs to grow for decades at ~10%, as China, S Korea, Malyasia, Taiwan, Singapore etc have done. But how can these-fools gorw when they dont even recognise the extent of poverty and effort need to climb this mountain. Ist laziness, dullness and plain ignorance that makes these people incapable of distingushing between GDP growth and per capita GDP.
This is a nice article. But nothing is written as alternative to Globalisation and Socialisation. What are the other (developed) economies following...
Most of the members of PMs advisory are fools who have no idea of our Economy How many of them will approve An expeases of Rs 18.5 crore on one foreign visit of ex president pratibha patil Why Govt is spending Rs 350 crores on personal security of Sonia Rahul AND Vadra Instead of suggesting new taxes on poor people of this country these economic Zars should concentrate on wasteful expenses there by saving at least of budget expenditure
Re: economics
by Das on Jan 15, 2013 02:43 AM
Right. India has arrogant petty lawyers like Sibal and Chidu, dynastic politicians which account for third of Congress, bureaucrats like MMS and plain-idiots like Beni Prasad as ministers. It is these dull yet conceited beyond belief elected nincompoops with as much as technical, scientific or administrative ability as as average profession Indian politician would know about strategic investment in key areas of the economy that is must for a large nation like India. They have failed India not just one key infrastructure like power, roads and water, but also on income generating industry where even Bangladesh and Malayasia thrashes them hands down, namely textile, toys and semiconductors!!!
