मैं
Despite the facts that Our prime minster Manmohan Singh is renowned economist even than he has brought the
Indian economy in dark by his 15 mistakes which will take many years to
rejuvenate the economy to growth and help to appreciate the rupee with regard
to other major currencies.
The depreciation of rupee,
staginflation, unemployment, fall in GDP growth, and low investment are all
result of UPA-II wrong policies and mistakes .
Story of poor Rupee
since 2009 to 2103
Some analysts feel the rupee
currency has weakened due to structural problems in the economy and the trend
would continue if they were not addressed urgently. Others maintain the recent
volatility is more due to speculations and external factors but in my opinion,
the present UPA!! government is responsible for committing mistakes in
addressing wrong polices and their mistakes. The mistake are as under:
1. Dr. Manmohan Singh developed the
industry of automobile for whose input fuel is not available in India and we
would have to import from others countries years to years come resulting
continuous major outflow foreign currencies that would put pressure on
rupee because we import 90% crude oil from abroad.
2. He never though that in order to
meet with the demands of defiance ministry, we should have developed the
sophisticated arms making industry in India but he encouraged further import of
luxury goods . Till date, we are unable to manufacture aeroplanes for
passengers and jet aircraft for 'Air force' we have to shed off our hard earned
foreign exchange to buy sophisticated war plane. We don,t have even
sophisticated guns,top, or tank so we have to import 85% of our defiance
requirement from abroad.
3. For all problems, we runs after
FDI and tries to extract and suck black money freely available in the hands of
Indians. Even Mukesh Ambani alone has 98000 Crore cash in his balance sheet but
government bring no law to compel him to invest in India but looks towards
FDI/FII so never encourage our own industry which could export the goods abroad
at cheap rates like China.
4. He encouraged to import of even
small items form China which washed out our small industries which made our
labour unemployed and so our aggregate purchasing power got reduced and our
growth falls.
5. He encourage mobile and computer
but never attempt to manufacture all both items in India so that we could save
our foreign exchange.
6. He replaced our TV and fridge
industry with imported TV shop of Samsung and LG with their
electronic gadgets flooded in our market though we were exporter to world in TV
industry.
7. He favoured import of imported
cars for 1% of rich people of India while poverty in our countries were
increasing due to decrease in purchasing power and compelled the govt to bring
'food Security bill'.
8. He has come to reduce the subsidy
but due to his faulty goal, he again brings "NAREGA, Sarvshiksha and
now "Food security bill" which increase tremendously burden upon
exchequer and widen our Fiscal deficit. All these scheme give birth to
black money
9. Though, there was pressure on
rupee due to Petrol bill and Gold, he further committed mistakes when he
permitted our industry to buy foreign industry in abroad which not only reduce
our foreign exchange substantially but also reduced our employed force in India
which again reduced our aggregate demands of our country for goods which bring
down the GDP growth data from maximum 10.9% to below 5%
India:
Real GDP growth rate from 2004 to 2013 (compared to
the previous year)
10. He encouraged SEZ but he never
checked whether they are developing or not and most of SEZ were taken for
development of real estate instead of industry which could provide jobs to
youth, the net result relates to the slowdown in overall job creation, Out of
389 notified , only 172 are operational. Millions of farmer were made
unemployed though his scheme generated only 29lacs jobs in his 9 years tenure.
11. Instead of brisk mining, he
failed to boast mining in Coal, Copper and Gold but permitted to import which
becomes major factor for 'cost push inflation'.
12. Many beneficiaries were made
payment in US Dollar while they are all resident of India.
13. A Liberalized Scheme of
USD2,00.000 per financial years was introduced for rich people of India to
purchase property abroad without knowing the facts that there are 33 million
tax payer in India which means less than 3% of the total population while only
14.6 lacs people have declared their income above Rs.10lacs out of 125 Crore,
and there are hardly thousands who have income more than 1Crore than for whom
this scheme was launched.
. In many European countries it is
more than 20-40% than who were buying houses abroad it was never checked that
how much money is being transferred legally and how much through Hawala. and
this is just 2.77 percent of over 121 Crore or 1.21 billion population of the
country.
14. UPA II Government failed to enact
act to nab those who are engaged in generating black money it is more
than confirmed that there is huge tax evasion and 2/3 our economy is in black
while for every solution we look towards FDI
15. The worst life of our rupee is
that it has been made inversely proportionally to share index-that means
if NSE goes up dollar parity with rupee comes down and if index falls than our
rupee gets depreciated and US Dollar gets appreciated. It means that strength
of our rupee are only in hands and mercy of FII
Not last but least, he encouraged
corruption at all level to see his growth story on flimsy ground by
increasing money supply which raised the rates of property and youth can never
dream of purchasing lands at this rates to install his industry so they planed
to go abroad after study or left technical faculties which again resulted in
closure of engineering and management colleges in large in India.
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"Democracy means- A
government of the people, by the vote of the people, by the money of the
people, and for the welfare of the people". Thanks
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