Indian Economy
Economy of India: It is disgraceful for India that, despite two and a half decades of economic reforms, the Indian government continues to invite foreign companies for FDI and FII investments in dollars in India. The Indian Government urgently needs dollars solely for the purpose of servicing its debt! Why shouldn’t India focus on self-sufficiency in food grains and self-reliance in manufactured products? The manufacturing sector in India has remained stagnant for the past twenty years and has experienced negative growth over the last three years. It seems there may not be a plan to tackle the struggling manufacturing sector during the economic reform process. (read Past trade of India)
Authorities are resorting to instant remedy or quick-fix approaches. Every consumer product – motorcycles, automobiles, mobile phones, writing instruments, paper, cooking oil, food grains,… everything we utilize in India is imported (or produced in India under a foreign patent)
CRR (Cash Reserve Ratio) Magic
Externally, India is flaunting due to Cash Liquidity constantly impacted since 1998 by sporadic cuts in CRR (Cash Reserve Ratio). For instance, in the year 2000, a decrease of 0.50 % in the CRR was Rs. 14,000 crore, being injected into the economy. And, with a decrease of 0.25% in CRR, Rs. 17,000 crore is invested now (Sep 2012). Thus, approximately Rs. 40,000/- to 70,000/- crore are injected into the Indian economy by lowering CRR to boost the purchasing capacity of Indians. Why? Evidently, this is to assist them in acquiring imported products! India exports a small amount of what it produces independently.
FDI in retail market
The trade balance between the US and India shifted in favor of the US following the so-called Reforms…Notice how Parliament has approved FDI in the retail sector! Clearly, our Parliament members who needed to debate the advantages, disadvantages, or consequences of permitting FDI in retail just voted in favor of the motion and approved it. The anti-defection law limits the freedom of expression of MPs and MLAs.
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If they behave or speak out against their party whip, they would forfeit their Parliamentary membership. This causes them to be mere rubber-stamp MPs. According to our Constitution, parliamentarians do not have any special privileges; they simply enjoy freedom of Speech derived from the fundamental rights of Citizens. Disregarding the existing laws, MPs ought to have felt the obligation to uphold their role and fulfill their responsibility to protect India and its sovereignty.
Curbingunnecessaryspending by the Government of India is a wisemove. However, I believe the so-called Corporate leaders cannot proposeimprovedmethods to manage Government finances.
Your campaign title implies that taxes are primarily paid by corporations. I believe individuals from corporate entities cannot provide advice on managing government finances. It could be accurate that corporations contribute a larger amount of tax to the Central government
(Actually this letter was written by me in Economic times in response to Governor or RBI’s comment on Pakistan’s banking system.)
I am uncertain whether the picture of D Subbarao, RBI Governor, was captured during this news discussion or if it’s an archived photo. However, he appears to be laughing shyly in the picture. He understands that the high-interest regime is obstructing India’s advancement on all fronts. This high-interest environment is established and promoted by officials like D Subbarao, harming Indian entrepreneurs. Islamic Banking, conversely, asserts a charge for borrowing funds.
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While we Indian Hindus follow the Christian method of lending, in which no financial transaction is acknowledged by Law unless it involves interest. I believe that a high-interest environment presents a significant obstacle to India’s advancement. In China, the interest rate ranges from 2% to 5%. Across Europe, it ranges from 5 to 8%. What causes India to struggle with a 12 to 15 % interest rate? Our system of high interest rates lacks a scientific basis, even economically. Why should we not transition to a zero-interest model of Islamic Banking from the current Christian Banking system
The RBI Governor understands the situation thoroughly. That’s the reason D Subbarao is chuckling awkwardly! “Islamic banking does not align with current laws: Reserve Bank,” dt. 9.5.13. “We observed that Islamic Banking, which prohibits the charging or receiving of interest, conflicts with our current legal framework…” stated RBI Governor D Subbarao. Economic Times.