India's economy stumbles badly as Narendra Modi begins his second term

[prasad1]

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Of course, we have people believing their whatsapp group, rather than economists and Journalists (the professionals), because it is an inconvenient truth. Then they will blame others as fake news. But facts speak for itself.

Narendra Modi just won a second term as prime minister of India. His most urgent task will be getting the country's economy back on track.

Gross domestic product expanded 5.8% in the quarter ended March, according to data released Friday. That's a sharp decline from 6.6% growth in the previous quarter and the weakest rate in two years.

It also means India has surrendered the title of world's fastest-growing major economy to China, which grew at 6.4% in the same period.

Modi, who first swept to power in 2014 on promises to revive India's economy and boost growth, won re-election by an even bigger margin in the latest vote which concluded on May 23.
Yet growth has eroded over the past three quarters after hitting 8% in the middle of 2018.

Another set of figures released on Friday revealed that India's unemployment rate hit 6.1% in the fiscal year ended 2018 — reportedly the country's highest in over four decades.

An estimated 12 million young Indians join the workforce every year, and the country needs to grow much faster in order to provide jobs for all of them.

The mammoth task of reversing the slump will fall to India's new Finance Minister Nirmala Sitharaman, who took charge of the economy just hours before the growth numbers were released.

India's central bank, the Reserve Bank of India, has already cut interest rates twice this year in order to boost growth and will likely do so again next week.

"A third consecutive rate cut now looks a done deal," Shah added.

https://www.cnn.com/2019/05/31/economy/india-gdp-economy-q4/index.htm

 

[Jaykay767]

Good one !

As per the whatsapp factory, we have already beaten all the developed nations in terms of growth and prosperity, and all our people are in lala land enjoying the results of great development delivered last 5 yrs !!

LoL

 

[Jaykay767]

As I said earlier, every team needs a Sachin Tendulkar who is not only on top of his skills, but also great in his execution.

This is where you need a Chidambaram who can execute within the annals of such a complex messy bureaucracy and system. Like the way he setup the NIA on the lines of the homeland security in USA and it is now bearing excellent results.

Maybe they can hire Chidambaram as the finance minister, like how Narasimha Rao hired Vajpayee to represent india in the UNO !!

 

[kudandhai Srini]

Hiring Chidambaram....lol

There is Saradha scam, NSEL scam, INX Media bribe case to speak a lot

Thank God India's Finance Ministry is in Safe Hands

………………………………..

Indrani's turning approver in the INX Media bribe case could sound the death knell for Chidambarams' political ambitions

Bad days ahead for corrupt former Finance Minister Chidambaram

Read more at: https://www.pgurus.com/inx-media-bribery-case-bribe-giver-indrani-turns-approver/

Chidambara Rahasya – Details of huge secret assets & foreign bank accounts of Chidambaram Family

Summary of the assets & foreign bank accounts of the Chidambaram family unearthed by the ITD

The Income Tax’s Chennai Investigation Unit’s report having more than 200 pages about former Finance Minister P Chidambaram’s family and especially son Karti and his companies huge assets in more than 14 countries are now out in the public domain. Recently some portion of this sensitive report was exposed in public by Bharatiya Janata Party (BJP) leader Subramanian Swamy in a press conference. Many media houses whose owners are friendly and in collusion with Chidambaram tried to black out the news.

Read more at: https://www.pgurus.com/chidambara-r...-foreign-bank-accounts-of-chidambaram-family/

This is about misusing Official position....

P Chidambaram, KP Krishnan, Ramesh Abhishek abused official powers to kill my exchanges and help NSE: Jignesh Shah on NSEL scam

Earlier this week, 63 Moons had served legal notices to Chidambaram, KP Krishnan, the former additional secretary at the finance ministry in-charge of the capital markets, and former Forward Markets Commission (FMC) chairman Ramesh Abhishek, seeking damages worth Rs 10,000 crore in connection with the NSEL scam.


Read more at: https://www.moneycontrol.com/news/i...lp-nse-jignesh-shah-on-nsel-scam-3565381.html

 

[kudandhai Srini]

The other side of 'Holier than thou'. LOL

Friend, father & philosopher of black money is Chidambaram

Chidambaram's record as Home Minister has been disastrous. Neither has he made any impact on internal security, with the worst massacres of his own paramilitary forces taking place in his time, nor on terrorism, which carries on in complete complacency because there are neither effective preventive or punitive systems in place, nor political will and national legislation to combat terrorism. It is on record and in the public domain that the Home Ministry gave incorrect names of India's most wanted list of terrorists allegedly hiding in Pakistan, some of whom were tracked living in India or in custody. Is this a testament to his fabled efficiency and commitment?

What a laughing stock we must be before the world. It is almost as if India is determined that it shall not combat terrorism, shall not have enabling legislation as enacted by the US, such as the Homeland Security Act 2002, and the Prevention of Terrorism Act 2005 of UK and similar legislations in European governments. India is determined not to have an effective national agency on the lines of the Homeland Security Department of the US. The ramshackle National Investigation Agency showed itself as a complete failure during the recent Mumbai attacks. Understandable, because its only mandate appears to be to investigate "Hindu terror", the last refuge for failed and hopeless Congressmen like Chidambaram. The CCTNS, JIC, ARC, NTRO (presently in another scam), and NCTC remain effete, scattered and unmonitorable, even by the Home Ministry. With such an unequivocal determination by the UPA government not to address terrorism effectively, I can only grieve for my country.

Read more at: http://www.sunday-guardian.com/analysis/friend-father-a-philosopher-of-black-money-is-chidambaram

 

[Jaykay767]

SHRI RAJNATH SINGH INAUGURATES NIA OFFICES IN HYDERABAD AND GUWAHATI LAUDS AGENCY’S ROLE IN INVESTIGATION OF TERRORIST ACTIVITIES

Union Minister of Home Affairs, Shri Rajnath Singh said that the National Investigation Agency (NIA

pib.nic.in

Union Minister of Home Affairs, Shri Rajnath Singh said that the National Investigation Agency (NIA) has emerged as a premier agency in the country setting standards of excellence in counter terrorism and national security related investigations. Inaugurating the NIA office and residential complexes at Hyderabad and Guwahati, he said that there has been an increasing trend in the number of case being entrusted to NIA since its inception in 2009. Shri Rajnath Singh said that NIA has achieved conviction rate of 92% in the cases assigned to it. Out of the total of 249 cases assigned charge sheets have been filed in 180 cases. The investigations carried out by NIA have resulted in significant decrease in number of youth joining terrorist outfits, he said. The Minister said that investigations conducted by NIA have helped unearth an entire range of illegal activities involving terrorist groups from terror conspiracy and funding to specific incidents of terrorism. The scope of NIA investigations encompasses terrorist outfits in India and also global terrorist organizations like JeM, Hizbul Mujahiddin, Lashkar-e-Taiba, etc.

Several complex cases such as twin blasts in Hyderabad in 2013, Patna Blasts (October, 2013), Pathankot terror attack case (January 2017) have been successfully investigated by NIA, Shri Rajanth Singh added.

 

[Jaykay767]

Corruption and competence are 2 different things !! LoL

Narasimha Rao had to bribe 4 jmm mps to form the govt, but went on to deliver path breaking the reforms.

 

[kudandhai Srini]

When we talk about competence, there are two things

One is not improving the economy of the country but go on speak a lot as though country's economy is improving

The other one is swindling the country without others noticing it (Not easily detectable means)

This article was dated 2013 when our...'Holier than thou' was the FM. LOL
------------------------------

The failure of India’s economic reforms


The sort of detoxification that our nation needs to make it more equitable, just and actually richer, is beyond all economic theory

I’ve been writing on economic policies for many years now. Not that I am an expert in any sense of the term, but, well, one has to make a living, and people have been kind enough to pay me for writing on economic policies. I came into journalism six months before the liberalization process was inaugurated, so I suppose one can say that to some extent my career has been a by-product of economic reforms. And I am part of that Great Indian Middle Class, which apparently gained the most from reforms, made it to the cover of international magazines, and has been punished relentlessly for the last few years, for sins we must have committed, though we can’t remember what, how and when.

I have come to believe that reforms don’t matter. Economic policies don’t matter.

The story of Indian reforms, in Twitter-length statements, can be summed up thus:

………………………………

We are a corrupt nation. In fact, as we have seen, when the disenfranchised gain power, they too very often focus immediately on looting, as if to make up for lost time.

The sort of detoxification that our nation needs to make it more equitable, just and, yes, actually richer, is beyond all economic theory. When the Cheshire Cat faded away, its smile still hung around in the air. In India, corruption is that smile. That smile needs to be wiped out. Everything else is mere detail.


Read more at: https://www.livemint.com/Opinion/pjGPhkNEq5cBDfpBuBqpBL/The-failure-of-Indias-economic-reforms.html

 

[kudandhai Srini]

More sins will come to light...LOL

The 9 deadly sins (and counting) of P Chidambaram

It's good that economic performance is now top of the agenda, even though the slugfest between former Finance Minister Yashwant Sinha and outgoing incumbent P Chidambaram degenerated into some degree of personal attacks.

Leaving that aside, it is worth looking more closely at Chidambaram's claims of superior economic performance under UPA, and especially under his watch. However, it is not really worth comparing the UPA's decade with the NDA's six years in power, for that would be like comparing apples with oranges. The reason: the India of the late 1990s was not the same the one Chidambaram inherited in 2004. So what one has to scrutinise is Chidambaram's performance in the much more favourable economic circumstances of UPA-1, and the legacy he leaves behind for the next government at the end of UPA-2.

….
Ninth, he has announced policies that were not followed up by real change. In his second UPA budget (2005-06), he claimed that he was not obsessed only with making huge outlays, but about real outcomes. In short, he will get bigger bang for the government's buck. He said: "I must caution that outlays do not necessarily mean outcomes.The people of the country are concerned with outcomes.The Prime Minister has repeatedly emphasised the need to improve the quality of implementation and enhance the efficiency and accountability of the delivery mechanism.During the course of the year, together with the Planning Commission, we shall put in place a mechanism to measure the development outcomes of all major programmes. We shall also ensure that programmes and schemes are not allowed to continue indefinitely from one Plan period to the next without an independent and in-depth evaluation."

But huge increases in food, fuel and fertiliser subsidies have continued for 10 years without reform. Outlays have continued to be made without examining outcomes. Even as the basic question of leakages in food subsidy remains unaddressed, the UPA has announced an enormously expensive Food Security Bill that will make the leakages worse.

As we noted before, the Planning Commission's Independent Evaluation Office has calculated that it takes Rs 3.65 to reach Re 1 worth of grain, and even in this Re 1, some 57 percent does not reach the right beneficiary - that is, the poor. This means out of the total Rs 3.65 spent, only 43 paise gets to the poor - about 12 percent of the original quantity. That's a Rs 1,01,200 crore waste in next year's food subsidy outlay.

Despite his claims to being a reformer, Chidambaram's two tenures in North Block have not been scrupulously reformist. In fact, in many areas his touch was distinctly anti-reform.

For this he deserves at least one boo.

Read more at: https://www.firstpost.com/business/...ns-and-counting-of-p-chidambaram-1965617.html

 

[krish44]

Some interesting info on unemployment -both rural and urban in 2017-18

In urban india it is 10.8% for females and 7.1% for males =overall 7.8%

In rural india it is 3.8% for females and 5.8% for males-overall 5.3%

For all put together,unemployment is at 6.1% an all time high.

These are figures put out by NSSO-national sample survey org.

Urban women do not like to work as their men are educated and well employed and their women prefer to

stay home and not do low skill work .

In rural it is reverse. Women prefer to work in low skill jobs alongside males.outside home.

Moral of the story-Rural women should marry urban educated males and stay home in urban cities

That is the best deal for them .lol

 

[vrkmmol]

When we talk about competence, there are two things

One is not improving the economy of the country but go on speak a lot as though country's economy is improving

The other one is swindling the country without others noticing it (Not easily detectable means)

This article was dated 2013 when our...'Holier than thou' was the FM. LOL
------------------------------

The failure of India’s economic reforms


The sort of detoxification that our nation needs to make it more equitable, just and actually richer, is beyond all economic theory

I’ve been writing on economic policies for many years now. Not that I am an expert in any sense of the term, but, well, one has to make a living, and people have been kind enough to pay me for writing on economic policies. I came into journalism six months before the liberalization process was inaugurated, so I suppose one can say that to some extent my career has been a by-product of economic reforms. And I am part of that Great Indian Middle Class, which apparently gained the most from reforms, made it to the cover of international magazines, and has been punished relentlessly for the last few years, for sins we must have committed, though we can’t remember what, how and when.

I have come to believe that reforms don’t matter. Economic policies don’t matter.

The story of Indian reforms, in Twitter-length statements, can be summed up thus:

………………………………

We are a corrupt nation. In fact, as we have seen, when the disenfranchised gain power, they too very often focus immediately on looting, as if to make up for lost time.

The sort of detoxification that our nation needs to make it more equitable, just and, yes, actually richer, is beyond all economic theory. When the Cheshire Cat faded away, its smile still hung around in the air. In India, corruption is that smile. That smile needs to be wiped out. Everything else is mere detail.


Read more at: https://www.livemint.com/Opinion/pjGPhkNEq5cBDfpBuBqpBL/The-failure-of-Indias-economic-reforms.html

You seem to be contesting for the sake of contesting. Take a car on a rural route in any state and ask them their discomforts. Go to all the metros and ask the youth whether they get some decent job. Come to bangalore where I live and ask any software engineer on his/her job security. Take senior citizens and ask them whether their sorroundings are clean. do they get decent quantity of water. To trumpet is the habit of BJP and to attend to society is gone away with Atelji. We Indian educated should ask every Govt irrespective of parties. We are a spine less lot and verbal blarers

 

[kudandhai Srini]

We Indian educated should ask every Govt irrespective of parties. We are a spine less lot and verbal blarers

Yes.....because most of us know what has happened to the whistle blowers at Karnataka....viz. DIG Roopa,IPS, S.P.Mahantesh, to name a few

Four held in whistle-blower officer’s murder cas

A day after Karnataka official S.P. Mahantesh, said to be a whistle-blower in controversial land allotments by societies, died in hospital, the Karnataka government on Monday said four persons have been taken into custody in connection with the attack on the officer.

https://www.thehindu.com/news/natio...lower-officers-murder-case/article3442307.ece



Form SIT to probe RTI activist's murder: Karnataka HC
A division bench headed by Chief Justice Vikramajit Sen asked the government to submit its final report by February 10.

On November 20, Lingaraju (40), an RTI activist was hacked to death at Vittal Nagar in Chamarajpet in Bangalore by three unidentified persons in front of his house when he and his wife were fetching water from a public tap.

Lingaraju had filed a private complaint in the Lokayukta Court against Govindraju, husband of Azadnagar corporator Gowramma. On November 9, Lokayuukta police had raided Gowramma and Govindraju's residence and recovered property worth over Rs 16 crore.

He is also reported to have provided crucial documents, during preliminary investigation of the cases involving Gowramma and Govindraju, which subsequently led to the raids, police said.

Read more at: https://www.news18.com/news/india/form-sit-to-probe-rti-activists-murder-karnataka-hc-2-545079.html