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Where Are We Headed?

krish44

Well-known member
There appears to be a huge downturn in the economy.

While the NDA is brilliant in managing thumping electoral victory, It is not savvy enough to manage the economic crisis

looming large.

One needs a minimum 7% growth to cater to poverty alleviation programs.

The Govt is guided by bureaucrats in finance and commerce ministries who only dole out old programs of UPA packaged

under different names.

They are trying to change planning commission into niti aayog .They areadhoc doing yearly planning instead of five year

plans.

They are unable to hold on to talented US educated economists for long and keep down grading institutions like RBI who

set monetory policy.

Demonetisation and GST have taken a toll on lives of people.

I do not know what is ahead?

There are no takers for discretionary Consumer durables in Malls.

Auto and real estate are in distress calling for revival measures.

There may be a liquidity crunch with PSU banks wary of lending after the recent financial scandals.

Retai inflation is inching up. Govt is trying hard to juggle numbers to present a rosy picture as small units are folding up

Many companies are window dressing their account books to show profits. Auditors are simply refusing to certify account

books and CFOs are quietly changing jobs .

Pensioners are likely to be hurt more than the others.
 

Vaagmi

Well-known member
Dear Krishji,

My views on the topic given in blue:

There appears to be a huge downturn in the economy.While the NDA is brilliant in managing thumping electoral victory, It is not savvy enough to manage the economic crisis looming large.

That is pessimism. A brilliant electoral victory is the result of the perception that the all important management of Economy will be done well and is in safe hands.

One needs a minimum 7% growth to cater to poverty alleviation programs.

Poverty is coming down.

The Govt is guided by bureaucrats in finance and commerce ministries who only dole out old programs of UPA packaged under different names.

There is no such need for the present Government. And if the old programs work well there is nothing wrong in continuing them and taking the ownership.

They are trying to change planning commission into niti aayog .They are adhoc doing yearly planning instead of five year plans.

Plans are plans whether they are five year ones are annual ones. The result is important and how well the goals set were achieved is important.

They are unable to hold on to talented US educated economists for long and keep down grading institutions like RBI who set monetory policy.

You may be a US educated Economist with colourful awards but if you are not able to get along with the men in power you have to just quit. You may get the same treatment whether you are in India or US.

Demonetisation and GST have taken a toll on lives of people.

No. They were right steps taken at the right time.

I do not know what is ahead?

Dont worry. Good days are there to come. lol.

There are no takers for discretionary Consumer durables in Malls.

These are ups and downs in market sentiment. Not permanent trends.

Auto and real estate are in distress calling for revival measures.

Crude Price is a major contributing factor. We have very minimal control over that.

There may be a liquidity crunch with PSU banks wary of lending after the recent financial scandals.

To survive Banks have to lend wisely and they will continue to do that. It is survival. A patch of reckless lending on cue by political bosses has come to an end with every citizen becoming aware of the games played. We can be sure that normal lending operations will continue and Bank Balance Sheets will show quality assets which keep performing and paying.

Retai inflation is inching up. Govt is trying hard to juggle numbers to present a rosy picture as small units are folding up

Retail inflation will keep moving up slowly and inexorably as it is a method by which growth is deliberately prodded. As long as it is within control there is no need to worry. I used to buy a banana for just one anna when I was 15 years old and now I pay Rs. 2 for a banana. And heavens have not crashed and India has not become a Venezuela. Rather I tip the server with Rs. 10 in the Saravana Bhavan Hotel where I go once in a while to eat a plate of Podi Dosa. So Rs. 10 is just nothing for me now while one anna was a handsome value those days. So please perceive inflation in India in its context and not in isolation.

Many companies are window dressing their account books to show profits. Auditors are simply refusing to certify account books and CFOs are quietly changing jobs .

Window Dressing is a very old trick. You can not do it twice in consecutive years. You may perhaps end up in Jail.

Pensioners are likely to be hurt more than the others.

Pensioners get compensated by the DA.
 

prasad1

Well-known member
It is rumored that Amit Shah will take over Finance. He will beat it to a pulp. So nothing to worry.
 

Brahmanyan

Well-known member
Sri Piyush Goel looks to me good candidate for Managing Finance in the new Ministry.
A rank holder both in Law and Chartered Accountantcy. He was acting Finance Minister during Sri Arun Jaitly's absence.
Brahmanyan
Bangalore.
 
Sri Piyush Goel looks to me good candidate for Managing Finance in the new Ministry.
A rank holder both in Law and Chartered Accountantcy. He was acting Finance Minister during Sri Arun Jaitly's absence.
Brahmanyan
Bangalore.
Sir,

There are also other names suggested and rumored like Nitin Gadkari.

Whoever takes charge, will certainly have tough challenges to face and to take immediate measures to reform economy. And for that matter, reform means different definition for every individual and every sector.

Hope the Government is serious and the reform measures will reflect in the ensuing Budget of the new Government, taking into consideration the lessons learnt in the past and to improve the present situation.

Of course, it may be certainly better than the tenure of PC.
 

Brahmanyan

Well-known member
I have been watching the debates in Parliament regularly. There are some good MPs who can be tried in the new Cabinet.
Pralhad Joshi (Dharwar), Meenakshi Lekhi (New Delhi) also Shobha Karandlage, Ebullient MP from Udupi-Chickmagalur constituency.

Brahmanyan,
Bangalore.
 

Jaykay767

Well-known member
The economy is in dire situation, the banks, nbfcs are all under massive NPAs. If one or more collapse, it will lead to contagion and bring down the entire economy.

The #1 priority and only priority for this govt, for madam Nirmala Sitaraman is "bank recapitalisation" !! Raise cash and fund the banks, so that they can weather this massive npa mess !!

Once banks are funded, they can go back to normal lending and ease the massive liquidity squeeze !!

On a side note, the Americans went bankrupt and defaulted on sub prime loans leading to Lehman crisis, but Indians deliberately defaulted, looted the money and brought the country to another Lehman level crisis !!

Yellame avanodaya thiruvilayadal !!
 

Brahmanyan

Well-known member
The economy is in dire situation, the banks, nbfcs are all under massive NPAs. If one or more collapse, it will lead to contagion and bring down the entire economy.

The #1 priority and only priority for this govt, for madam Nirmala Sitaraman is "bank recapitalisation" !! Raise cash and fund the banks, so that they can weather this massive npa mess !!

Once banks are funded, they can go back to normal lending and ease the massive liquidity squeeze !!

On a side note, the Americans went bankrupt and defaulted on sub prime loans leading to Lehman crisis, but Indians deliberately defaulted, looted the money and brought the country to another Lehman level crisis !!
Yellame avanodaya thiruvilayadal !!
True, Our new Finance Minister Smt Nirmala Seetharaman has a great responsibility to clear the Banking Mess created by huge NPA, especially in PSU Banks. She should activate the stringent actions to catch the Corrupt, and punish under law. Corruption encourages dishonesty in all level of Governance
Opposition parties should act with responsibility in Parliament and cooperate with the ruling party in clearing Corruption.
I hope the young leader of Congress can do a lot of good things to the nation, if he takes decisive action in Parliament. His recent utterences against some of his senior leaders on bringing their family members to Parliament shows his desire to cleanse his Party of nepotism.

Brahmanyan
Bangalore.
 

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