Posts Tagged ‘Manmohan Singh


Soniaji presents UPA-2 achievements and Rupee hitting fresh new lows..

Rupee at a fresh new lifetime low kind of sums up congress led UPA 2 rule at center. PM and FM keep on harping about challenging global macroeconomic environment which is resulting sharp Rupee decline. Every time we hear the same reason – Eurozone crisis is impacting our growth. Yes, to a large extent Eurozone troubles are impacting all EM currencies. But INR is outperforming every other currency on downside on account of twin deficits. Without any major shock and FII outflows, Rupee is above 56.

It is difficult to believe that a man of  such stature is doing nothing but just holding onto his PM post. May be the center of power is somewhere else and he has no choice but to be a rubber stamp. Few days ago, PM commented that “Policy paralysis perception can be corrected by reality”. I wonder if he is still in real world or in the paralyzed world of congress. Sometime back,  Soniaji also commented that it is fashionable to criticize government. It just shows the state of mind this government. Intellectuals at the center are still not willing to accept that much of India’s misery is a result of our own doings rather than the outside world. Suddenly after parliament session got over, the government increased petrol prices sharply by Rs. 7.5/Lt. Everybody including myself thought that the center has become hyperactive and we might see slew of decisions in coming days, especially diesel, LPG and kerosene price hike.  But everything is back to normal in the paralyzed world. Petrol is to a large extent deregulated and its subsidy share is like a drop in the ocean of overall subsidy bill. Petrol hike should have been managed better in terms of its quantum and rather diesel, LPG and kerosene prices should have been hiked moderately. But now the government has shot itself in the foot and is finding difficult to increase prices.

Rajeev Malik wrote an article in BS: It kind of sums up the frustration with this government.


Why I would vote for congress in next general election..

State of affairs at congress government can be summed by the PM Manmohan Singh’s recent meeting with the press. Instead of talking about future or any new policy initiatives, which have completely stopped, he was defending himself and the government from various corruption charges. As the head of the most corrupt central government as yet, he never knows anything, and everything happens behind him. He was a good economist and policy maker but now looks like a product beyond its best before date.

Recently, there was Deepak Parekh’s interview in TOI, It seems a lot of business groups are frustrated at delays in getting approvals for their projects. Instead of working on land acquisition bill, the government is busy on working with minority quota. As if, current reservation quota is not enough, they are keen on introducing one more quota within quota for minorities. Everybody wants our forests to be protected but not if it stalls development and growth. After 6 years delay, India’s largest FDI as yet by POSCO was given environmental clearance. I wonder if it would help India’s image as an investment destination.

After several months of delay, the Government found time to decide on the fate of Cairn-Vedanta deal. Being a politically sensitive matter in India, delay in petroleum products hike is understandable. Not sure how long this adhoc policy on petroleum products can continue. I hope UID project helps in directing subsidy to the target segment in a more effective manner. How can you provide subsidy to actor sunil shetty doing hayyy…hayyy…in his movies and driving his gas guzzler hummer on Mumbai roads (My friend Vinod Tirupati imitates him better). I don’t know what’s the extent of black money stashed abroad, but instead of bringing tax evaders to justice, government is busy fighting with Supreme court on SIT issue. Sad part is that, we don’t have alternative either. BJP is busy with infighting, Communists are struggling with ideological crisis. I think congress knows this very well, otherwise they would have done something. There is a widespread frustration and discontent among general public.

Congress government has introduced F-word on stock exchanges. F-word or FPO has been instrumental in wealth destruction of a  lot of PSU’s. Still government can’t understand that FPO is not an efficient method of divesting stake in Public sector units. As an option trader, predominantly option writer I love this government’s inaction. They allow me to play on my friend, time value. I am thinking about becoming a congress member and campaigning for them in 2014. I request all of you to vote for congress government in every election.

May 2018
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