Last week , i was in Delhi and met up with two friends who gave me shocking news .
One friend works as a vendor to Ministry of Defence ( MOD ). He informed that the MOD is not in a position to pay for the orders already placed as there is no money available .Always, MOD was flush with funds , and this is happening for the first time in history
Also, a senior official of the Ministry of Health informed that , they are planning with money ! This means that there is no money with the ministry but meetings with regards to planning are going on
Corroborating these two meetings with RBI’s news ( dated 5th Nov , 2011) that , RBI cannot pay interest on CRR. I am afraid if India has already fallen off the fiscal cliff !
By the way, Indian Government is borrowing at the rate of 1.5 lac rupees per second to run the Government this year . Nothing more to write . I believe that the Government owes an explanation