Nuclear deal , FDI , Inflation & Black money – You did not change India , but changed India’s image Dr. Singh !


Dear Dr.Singh,

I read the top story in the current issue of the International Magazine ‘The Economist’ , and felt sad . Whenever , people like us visit outside of India , we are questioned or pointed towards corruption in India , and believe you me , it is painful to accept such criticism for our great country ! You put us to shame !

Nuclear deal & Jaitapur Plant : Recently , Wikileaks have exposed that Nuclear deal was not even acceptable to congress MP’s but money was paid to get votes !! It calls for a review and legal action against people making mockery of the most sacred institution of our country – Parliament ! Dr. Singh , please step down , we cannot bear more international assault due to your misdeeds ! Also, that India must immediately have a rethink on the location of all the nuclear installations from a public safety point of view . Jaitaput plant in Maharashtra is in Seismic risk zone and had 92 quakes in the past 20 years . The earth quake in 1992 was measuring 6.2 on Richter scale !! It calls for a fresh consideration of the approval granted in light of the developments in Japan post the Tsunami

FDI : Last week , I read that the government is considering granting FDI in retail for metros . Please desist from implementing your flawed policies again . Do not create hype and investment around metros , it leads to lopsided development and migration . If at all you want to grant FDI , please allow it in class 3 & 4 towns first , so that the local people get employment and we can see some reverse migration of populations and the burden on metros can reduce . Frame policies where foreign retailers cannot own more than 26 % in Indian companies across board . We do not want to lose our freedom Dr. Singh ! Also , as I have always mentioned change the definition of FDI from Foreign direct investment to Finance from domestic institutions ! Encourage retailer friendly policies for locals. Britishers financially exploited India , and took our wealth . Today MNC’s ( Multinational corporations ) are acquiring flourishing Indian companies and will take the profits away ! Are not getting back to pre-1947 days ? We will be exploited financially again and forever ! We are losing freedom with every investment & acquisition ! What is the use of such independence when the financial exploitation is similar to that under the British rule ? Please come up with rules that, in any sector , investments more than 26 -40 % cannot happen . Significant majority has to be with Indians ( Resident Indians). This is in the interest of national security & maintaining independence

Inflation : I have been watching your statements for the cause of inflation . Earlier , you attributed it to recession in 2008, poor rainfall in 2009 , and now you are attributing it to money from NAREGA !! Please do not blame the poor for every thing !! When you blamed poor rainfall as a cause of inflation , people were skeptical about it . When rainfall was good in 2010 , inflation still did not go down , now you had to find another reason , and quite cleverly , yourself & Pranab have been saying that because people are getting NAREGA money so they are buying more , thereby , leading to inflation . Please do not make lame excuses Mr. Prime Minister ! You & Montek have said that we must start to live with inflation as growth and inflation are intertwined . Sorry Dr. Singh , you need to study Economics again . History has shown that high growth and low inflation is possible and has happened in Germany & China and other parts of the world. So please do not give lame excuses . The real issue with inflation is that , because of your flawed policies for rural India , the migration has become perennial , and there is a tremendous loss in productivity ( multi-dimensional loss ) and that has caused inflation . Raising interest rates would not help ever , and time will tell us this hard fact . It is difficult to find a farmer less than 30 years in age .

NAREGA In its present form is causing irreparable damage to rural India , and I do hope that the educated economists in your team and the planning commission will attend to it as top most priority

I am scared that, if God forbid , India had a famine , how are we prepared ? We know such things can happen & without any notice like the recession ,and are not prepared for any such eventuality . Please let your cricket minister work on the worst case scenario’s as well.

Black Money : Last point is about the black money . We have seen all the estimates so far , and every number is an eye popping trillion dollar amount . Please challenge my number if you can !! India spends close to 30 % of its GDP in running the government and bureaucracy every year . it is a hard fact that, every employee who takes bribe gets almost double his salary in bribes ! Now another reality is, that senior bureaucrats and politicians get disproportionately high money in bribes when it comes to comparing bribes with their salaries . So clearly , the average B-GDP ( Black GDP ) is certainly 1.5 times the 30 % of GDP that the government spends on administrative costs of running the government . So If I average out the last five years GDP at half trillion dollars a year . India would have lost One trillion dollars in black money in just last five years , and trust me , these are the most pessimistic numbers ,and so are on the lower side . Your government & Mr.Khursheed talks about corporate governance ? When political governance of the nation is a sham and people have to take out thousands of cores off the balance sheet as bribes to your cabinet ministers , how can transparency and corporate governance work in this nation ? Take the case of telecom licenses ; every telecom company paid money other than the license fee . Where did the money come from , and where did it get accounted ? Not certainly in the legitimate account books , and so the corporate governance was severely compromised . Dr. Singh , The change should start at the top . if the political governance is good , corporate governance is good , if the political governance is shady , the corporate governance can never be imagined .

Dr.Singh , the nation recalls your letter to appear before the parliamentary accounts committee . I think that is not enough . You must be interrogated by CBI and charge sheeted for leading the most corrupt government in history of India ,and perhaps the world !

Read the article below from the Economist !

A Common Man

Rajendra Pratap Gupta

www.rajendragupta.wordpress.com

 Article from the latest issue of The Economist

Corruption in India

A rotten state

Graft is becoming a bigger problem—and the government should tackle it

Mar 10th 2011 | from the print edition

INDIANS’ anger over rising corruption has reached feverish levels. What people are calling a “season of scams” includes the alleged theft of billions by officials behind last year’s Commonwealth games in Delhi; $40 billion in revenues lost from the crooked sale of 2G telecoms licenses; and over $40 billion stolen in Uttar Pradesh alone from schemes subsidising food and fuel for the poor. Foreign businessmen, who have slashed investment over the past year, rank graft as their biggest headache behind appalling infrastructure. Now India’s anti-corruption chief has been forced out over, well, corruption (see article).

Graft is hardly new in India: the Bofors scandal brought down the government in 1989. But there seems to be more of it about than ever, if only because India is getting richer fast, and the faster the economy grows, the more chances arise for mind-boggling theft. The government says that in the next five-year plan period, which starts next year, $1 trillion will be spent on roads, railways, ports and so on, with billions more on re-equipping the armed forces and welfare. Add in an insatiable appetite for scarce land, water and minerals and a monsoon of bribes is forecast.

Some are inclined to shrug their shoulders. After all, corruption does not seem to be stopping India from growing. Yet imagine how much better the country would be doing without it. Corruption raises costs not just to Indians, but also to the foreigners whose capital India needs. Thanks in part to those scandals, India’s stockmarket was the worst-performing outside the Muslim world over the past year.

To its credit, the government has begun to take action against powerful individuals. Maharashtra state’s chief minister was forced out over a property scandal. Police have quizzed Suresh Kalmadi, the politician who ran the Commonwealth games. Most strikingly, Andimuthu Raja, the cabinet minister who oversaw the 2G telecom licences, was arrested.

A 2005 act giving the right to information is welcome, as are auctions for public goods, such as last year’s lucrative sale of the 3G telecom spectrum. Technology is helping. In some states, bids for state contracts are being run online, allowing anti-corruption bodies to monitor them. Gujarat does this for all contracts over 500,000 rupees ($11,000). It also puts land records and death certificates online, cutting down on one form of petty graft. Websites, led by ipaidabribe.com, reveal the cost of graft by publicising the sums demanded for everything from registering a baby to fixing a broken water supply.

The central government should now implement a plan for a universal, computerised ID scheme. It would allow welfare payments to be paid into individuals’ bank accounts, hindering theft by state workers.

The licence Raj lives on Most of all, India must redouble its efforts to liberalise. The state could outsource official tasks, cut red tape and sell wasteful and corrupt state-owned firms (why does the government make watches?). For all that the “licence Raj” was supposedly scrapped two decades ago, it can still take nearly 200 days to get a construction permit and seven years to close a business. Regulations are not, by and large, deterrents to corruption, but a source of it.

An Open letter to the Prime Minister


13th September 2010

Dr. Manmohan Singh

Prime Minister

Government of India

7, Race Course , New Delhi-110011

An Open letter from a common man

Dear Dr.Singh,

Namaskaar

I wrote you a letter on 14th February this year asking about creating wealth and employment ( available on my blog www.rajendragupta.wordpress.com ). Post that letter , i did hear Pranab da stating that we need to create wealth ……..but as always, i have not seen a concrete action plan post that “loaded statement”

For the past few months , i have been wanting to communicate to you what an ordinary Indian thinks about the current state of affairs, so that you can take appropriate action. Since so many things have happened, i will just randomly start than prioritizing any particular issue

Wastage of Food grains : In India , it has been a tradition of not wasting food on the plate . But we are wasting more than 50000 of tons of food grain and on the other side , we are having unprecedented and unchecked inflation. Conditions are revolting for the common man. If i was born in a deprived family , i would have become a ‘Civilian with a gun, out there to seek revenge’; what you can call as a naxalite !! But i have a very decent corporate job , i live with my family in Mumbai and i have a more sophisticated way to vent my anger with this note ( i presume that is the reason why we say that the Pen is mightier than the sword ! ). Else , for sure , i would be a more dreaded naxalite that Koteshwara Rao !! My social & financial standing prohibit me to think on those lines for moment  …………

Back to the point of the wastage of food grains , i am quite surprised that supreme court ( knowing well , that our courts are the most inefficient & corrupt  ). Still they felt that the government should distribute grains free than letting them rot and even passed an order . Not just the citizens but the court also believes that the government is a laggard when it comes to addressing the issues of the common-man & So it had to pass an order !)

What are the steps you are taking to ensure that this wastage does not happen again ?  Have you taken the FCI & Ministry of agriculture to task for a poor job on forecasting the production , planning storage and facilitating distribution of grains or exporting them rather than letting them rot when the country is facing a double digit inflation ? If i were in your position, i would sack the minister , the secretary of the Ministry & a bunch of senior officials responsible for the criminal waste and start the legal proceedings to penalise them & disqualify them from holding any post ever . So that no one would ever repeat this even for one KG of food grain, leave alone 50,000 tonnes. You seem to be enjoying as a silent spectator !!

Dr.Singh , how would you feel if your children or grand children slept hungry for a few days or just had one meal a day ? Do not forget that , 4 lac of children have their first birthday as their last  & 56 % of the women suffer from anaemia . All this is easily preventable . I wish your children were malnourished and then you became the Prime Minister

Honesty , inefficiency & Corruption : Dr.Singh, i sometimes wonder why people call you honest ! In my view , you are not  honest at all . Yes you might have some integrity ( though you have become morally flexible to a large extent ). Let me quote your silence on ministries handled by Mamta , Lalu, Raja,  Sharad and others……..if you were honest , you would never tolerate their incompetence and corrupt practices ! You are the patron ( rather the Head ) of this gang of inefficient ministers  . CBI has become ‘Congress Blackmail & Bachane ka institution” . When there is a show of strength in Lok Sabha or there is a need for support  , CBI goes to the Supreme court to withdraw cases against Mulayam , Maya and Lalu etc .  Whenever these people take congress to task , CBI starts knocking the door with charge sheets. Which honesty are you talking about Dr.Singh or are you selectively blind ?

Leadership abilities : You had once remarked that the history will judge you & not the opposition . Let me tell you that history would judge you as the most incapable leader who moved with the tide & sometimes it worked ( like in 1990’s ) and most of the time you failed miserably

Your party always projects you as the person who modernized India. Totally wrong !! In 1990’s , you were pushed against the wall with foreign exchange left for just a few days . Dr.Singh, you had no choice but to let the rupee devalue , and let the foreign investors bring money , and that too, was envisioned by PVNR ( who will never get his due share as he is was not from the Gandhi clan !! )

If you are such a great economist ( Look at your team: Finance minister is an economist , Home minister is a past finance minister , Montek is a finance man , In addition to this , you have Kaushik Basu, Raghuram Rajan etc….bunch of economic advisors ) . Then, why the hell are you all floundering !! You are all simply clueless about inflation and its solution!

I heard Pranab da saying yesterday that he was worried with inflation rising again !! He actually meant that he was failing ! I know that sometimes it is hard to put the right words, but public is not a fool Dr.Singh . We can make out what is underneath your statements .

Here is what historians would actually consider while rating you :

  1. Allegiance to the Gandhi clan and not to the nation
  2. Sharm-Al Shaikh & your love for Bush ( the residents of America hated the man and you loved him , i always fail to understand this one )
  3. Double digit Inflation ( You even failed as a astrologer here )
  4. Common Wealth Games fiasco
  5. Kashmir violence ( Worst thing to imagine is that house wives are on the streets pelting stones & Omar & you are on the same boat !! )
  6. Naxalites
  7. Relations with China ( Visa row clearly indicates that relations are at an all time low )
  8. US sanctions against outsourcing and increasing the VISA fees ( you just get flattered by Barack’s calling you ‘Guru’ , and you have gone overboard to get the nuclear deal through . Look at India’s past, and you will see that whenever India has faced sanctions , India has come out with its innovative research and developed the capabilities . Agni & Chandrayaan were built by Indian scientists. I don’t think that we should have surrendered our ‘Nuclear Sovereignty’ by signing the nuclear deal with a lot of riders and opening our sites for inspection to foreign powers …..You have let us down & undermined the capability of our scientists Dr.Singh ! Long term prospects of India of being the nuclear giant is gone with the deal . Without the deal , we could have taken longer but become stronger
  9. Relations with Pakistan , Nepal & Sri Lanka have gone at an all time low during your regime
  10. Farmers suicides are a blot to this nation
  11. Andhra Violence
  12. You are the only Prime Minister who has appointed & tolerated incompetent & disobedient ministers like Mamta , Sharad , Raja , Tharoor et al.

Under your Prime Ministership the political health, Social health & Economic health of the nation has touched a new low . I am not a fan of Advani , but when i see what Mani Shanker Aiyer did recently w.r.t. the Common Wealth Games or what Tharoor did a few months back or what Digvijay Singh has been saying about the Home minister or your own M.P’s criticizing the Kapil Sibal or Jagan defying congress and continuing with its Odarpu Yatra , i think Advani was right in saying that you are a weak Prime Minister . This is the worse government we have ever seen . The things have gone so bad that people curse you and your team . Even those who are well to do, are revolting in conscience and criticizing you …………you should be ashamed Dr.Singh  of still sticking in your chair . Media calls you night watch man !! I feel ashamed to mention the language common man uses for you .

Dr.Singh , you represent the ‘political culture’ of this nation . If you are silent ( or helpless  ) seeing  the corruption and inefficiency of the ministers who report into you , how can you expect the citizens of this nation to stand up against corruption and inefficiency ? You are leading by a wrong example . Please change it immediately or do not give talks that calls the people to stand up & raise voice , when you are silent and blind to acts of corruption , inefficiency and nepotism !!

Seeing what you have done , i can put here that you never could become a politician and failed , and also that the professor in you died as you could not convince your colleagues of looking after the nation as per the mandate given to your government .

Every minute you stay in office or every inch you move is financed by my taxes ( read common man’s tax money  ), and i have every right to question you about your indecision and decisions both . Please do not ignore the concerns of the common-man . Change your style of working , make changes in your cabinet , let the corrupt ministers go …….and do not do the mistake to pass off Rahul as a representative of youth for the nation ………He does not represent the youth , he represents the Gandhi’s

I expect you to act on this ……………you already have a detailed note sent out to you on Feb 14th about the steps you could consider to take in the interest of this nation . Else , resign and go. For sure , we will get a better Prime Minister ……..

Rajendra Pratap Gupta

Email: Office@rajendragupta.in

President@countryfirst.org

Indian Economy headed for a severe historic recession


Indian Economy – Getting into worst ever recession ??

It is high time , we acted fast by reducing fuel prices, drastically reducing loan rates and take all possible measures to ease out of a severe recession. Every where, there is a job loss, loss of contract, shrinking consumer spends , production cuts, halting growth plans, adding to this , the recent terror strikes have crippled our already bad travel and aviation sector. We need to convince the consumer that all these steps would be long term. Trust me, we are headed towards a severe recession that will blow out the India story. We don’t need a nuclear deal or a moon mission as a priority today, what We need is ,to keep our feet on our ground. India needs to be pragmatic. This road to recession can be a good turning point for the Indian Economy if used as an opportunity

Why is Indian economy in recession? Indian economy was known as the most intriguing economy for the last three years. There was a lot of hype and hoopla created around the same, everyone wanted to ride the booming India. Some called it the ‘rise of the east’ or ‘a billion under-served customers’. It was the country no one wanted to miss. What happened? What went wrong and why at all?

Firstly, a few things led to a sudden hype. Rise of Infosys and Wipro’s, TATA Tetley acquisition, Arcelor Mittal takeover, Indra Nooyi taking over PepsiCo as CEO, Arun Sarin took over Vodafone etc… This was backed by a lot of media coverage.

Secondly, the triumvirate of Manmohan Singh , P. Chidambaram & Montek Singh talking of a double digit growth excited a lot enthusiasm of politically connected ( and not so politically connected ) business groups to enter into ‘businesses of future’ like infrastructure , power, retail etc… This was based on ‘Big Talk’ of the triumvirate. We all know how many people pumped in money at unrealistic valuations and market was heated up beyond logic, banks were also enjoying the party, share market was expanding like a balloon, manpower was charging anything and still jumping for tempting offers, retail was spotting everywhere. Result: competition became suicidal. Money got pumped into real estate and supply increased and the prices soared. Brands started fighting for space and not profits. Finally, reality was surfacing; growth was not double digits; which the triumvirate shouted for three years. We saw profits were not as projected, corporates were missing numbers, shutting the outlets and man power layoffs. Just forcing Jet airways to take back air hostesses will not cover the reality…………how unfortunate!!!

Thirdly, the ‘Big consulting majors’ were talking in 2007 -8 about the multi-billion dollar markets suddenly growing three fold or four fold by 2012-15. How stupid of CEO’s who believed these news releases of these so called ‘big consulting majors’ and spent millions to buy their reports & finally presented their boards with these rosy projections and raised funds. Now they are shying about the current share prices and valuations (let’s not even talk about growth achievements versus plan or the crazy profits numbers!!!)

All the three factors basically did no good but just created a ‘sexy story’ about a nation like India, where more than 70 % people don’t have access to basic healthcare, only 3 % dabble in stock markets, only 10 towns can boast of a retail revolution, has 36 billionaires and more than 800 million living on about a dollar a day.

Let’s evaluate a little more ……..When people talked of India in 2007 they talked about big IT giants , call centre’s high paying jobs to teen agers, overseas acquisitions of TATA’s & Mittal’s, Mumbai becoming like Shanghai, Big malls coming , dollars flowing as FDI, Big brands coming to India , MNC’s coming to India, ballooning stock markets, BPO’s multi million outsourcing contracts & the great retail revolution. Now with US / Europe in recession and may be, with Barack taking over as the next US President. India will have to take a big hit. We just saw the first wave of negative effects of the US Financial market collapse. India’s stock market crashed almost to a third of its high. With India’s IT / BPO shying and taking to lay off’s, we know the real estate sector would be hit as the entire 2 BHK ( Two bed room , hall & Kitchen ) flat story was built on these young ‘Ripe aged’ employees buying flats at the age of 25-30. Splurging on mobiles and white goods by credit cards …………all this is over (believe me!!)

The hype was more of a story of 36 billionaires , Infosys, TATA, Arcelor, stock market manipulations , FDI and not the story of economic development & and the 800 million population. What we see happening was a foregone conclusion. It was not a ‘bubbling economy’ but an ‘economic bubble’. And it got burst

When the banks started hiring recovery agents, it was the start of the default / delinquency crises (credit card delinquency has gone up to as high as 14 %). Loan defaults would follow shortly and this will be a big blow to the banking / loan system. When the government has to get in to pump in money or the so called confidence, It’s a sure shot sign of crisis or recession or both.

I wish that congress leaders should have thought well before announcing a Rs.60000 crore write off for farmers. This has put a pressure on banks and it will manifest in banking / loan crises. Now imagine, I am a farmer with an Rs.10000 loan for my sister’s marriage or due to a crop failure (trust me, farmers crisis has come due to rise in social costs as much as crop failure). If my loan was waived off what it did to me? Firstly, it gave me nothing to raise a healthy crop and earn for the season so my problem would be standing as such on my head. Has it given me seeds or irrigation which i needed? I could have earned and paid for the loans in the next few years (a moratorium on payments & Interest was more than enough). Moreover, it has set a precedent for me not to pay my loans and hope for future waivers. When politics drives finance, chaos is the only outcome.

Take a cue from USA . They have pumped 700 billion dollars ( India cannot think of even a tenth of this amount in the case of a crises !!! ). This pumping of funds actually helped the banking system in the US and not the economy as people have been made to believe in !

We can knock off any crises if India develops an indigenous model for growth in which technology only becomes the enabler and not the key driver or determinant. What i am pointing is that, we need not depend on FDI totally. When FDI came in, we were roaming the whole world and shouting about it. Now that these economies are under crises, they will take care of their home first, and may even exit from our country as we have seen in the case of FII’s exiting the stock market and leading to a sudden crash. We must have started our economy with 75 % dependence on domestic and 25 % on foreign fund generation besides a host of infrastructure & ground level measures. We need a ‘self reliant India growth model’ and not a USA – Europe dependent-driven growth model. Hope the policy makers will learn from the crises & take steps to correct it.

Now a day’s the most talked about line from the ruling politicians is, that India is fundamentally strong economy. Which ‘Fundamentals’ are they referring to ? Our consumer sentiment is low, stock markets have crashed, industrial production is low , inflation is high, uncertainty is looming over every corporate , retrenchment is happening , rupee is weak against the dollar, farmers that constitute 65-70 % of the population are committing suicides , IT & BPO industry is hit hard due to US –Europe recession, terrorism and lawlessness is rampant. I am still trying to get which fundaments appear to be strong !!! Is it the large suffering population that is being referred to ?

Coming to the most happening sector – The great Indian retail story : I see some retailers having burnt their fingers in metros , now are planning of moving to class II & III towns for the next cycle of growth. Let me express boldly, that this will be a big loss making proposition. In towns like Mumbai and Gurgaon, retailers are having a tough time, how come they will survive in smaller towns with more ‘service class’ & ‘Small time traders’ people. At least , bigger towns have industries and other corporates to support higher spending opportunities. Some learned Advisors have informed these retailers that 70 % of India lives in rural areas so rural India is a bigger market than urban India (calculating that rural India with USD 530 income per capita is three times the population of urban India with the per capita income of USD 1200). What an ‘unintelligent logic’. The 530 USD that the rural India earns is not even enough to spend on basics, unlike urbanites who have the basics already and can afford to spend on the new class of products which supports the modern retail formats. It is analogous to three boys of seven years marrying a girl of eighteen years (3 boys x 7 years = 21 Years, marriageable age!!!). Intelligent logic isn’t!!! That’s what our great retailers are trying to do . Only smart ones are Pantaloon and Wal-mart. Rest all are smart looking idiots !!!

Retailers must realise that they are making investments for 2012-15 market projections. The figures of these projections are not even validated. But the cash burnout is happening now. Imagine this , rentals going up by 5 % every year , salaries by 20-30 % , cash burnout for new openings , increasing offering –SKU’s, reducing margins to attract customers or wash off old inventory. However can a retailer survive ? Adding to this , move to class II towns!!!

Just to make a note that if in towns like Panvel in Navi Mumbai, the two supermarkets owned by Foodland have closed within a year due to opening of ‘MORE’ supermarkets, D’mart & Reliance Fresh stores, how can small kirana stores survive? If i don’t go wrong, even ‘More’ & Reliance will have to shut down in the times to come in the area or make perpetual losses . So the retail story in its current form is not a lasting one. But the lessons are to be learnt . One thing that has happened in India which is totally wrong is that, we have tried to CCP (cut, copy and paste) foreign retailers. But we have missed to note the most important point , that foreign retailers were pretty slow in the first ten years in their country. Even Mukesh Ambani made a strategic mistake; he announced 5 billion dollar investment in retail only to face the back lash from local traders. No one expected seasoned businesses houses to make such tall claims ….This gives us a clear feeling that Indians are unaware and unprepared for the hype that has been created by the media and neither are they guided by the realities . I would call Wal-Mart the smartest retailer in India. They have just done a retail tie up in India without using its brand name . So that the Indian partner has the expense & experience and Wal-mart has the learning’s. Moreover, their growth plans are practical. Just 15 stores now compared to 600 + stores of Reliance and Birla’s. What if the Ambani’s & Birla’s want to change the strategy or make changes backwards because of their learning’s?? It is easier to correct and make changes in 15 stores of Wal-Mart then 600+ stores of Reliance or Birla’s.

We must note:

85 % of the rural India does not have the power to consume very much at the prices that currently prevail in the market.
30 % of urban India constitutes 75 % of the GDP.
70 % of the rural India constitutes 23 % of GDP
According to the Central Statistical organization, in 2001, 48 % of the rural GDP was agricultural.

In 2001, the NDP contributors were: agriculture 46 % , industry 21 % and services 33 %.

If India needs to grow sustainably, we need to make a prudent choice between education, vocational training and SSI. Needless to mention that, India’s growth will be driven by creating more jobs in lowest rungs of the society. They will build the real consumption led growth for a ‘Shining India’. The earlier, the better.

India today is in a recession and we must accept the fact. By closing our eyes the problems will still remain. We must build growth models not based on dollars , stock markets , urban India but go in for holistic models of growth that suit the local conditions and requirements , are broad based for all sections of society and industry , and just don’t reflect isolated figures .

Rajendra Pratap Gupta
President
Countryfirst
Cell : + 91- 9323109456
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E-Mail: mail@rajendragupta.org / rajendragupta@aol.in
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US economy, Recession , terrorism, Economic fundamentals, Barack Obama, Recession in Indian economy, Terrorism , Curruption.