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India’s Economy Moving In Positive Direction, Finance Minister

It  is  Indeed  very  reassuring  that  the  Indian  economy  is  moving  in  the  positive  direction.  In the  context  of   turmoil  in  the  global  stock  markets,  such  statements  deliver  desired  positive  results.   The   Bombay  Stock  Exchange (SENSEX) has  registered  positive  trends  on  10th  August 2011.  But  the  Sensex  is  hardly  any  barometer  of   growth.  It  has  moved   from  8739  on  Dec 2, 2008  to  more than 21000  points  before  coming  down  to  16858  on  9th  August  2011.  On  10th August  it  has  closed  at  17130.  Had  the   sensex  truly  reflected  growth,  Indian  economy   would  have  been  shining   in  the  last 3  years.  But  the  worst  was  witnessed  by  the economy,  rather  the people.  One  doesn’t  even  remember  as  to  how  many  times  the  interest  rates  were  changed  by  the  Reserve  Bank  of  India  during  these  3  years !  If India  withstood  the  economic  turmoil  of  the  past  3  years,  it  was  largely  due  to  the  black  economy  contribution.  The  astronomical   growth  in  the  amounts   of   illegal    gratification  as  brought  out  in  the  audit  reports  of  the  CAG   proves  the  contribution  of   the  black  economy.  These  transactions  take  place  outside  normal  banking  channels  and  through  a  very  complex  maze  of   fake  companies. So, if the economy  has  moved  in  the  positive  direction  it has  thrived  on  black  money.  After  all,  only   15%   funds  are  pumped into  the  system, the  remaining 85%  has  been  flying  out  of  the  country  ,  presumably  to  the  Swiss  Banks  and  other  tax  havens.  If  the   Indian  economy  kept  on  moving  in  the  positive  direction  with  just 15%  of  the  funds,  what  a  growth  story  it  would  have  been  had  the entire  100%  funds  gone  into  development !  But  it  is  politically  incorrect  to say  so.  Instead  the  government  talks  about  “subsidies”.  Does   India  really  require  any  subsidy?  If  all  the  100%  funds are deployed  for  development,  the  need  for  subsidy  simply does not arise.  The  Indian  economy  can  certainly  move  steadily  in  the  positive  direction,  if corruption  is rooted  out and  fair  accounting  &  auditing  is taken  as  gospel.  Howsoever  high  a  person  may   be,  he/she  must  be  punished  for  economic  crimes  and  acts  of  omission &  commission  resulting  in harm  to the  economy.  But  in  India, the  shouting  brigades  fly  into  Taliban  temper  and   attacks  against  whosoever  points  a finger   at the  guilty,   be  it  the  Comptroller & Auditor  General  of  India, media,  opposition ,  academician,  intellectuals  or  citizens.

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