Indian Economy – World’s Worst Managed, Incompetently Led
AIMA is celebrating Diamond Jubilee of its founding. This year’s subject was ‘Reimagining India’ – India today has the world’s worst managed economy and obviously most incompetently led.
When lamp in a washroom blows we don’t buy a torch as replacement– we immediately go and buy a new one and replace it asap, or replace it with Energy Efficient LED Lamp which saves energy and has long life.
When Cancer develops in a person – ‘Cancer is Surgically Removed asap’.
But this was not happening in NDA government. It would do weird things like ‘Make Holes in Walls of Washroom to let in light’ and ‘PrescribeYoga to a person battling cancer’.
After four monsoons ‘Yashwant Sinha woke to find Indian Economy in Downward Spiral’ when every action of the government was dubious – predictable in advance.
For 40 months 80% of Central Funds were directed to 2-3 states, for remaining 20 months ‘States Are Asked to COMPETE FOR PROJECTS’. In this too Non BJP or Poor states have no chance. Earlier Chief Ministers would present ‘Projects & Programs’ to be FUNDED by Central Assistance. These days ‘Center Decides-Prescribes What Do’. Resource Deficient states USED TO get PROPORTIONATE Funding – not anymore. Demonetization was MOST WEIRD – Instead of Eliminating MONEYLENDERS & MIDDLEMEN – GoI suddenly withdrew Rs.500 & Rs.1000 notes in circulation. GST meant to curb tax evasion may actually lead to Doubling of Tax Evasion.
Rail fare increase was expected to ‘Hit Passenger Traffic Growth’ – while passenger traffic declined – Volvo Bus Travel Quadrupled since NDA tookover.
Instead of Appointing Technical Experts assisting Banks in financing companies/ projects, it ordered CBI investigations and arrests of Non-Technical Managers engaged in ‘Project & Corporate Financing’ – GoI didn’t prevent financing bad projects. Banks are simply not skilled to Support High Technology Projects.
Instead of PREVENTING Financial Bungling Promoters & CEOs are put in Jail.
It was reported recently Vijay Malaya diverted Rs.6,000 Cr to Shell Companies.
It is common knowledge – practice started in Yashwant Sinha time when for example – ESSAR took project finance for a Gujarat Refinery but delayed its execution by 6-7 years Yet CLAIMED Rs.9000 Cr Incentives and diverted funds to finance ESSAR-HUTCH telecom venture in Overseas Deals –now VODAFONE. Income Tax liability case is still pending in courts when Vodafone acquired equity holding of Hutch for $12b in offshore deal in 2007.
Maximum Promises were made to Farmers, Water to All Farm Holdings, MSP for all crops, Food Processing, Rural Housing, Electricity, Employment, SME Enterprises – Government backed out on all of them.
Nitin Gadkari, Piyush Goyal & Suresh Prabhu have promoted LEAST VIABLE projects worth $600b or more which may eventually cost $1000b.
Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS
Y-77, Hauz Khas, ND -110016, India. Ph: 091- 8826415770, 9871056471, 9650421857
Ravinder Singh* is a WIPO awarded inventor specializing in Power, Transportation,
Smart Cities, Water, Energy Saving, Agriculture, Manufacturing, Technologies and Projects
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