- Fraudulent reforms of MM Singh and UPA
Here are some indicators of reform fraud going on in country since MM Singh took over as PM and collected a bunch of incompetent, arrogant,luxury seeking, manipulators and corrupt persons and evn liers as various ministers.
1. Foreign investment increase of $22 Billion dollars. This results in extra out go of $ 8 billion every year taking modest expectation of 20% PA or Rs 40,000 crores per year.
2. Instead of strengthening mass rapid transport system and public transport in cities and towns reckless production and loans on automobiles tripling fuel consumption in India in last 8 years. Add to that huge pollution and road accidents. Rs 16 crore car model launched recently in India where per capita income is Rs 40000 PA.
3. General price rise of 300% in last 8 years. 700% price rise in property making it costlier than most of megalopolis in world in places like Mumbai and Bangalore. The average price of Rs 30,000 per sq yards simply out of reach of any common citizen in India.
This means Rs 36000 per sq yard taking land utilisation factor or Rs 4000 per sq ft. Add to this Rs 1200/per sq ft totalling Rs 5200 per sq ft of constructed house or Rs 52 lacs for a 1000 sq ft modest flat/house, the going rates in main Delhi/gurgaon, Mumbai suburbs and bangalore suburbs. Who are the people who can afford to buy this?
In smaller cities this is half or Rs 25-30 lacs per flat house.
One wonders if land in india suddenly submerged in water or population suddenly went up by 25% since MM Singh became PM?
Average stamp duty and property taxes in states rose by almost 30% after MM Singh joined, further raising property prices.
The various central and state government boards and authorities did not contribute to even 2% of total land development and housing in the country but annually eating away rs 2000 crores in salaries, wages and perks.
Whereas in NY a flat cost in suburbs Rs 2.5 lac dollars or about 5 times the per capita income in USA flat in Delhi is now available at Rs 30 lacs or 50 times per capita income of a Delhite.
Though India has only 1500 sq yards of agricultural land per Peron, almost 5% of land is yearly converted to commercial sites for making glamours malls and buildings. At this rate after 10 years India will not be able to produce any cereals and crops to meet internal demand (in ten years 20 crore people will be added further reducing the land availability to hardly 1100 sq yards per person)
4. The average fees of technical courses in IIMs and private institutes have gone up from Rs 90000 to Rs 5 lacs per year or 5 times in last 8 years.
5. The electric power costs have risen by 30 to 45 % at various paces in last 8 years dues to reckless privatisation in power sector and theft of energy.
6. The purchasing power of Rs has reduced from Rs 35 paise when MM Singh took over to just 17 paisa or almost half in last 8 years.
7. The profits and share market prices of PSU banks and private banks have gone up by 500% in last 8 years showing loot and plunder going on in financial markets in india and adding price pressure in economy. Nowhere in any good country prime lending rates are so high (almost 80% more) than as compared to India.
It is meaningless to comment on judicial farce going on in country where courts are almost out of control of any body, corrypot and non functioning (of ignore 2-3 judgments like Babri dispute to and high profile cases to fool people)
It is also meaningless to talk of law and order and civil unrest in country.
8. Salaries of CEOs have increased from Rs 30 lacs to 30 crores or 100 times. This, MM Singh calls reforms.
9. The price index base has been changed to 2005 to remove all previous price rises and lower the index. Now instead of weekly, monthly index will be released with additon of those items that rise slow to fool Indian citizens.
10. Instead of containing demand, toning up supply side and hoarding, the RBI is foolishly trying to calm the situation merely by press conferences. Raising interst rates by 0.5% or 1% hardly has any effect in modern economies and despite almost 200% liquidity increased in market since MM singh took over, monetary controls are deliberately not started to keep pleasing capitalist masters. Unless M3 money supply and Foreign inflows are contained neither rupee will corect vis a vis dollar nor prices wil come down. That is what MM singh seem to be wanting.
11. Though general salaries have gone up by 60-70 % only in 8 years the price rise itself is 300% in 8 years thus actually 5 times reducing PP of common citizens.
12. While foreign suppliers charge from 25% to 1000% margin on supplies to India, Indians can hardly charge 5% to 20% margin on various exports due to stiff competition, poor product export protfolio and virtually zero technology and research base in country. Even then MM Singh governmnent and corrupt media calls India super power and fools people. To deflect attention and continue loot in country by MNCs, FIIs, politicians and abanis and tatas. The price earning ratios of share markets are almost 40% higher than these deserve. Every one forgets that when companies make booming profits it is the Indian consumer who is paying towards these profits mainly and not foreign consumers (Less than 20% share)
The list of evil deeds and brainless functioning of this government is long and endless. There is not a siungle ratio of econimcs and social welfare that MM Singh can gte compared favorably to that in UK,USA or even China. So where this corrupt and incompetent govermnemnt heading to?
It is also surprising that major parties like CPM, BJP and others are quiet as they seem to be getting their own piece of cake from capitalist masters from this Rs 10 lac crores per year loot (12-15% of GDP).
It is time that this corrupt, brainless, arrogant and stooge of capitalists government led by MM Singh and Sonia is thrown out from Indian political scene and these guys are held in open public trial for treason and loot and plunder in country. It is worse than all foreign invaders put together in last 1000 years in India including British.
While growth and development are essential but these have to be attained at moderate pace controilling inflation and corruption and amassment of wealth by less than 3% people in the country. No attention is being paid to tone up judicial system and expand judiciary (takes 5 to 50 years for disposal and from Rs 10 thousand to 5 lacs per case of legal and follow up costs) though it costs only Rs 1000 crore per year extra simply because neither any business house, nor politicians and babus want fast judiciary for reasons every one knows.
For sake of enlightenment the inflation ratios in China, USA, UK, Germany, Switrzerland and Japan are all below 5% over last one decade as compared to 20-25% PA in India. It is criminal act.
Prof R.K. Gupta
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