Suggestio falsi, suppressio veri is the ruling idiom of SoniaG UPA. Manmohan is no exception to this idiom. He is misleading the nation and his 'rule' for SoniaG is riddled with failures in his responsibility as PM:
1. To protect the national interests and NOT those of FIIs, by scrapping fraudulent hawala-route of P-Notes and not seeking project specific FDIs to fill technology gaps in development projects;
2. To interlink rivers, create a national water grid to reach water to every one of the 6+ lakh villages;the grid has the potential to double agri. prodn. in 5 years;
3. To work for the creation of Indian Ocean Community (IOC) which will make the IOC restore equity in global GDP by assuring 30% of the global GDP for the 2 billion people of IOC.
SoniaG UPA led by Manmohan, stands charged with these failures. Hopefully, the parties clamouring, 'singhasan khali karo, ke janataa aati hai' should include these as minimum goals to reach -- in 5 years -- in their party manifestos.
Kalyan
FACTS DON’T BACK PM’S ‘ALL IS WELL’
Saturday, 20 July 2013 | Anchal Kakroo | New Delhi
As the tenure of the UPA II is reaching the end, no matter whatever crisis the Indian economy is in, Prime Minister Manmohan Singh still believes that it is just a rough phase. Speaking at a function on Friday, the Prime Minister assured to do everything to help the economy bounce back and then pronounced the economy to be fundamentally strong.
Just a few months earlier, The Pioneer had analysed how strong the fundamentals of the economy really are. The Prime Minister claimed that the critics are focused only on one year of bad performance. He added, “This makes good for television but it is a very distorted picture.”
The Government has been talking about a fundamentally strong economy but as it turns out in the last 4 years, the very fundamentals are getting worse.
India’s Gross Domestic Product (GDP) growth rate in FY10 was 7.2 per cent and in FY14, the Government is hopeful to at least touch the 5 per cent mark. The same falling trend can be seen in the IIP numbers which fell from 10.5 per cent in FY10 to 3.5 per cent in FY13.
Inflation front, the Wholescale Price Index (WPI) rose from 1.6 per cent in FY10 to 7.6 per cent in FY13. Another important factor which has been one of the biggest concerns in the recent days is the Rupee-Dollar exchange rate. The RBI and the Government has been doing everything they could to stop rupee from falling. Back in FY10 exchange rate was Rs 44.5 per dollar which now in FY13 is hovering around Rs 60 per dollar. As far as country’s forex reserve goes, in December 2009, India’s total forex reserve stood at $283.5 billion and now in July 2013 it is at $280.167 billion. So neither the Government was able to prevent rupee from becoming the weakest currency in Asia nor was the Government able to either build up country’s forex reserve.
Till now, all the fundamentals of economy are weaker than what they were in FY10. Fuel is another important factor, which cannot only disturb common man’s budget but can also have major impacts on entire economy. When UPA II came in power, petrol prices were around Rs 40.5 per liter levels but now in FY13, in Delhi at least the prices have soared above Rs 70 per liter.
The situation of the country’s current Account Deficit (CAD) is no better as well. Back in FY10, country’s CAD was 2.8 per cent of the GDP which touched 4.8 per cent of GDP in the previous fiscal year which ended in March. As it turns out, fundamentally strong economy is just a rosy picture, in realty the nation is growing weaker as the years go by.
http://www.dailypioneer.com/todays-newspaper/facts-dont-back-pms-all-is-well.html
Rupee volatility is immediate worry, says PM; promises more FDI reforms
Prime Minister Manmohan Singh
RBI may ease up on monetary tightening if rupee stabilises; Govt cuts growth forecast
New Delhi, July 19:
The Reserve Bank of India may consider relaxing its monetary tightening measures once the pressure on the rupee eases, Prime Minister Manmohan Singh has said. He also promised more reforms on the foreign direct investment front, besides bringing down the current account deficit to below the 2012-13 level.
“The most immediate cause of worry is the recent volatility in foreign exchange markets,” Singh said, inaugurating the annual meeting of industry chamber, Assocham. His statement comes in the backdrop of the rupee depreciating nearly 10 per cent since April 1. After dipping to 61 against the dollar, it has now recovered to just under 60.
Rate hike concern
To curb volatility, the RBI first injected dollars into the market. This helped to some extent. On Monday, it took steps to raise short-term interest rates for banks on additional daily borrowing, besides capping the daily normal borrowing at Rs 75,000 crore. There was concern that these measures would result in higher interest rates on retail and corporate loans .
However, Singh said: “These steps are not meant to signal an increase in the long-term interest rates. They are designed to contain speculative pressure on the currency.” Banks have already clarified that they will not raise rates. The Finance Minister also spoke on similar lines. Yet, there is some nervousness in the market.
The Prime Minister felt that the sharp depreciation in the rupee was perhaps exacerbated by the high current account deficit, which touched 4.7 per cent in 2012-13. Singh expects this deficit to be much lower in 2013-14 compared with last year. “It will decline further next year. We will use all policy instruments available — fiscal, monetary and supply side interventions - to ensure that the current account deficit declines further over time,” he said. The Prime Minister also expressed optimism on the medium-term prospects of economic growth.
The way ahead
“The fundamentals of our economy are sound and healthy. We have been taking all possible measures to correct imbalances on the macro front,” he said.
Although, he preferred not to make any growth forecast for 2013-14, he said, “The IMF has recently reduced its earlier projection of growth rates for all countries, including India, for 2013. We had targeted 6.5 per cent growth at the time the Budget was presented. But it looks as if it will be lower than that.”
(This article was published on July 19, 2013)
http://www.thehindubusinessline.com/industry-and-economy/rupee-volatility-is-immediate-worry-says-pm-promises-more-fdi-reforms/article4932306.ece?homepage=true