This century that is the 21st Century has been hailed by everyone as the Century of the Elephant. The Indian Elephant.
Ever since India opened its economy in 1991, it has been labeled has a country with a great future. However the economic reforms of 1991 can help the country grow upto and extent.
Now what the country requires is Reforms 2.0. As Recession 2.0 has started showing up its ugly face, the Indian elephant is stuttering.
The rupee is being pulled down because of the Euro crises, the exports are going down, the GDP is going down. To add to this, the Fiscal deficit is going out of control.
It is at time of crisis, that the UPA, the government in power backed by its main party Congress is staring their Election 2014 campaign by talking about Food Security bill. This is a 1,20,000 Crore burden on the Exchequer without any returns. If implemented, it take the Fiscal Deficit levels beyond point of no return. This is very similar to the MGNREGA scheme that was started by UPA in 2008. It added a burden of 40K crores burden to the exchequer. If the cost was not a constraint, it made it severe by removing the labor from the industry. People who could have assisted in nation building of building cities, bridges, infrastructure, it lured them home to work on nondescript jobs with guaranteed income. The country faced severe shortage of manual laborers and the construction pace slowed down. We can easily blame the MGNREGA for making India grow at 8% instead of 10%.
If the food security bill is implemented, we can expect the country to grow at 4 to 6% every year. This will help the Gandhi’s, their congress party, to stay in power for 10 more years and rape the country to Stone age.
What was supposed to be India’s century will become India’s Failure !!!
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