The Reserve Bank Governor’s warning!

Was it worded in the politically incorrect language?

Raghuram_RajanThe highly-rated RBI Governor, Raghuram Rajan had made the very insightful remark on India’s economic growth claims claiming that because only the Indian economy is reportedly growing at 7.5 plus rate that we, Indians, shouldn’t feel complacent nor should we imagine that we are tat the top of the world! India is only reporting such high rate. But then, the hard reality is that in terms of per capital incomes we are at the bottom of the scale, China is reporting four times such growth in per capita incomes.

Mr.Arun Jaitley and Ms.Nirmal Sitharaman, the two ministers pounced upon Mr.Rajan to say that the RBI Governor should not have used a language that was hurtful to a section of the people. Certainly, the RBI Governor is a public official and a high profile one at that and any remark that provokes people and divert attention from serious issues must be avoided.

Fine. Point taken. But how the two high profile ministers in the government conducted themselves? Did they help to enlighten the public with the inside knowledge of the Indian economy?

This is the real question. Unfortunately, the two seniors didn’t help the public good, in our opinion. Why?

The Finance minister, not an economist, but only a clever lawyer, but a competent person, had been giving the impression that everything is good with the economy.Also, Ms.Sitharaman is also a highly competent minister in charge of commerce and trade.

We all know and it is public knowledge that exports from India is decelerating. From the peak of 390.5 billion dollars recorded in March 2013 to 22 billion dollars in March 2016.Almost for more than a whole year. The RBI Governor in his Ramnath Goenka Lecture delivered recently has dealt with the reasons for such an export deceleration. He cited, among others, there major reasons how the countries as they grow and expand their trade the growth of the GDP and the Exports don’t match.GDP might grow but the exports might change patterns depending upon the growth of countries. As GDP grows, as say in China its non-traded service constitute a greater share of GDP, also trade-intensive capital goods investment muted etc.

The point here is that the structure of the trade and exports components change and we have to learn to live with a new normal growth and the old double digit growth in exports, says the RBI boss, is at best would be a memory!

Anyway, the RBI Governor on his part had made clear that if India is to reach a level when poverty of the vast mass of the Indian people are to be removed and a new level of prosperity and a decent living for the vast majority of the people is to become a reality then, the RBI Governor candidly said than the Indian economy must be growing at a higher rate for the next 20 to 30 years or more!

This is the reality of the Indian economic policy making challenge.
Till now, this harsh troth was not said so simply and openly.
The professional economists of the earlier era, under the UPA regimes, the economists who also indulged as politicians (!) did a great disservice to the Indian people by not talking so openly or candidly.
By keeping mum all the time as the chief executive of the country the ones who pretended to promote India’s economic growth only kept their jobs safe only. Not the lives of the people from the endemic poverty.
Now, we have a real change for the better. Now, we see under the Prime Minister Narendra Modi a new bold initiative, Transforming India by a series of reforms the Indian government wants to promising a faster growth.

They have put forth ten new promises. Aadhar number for 90% of the ration cards. Increase rural tepeldensity 100% by 2020. 175 broad band connections by 2017.Deregulation of GM crops by March 2018.WTO-compatible norms by March 2018.Third party scrutiny of road project execution agencies by end of 2016.

Of course a grand promise of 10% growth in GDP.175 million jobs. A 10 trillion dollar economy.

Bravo! It is needed such a grand vision. Then only a sceptical and doubting Thomases-filled nation can be rejuvenated!

We welcome the government’s rush to think big and do things with great hopes. A nation succeeds by the scale of its own beliefs.

One Thought on “An inflated economic growth rate?

  1. ajitsolanki on May 21, 2016 at 8:28 pm said:

    it is heartening to know govt intentions let us be optimistic that vision will materialiize but through centurys govt have promised utopia and magic wands forproblems but only if structural bottlnecks could br overcome by annoncements of policy formulatons or selling dreams need is to change mindset implementaton is by society let us hope for best

  2. Thanks in favor of sharing such a pleasant thinking, article is pleasant, thats why i have
    read it entirely

  3. Hey there great website! Does running a blog like this require a large amount of work?
    I have absolutely no expertise in coding however I
    had been hoping to start my own blog in the near future.
    Anyway, should you have any recommendations or tips for new blog owners please share.

    I understand this is off topic however I simply needed to ask.
    Cheers!

  4. It’s fantastic that you are getting thoughts from this post as well as from our discussion made at this place.

  5. I’ve been surfing online more than 3 hours lately, but I never discovered
    any interesting article like yours. It’s beautiful worth enough
    for me. In my view, if all website owners and bloggers
    made just right content as you probably did, the web might
    be a lot more useful than ever before.

  6. I was wondering if you ever thought of changing the page
    layout of your site? Its very well written; I love what youve got to say.
    But maybe you could a little more in the way of content so people could connect with it better.
    Youve got an awful lot of text for only having 1 or
    2 pictures. Maybe you could space it out better?

  7. Hey there are using WordPress for your site platform? I’m new to
    the blog world but I’m trying to get started and set up my own.
    Do you require any html coding expertise to make your own blog?
    Any help would be really appreciated!

  8. You should be a part of a contest for one of the most useful sites on the
    web. I most certainly will highly recommend this site!

  9. Hey, I think your site might be having browser compatibility issues.

    When I look at your website in Firefox, it looks fine but when opening in Internet Explorer, it has
    some overlapping. I just wanted to give you a quick heads up!

    Other then that, amazing blog!

  10. I do consider all of the concepts you’ve offered on your post.
    They are really convincing and can definitely work.

    Still, the posts are too brief for starters. Could you please extend them a bit from
    subsequent time? Thank you for the post.

  11. Hi! I could have sworn I’ve visited this site before but after going through a few of the posts I
    realized it’s new to me. Anyhow, I’m certainly delighted I found it and I’ll be book-marking it
    and checking back often!

  12. Hi, of course this post is really pleasant and I have learned lot of
    things from it regarding blogging. thanks.

  13. Thank you for the good writeup. It in fact was a amusement account
    it. Look advanced to far added agreeable from you! By the way, how can we communicate?

  14. Hey! I know this is kinda off topic nevertheless
    I’d figured I’d ask. Would you be interested in exchanging links or maybe guest writing a blog
    post or vice-versa? My blog goes over a lot of the same subjects as yours and I think
    we could greatly benefit from each other.

    If you are interested feel free to shoot me an email.
    I look forward to hearing from you! Great blog by the way!

  15. Hi there! This post couldn’t be written any better! Reading through this post reminds me of my
    old room mate! He always kept chatting about this.
    I will forward this post to him. Pretty sure he will have a good read.
    Thank you for sharing!

  16. Remarkable things here. I am very satisfied to look your post.

    Thank you a lot and I am having a look ahead to touch you.
    Will you please drop me a mail?

  17. Hey! I’m at work browsing your blog from my new iphone! Just wanted to say I love reading your blog and look forward to all your posts!
    Carry on the outstanding work!

  18. Valuable info. Lucky me I found your web site by chance, and I am stunned why this twist of fate did not came about
    in advance! I bookmarked it.

  19. bookmarked!!, I love your website!

  20. It’s appropriate time to make some plans for the
    future and it’s time to be happy. I have read this post and if I could I desire to suggest you few interesting things or tips.
    Maybe you could write next articles referring to this article.

    I want to read more things about it!

  21. Really no matter if someone doesn’t know after that its up to other visitors that they will help, so here
    it takes place.

  22. I was wondering if you ever considered changing the layout of your blog?
    Its very well written; I love what youve got to say. But maybe you could a
    little more in the way of content so people could connect with it better.
    Youve got an awful lot of text for only having
    one or 2 pictures. Maybe you could space it out better?

  23. Hurrah! Finally I got a webpage from where I
    can in fact obtain valuable information regarding my study and knowledge.

  24. Have you ever thought about creating an ebook or guest authoring on other blogs?
    I have a blog based upon on the same ideas you discuss and
    would love to have you share some stories/information. I know my audience would appreciate your work.

    If you’re even remotely interested, feel free to send me an email.

  25. Great delivery. Outstanding arguments. Keep up the amazing
    effort.

  26. Hi everyone, it’s my first visit at this web site, and piece of writing is genuinely fruitful for me,
    keep up posting these articles or reviews.

  27. Unquestionably believe that which you said. Your favorite reason appeared
    to be on the internet the easiest thing to be aware of.
    I say to you, I definitely get annoyed while people think about
    worries that they just do not know about. You managed to hit the nail upon the top and defined out the whole thing
    without having side effect , people can take a signal.
    Will likely be back to get more. Thanks

  28. It’s an awesome post for all the internet visitors; they will take advantage from it
    I am sure.

  29. whoah this blog is fantastic i love studying your posts. Stay up the good work!
    You recognize, a lot of persons are hunting around for this information, you can help them
    greatly.

  30. Hey! Quick question that’s completely off topic. Do you know
    how to make your site mobile friendly? My blog looks weird
    when viewing from my apple iphone. I’m trying to find
    a template or plugin that might be able to resolve this issue.
    If you have any recommendations, please share.
    Thank you!

  31. My brother suggested I might like this web site. He was totally right.
    This publish actually made my day. You cann’t imagine simply how
    much time I had spent for this info! Thanks!

  32. Good web site you have got here.. It’s hard to find quality writing
    like yours nowadays. I seriously appreciate individuals like you!
    Take care!!

  33. My coder is trying to convince me to move to .net from PHP.
    I have always disliked the idea because of the costs. But he’s tryiong none the less.
    I’ve been using Movable-type on various websites for about a year and am anxious
    about switching to another platform. I have heard excellent things about blogengine.net.

    Is there a way I can transfer all my wordpress content into it?
    Any kind of help would be really appreciated!

  34. Usually I don’t read post on blogs, but
    I wish to say that this write-up very compelled me to take
    a look at and do it! Your writing taste has been surprised me.

    Thanks, very great post.

  35. Thanks , I’ve recently been looking for info approximately this subject for a while and yours is
    the best I’ve found out so far. But, what in regards to the bottom line?
    Are you certain about the supply?

  36. My brother recommended I might like this website. He was entirely right.
    This post actually made my day. You cann’t imagine just how
    much time I had spent for this information! Thanks!
    natalielise plenty of fish

  37. Thanks for another fantastic post. The place else may anyone
    get that kind of information in such a perfect approach of writing?
    I have a presentation subsequent week, and I’m at the search for such information. plenty of fish natalielise

  38. Please let me know if you’re looking for a article author for your blog.

    You have some really great articles and I think I would
    be a good asset. If you ever want to take some of the load off, I’d love
    to write some content for your blog in exchange for a link back to mine.
    Please shoot me an e-mail if interested. Thanks!

  39. Awesome blog! Is your theme custom made or did you download it from
    somewhere? A theme like yours with a few simple tweeks would really make my blog
    stand out. Please let me know where you got your design. Many thanks

  40. I’m really loving the theme/design of your blog. Do
    you ever run into any internet browser compatibility issues?
    A handful of my blog visitors have complained about my
    website not working correctly in Explorer but looks great in Chrome.
    Do you have any ideas to help fix this problem?

  41. Having read this I believed it was very enlightening.

    I appreciate you spending some time and effort to put this information together.

    I once again find myself personally spending a lot of time
    both reading and posting comments. But so what, it was
    still worth it!

  42. It’s appropriate time to make some plans for the future and it’s time to be happy.
    I have read this post and if I could I desire to suggest you
    some interesting things or advice. Maybe you could write next articles referring to this article.
    I wish to read more things about it!

  43. Thanks very interesting blog!

  44. I was able to find good information from your content.

  45. This information is priceless. How can I find out more?

  46. Hi there! Do you know if they make any plugins
    to assist with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good
    success. If you know of any please share. Kudos!

  47. This is a great tip especially to those new to the blogosphere.
    Simple but very precise information… Many thanks for sharing this one.
    A must read post!

  48. Excellent post. Keep writing such kind of info on your site.
    Im really impressed by it.
    Hey there, You have done an excellent job. I will certainly digg it and for my
    part suggest to my friends. I am confident they will
    be benefited from this site.

  49. Ahaa, its pleasant discussion on the topic of this article here at
    this blog, I have read all that, so now me also commenting at this place.

  50. I am curious to find out what blog system you happen to be using?
    I’m experiencing some minor security issues with my latest site and I would like to find something more safe.
    Do you have any solutions?

  51. They offer pruning, shaping, cabling and tree care.

  52. Get the very best info on local tree companies.

  53. I need providers for my business property.

  54. “Major thankies for the blog post. Fantastic.”

  55. I love what you guys are usually up too. This kind of clever work and coverage! Keep up the amazing works guys I’ve incorporated you guys to blogroll.|

  56. It seems your sense of center is way off. I would recommend researching the political compass.
    Every event that antifa protests is considerably far to the right of center.
    Usually those events are led by fringe right wingers.
    As a result they are full of fascists.

  57. I just couldn’t depart your site before suggesting that I actually enjoyed the usual information a person provide in your guests? Is gonna be back regularly to investigate cross-check new posts|

  58. Hi there this is kind of of off topic but I was wondering if blogs use
    WYSIWYG editors or if you have to manually code
    with HTML. I’m starting a blog soon but have no coding skills so
    I wanted to get advice from someone with experience.
    Any help would be enormously appreciated!

  59. This website was… how do you say it? Relevant!! Finally I’ve found something which helped me.
    Thanks!

  60. Currently it sounds like BlogEngine is the best blogging platform out
    there right now. (from what I’ve read) Is that what you’re
    using on your blog?

  61. Im obliged for the article.Much thanks again. Cool.

  62. Way cool! Some very valid points! I appreciate you writing this article plus the rest of the website is also very good.

Leave a Reply

Your email address will not be published. Required fields are marked *

Post Navigation