Freedom of Expression
On the Eve of Elections
On the eve of coming elections I have a questionnaire for the Congress party in particular and other parties in general and also for the surveillance of watchful voters in India. If we can get this questionnaire satisfactorily answered we may think that the coming government of the Congress party is worthwhile and if not; we must be sure that we the simple and helpless Indians are in for a big catastrophe.
Chidumbaram our great Home Minister has given information to Mr. Advani of BJP about what is being done to unearth money of Indian citizen in Swiss Banks. My query is why this information is not being published in any news papers. This query for both Chidumbaram and Advani. Are they trying to play a game of cheating with Indian people? Is there anything so secret that it cannot be shared with the people of India, who are immediately concerned on the issue?
Swiss Bank interest is looked after by a Bank in India and the name of that Bank is “Hinduja Bank”. Do you remember Hinduja of Bofors? The people must know what is the link between Hinduja and Advani since; both are refugees from Pakistan and belong to the same fraternity. Indian people have every right to know what is being cooked up by these four refugees I mean Advani, Hinduja, Manmohan singh and one more refugee from Italy, Sonia Gandh in India. Unless these matters are cleared beyond any doubt I feel it is very unsafe to trust any one of them separately or collectively.
Why we Indians do not have indigenous personality to lead our country? Both the choices of Congress and BJP are from Pakistan and worst part is that Congress can not do without an Italian uneducated bar-maid to guide them? I am absolutely confident that had other fellow of indigenous line been made prime minister he or she could have been as good or as bad as these guys from Pakistan and Italy. Can we Indian try to find out; is it because we are still slavish in mind that we cannot trust our own people and need these outsiders to sit on our heads and rule on us? Is it because on an average we Indians are uneducated and so we need an uneducated bar-girl from out side to lead us? What is the exact reason?
I was told by an industrialist that the Bank reduction of interest rates by 0.25% to 0.5% does not offer any appreciable advantage to any industry. If you see any Balance sheet of any Company you shall see that interest share of the total expenditure is around 3 to 5 % and 0.25 to 0.5 reduction in that is so little that actually this does not matter at all for that industry. The question is then, why government is offering this reduction at the cost of depositors. The other side of this issue is when reduction in interest is done on FD a/c to adjust with this reduction it makes a big difference for the market and industry in turn. You shall ask how? Here it is:
The earning from the FD a/c is mostly immediately spent on consumable and other merchandise by the depositors. As such it immediately improves the market condition. One estimate is that if FD rate is increased by 0.5 % approximately 30 billion Rupees are made available to the depositors and that improves their purchasing power considerably. This money is returned to the industry by the purchases of goods and services by these depositors. Money motion, which is the basis of prosperity, is set in. Income so earned is not reinvested but is spent and so any addition to FD interest rate is not trouble to commerce but instead has beneficial effect. Consumer products such as electronics, home appliances, food, entertainment, refreshments (restaurants), clothes and even travel are the topics for expenditure and so all these and more stand to gain.
I know that our economists are fully aware of it and in spite of that they are indulging in this suicidal policy of reduction in FD a/c interest rates when the other factor (employment factor) is in deep trouble due to recession. This makes me doubtful about the very ulterior intentions of this Pakistani refugee Manmohan Singh. I would like to explain the relation between these two factors; and how they help improve money motion.
Financial development of a society depends upon the purchasing power of the members of that society (country). Purchasing power depends upon earning power of the people. Earning power depends upon availability of jobs and good interest rate at the FD in the Banks. When people earn good money they spend it on “unnecessary items” also and that helps grow business. This is the simple chain reaction which ultimately makes the society competent to be called “financially well placed”. At present we see that job opportunities are getting miserable due to policy of US government of banning outsourcing of IT work. The other source to get extra money (to spend on ‘unnecessary items’) was high rate of interest on FD a/c. This source has been suffocated by the policy of Reserve Bank, policy of low rate of interest and short terms; as a result people do not have much of a purchasing power left with them. The capacity of ordinary people to buy ‘unnecessary items’ is the measure of prosperity of that country. Given this situation how on earth Singh talks of 9% growth rate? One research shows that interest rate up to 8.5 % is used for ‘necessary items’ and if more interest is available then that extra money is spent on ‘unnecessary items’. That research further shows that a standard rate of 12 % interest on F/Ds will build purchasing power of the people and that will help overcome the effect of slump.
Manmohan Singh has taken many wrong decisions; one of them is low rate on FD coupled with low rate on lending and all that at short terms has created a recession like situation in our country while actually India is not having recession at all. Any deposit scheme for less than 1000 days (3 years) is not helpful to bring real uplift in the market activity. I want to know why Singh is trying to create recession like situation in India and for whose benefit? Actually as market improves due to good sell it will culminate in giving more jobs and the relation between these two things one should not undermine. When this man claims that he knows economics then one cannot say that he does not know this. And that means there is some ulterior motive or conspiracy behind all these nefarious activity being played at the Reserve Bank under the supervision of this man.
I was told that this Manmohan Singh set the economy of the country when there was hardly any foreign exchange with the Reserve Bank. This surprises me and will shock you also that when this was the situation at the Reserve Bank; Congress High Command and their allies were depositing almost about 800 billion USD at Swiss Banks. I am sure the financial condition of the country is not improving because this political party and its allies are actually sucking vital finance out of the country. Imagine when so much money is being removed to Swiss Banks how on earth any country can improve its financial condition but the real miracle is that in spite of this horrible sucking of our wealth by Congress high command and the allies India is gradually growing! I credit it to not this government but to the business and farmer communities of India and definitely not to this rascal Manmohan Singh.
I am told that our rupee is devalued very frequently on the most flimsiest grounds. China has attributed the strength of their currency and economy on the policy of not devaluing their currency. When we imitate this China why not draw the same policy on non-devaluation of the currency? The reason for this frequent devaluation I was told is awful. Can you imagine what is the purpose of devaluation of our currency? You can not imagine. The purpose of devaluation is to grow richer by this devaluation. Who grows richer? Not me or you but the Congress High Command and their allies. The calculation is very simple. It does not need a Oxford professor of economic to explain it. Swiss Bank account has their money in international Dollar and when rupee is devalued the account holder automatically grows richer without doing anything. I want people to demand to know, every time rupee is devalued, the reason (and not excuse). A thorough enquiry into the policy of this frequent devaluation must be made. Reserve Bank Governor must be made to explain.
Even if 35% of the Swiss Bank deposits are returned to our country financial commitments can be cleared and India can talk of becoming a “super power”. We like to talk of becoming “super power” then that needs that we are out of all debts first. While under debts, having ever increasing burden of the interest from all sides, if we talk of super power we are stupid. This government (this includes BJP and its allies) is continuously fooling people of India by showing a carrot of “super power”. This dirty practice must be stopped. We must know that unless we clear all loan obligations even to think of status of Super power, is chicanery on the part of our government.
We all know that measure holding of the Swiss Bank accounts belongs to Congress High Command and its allies as such Manmohan Singh should promise that he shall make these Swiss account holders to release that much money (35%) to national treasury as he occupies the seat of PM after the elections. Can Manmohan Singh and his Congress give such a promise? This question must be asked to congress candidates whenever they come to you. So long as real names are not being released, on the basis of circumstantial evidence that, we must presuppose that the measure holdings are with Congress High Command and its allies because this is the party in power most of the time since the independence. Only after the real names are declared by the Swiss authority we can stop saying that the measure holding is with Congress party High Command and its people. If Congress has any objection to this, then they must endeavor to find real names and declare them to people.
Manmohan Singh talks of keeping 9% growth rate when he becomes PM after the elections; can he give how he came to this percentage by showing his calculations. He must specify which section of the population will reach this percentage. And what is the percentage of that section in the total population of our country. One more explanation he should give; and that is that, does he know difference between growth and swelling. According to my study during his tenure as PM what we had was swelling and not growth. One can achieve swelling of such high percentages but not growth. And recession follows swelling and that we are experiencing today!
I shall write about these two phenomenon after some time. Otherwise, according to my calculations this value is preposterous.
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