India’s economy becoming overheating due to economic bubble. The result overall asset bubble, price rise, bubble in commodity and stock. The growth story about India is one sided. Large section of the society is affected and getting bad to worse.
The worst affected is lower and middle class. Due to faulty policies of the Govt. people making fittest of the survival. Those who part of the government and is the major beneficiary is not much affected. India’s GDP growth is exclusive benefiting small section of the people. Deregulating fuel prices, unchecked inflow of foreign funds in various sectors by FIIs, non-priority sector lending by major banks and faulty policies of govt. and bank, which resulted rising NPAs in banks due to unrecovered corporate lending. Big malls and other big retail stores come up across the country also engaged in hoarding materials and the nexus between commodity market and wholesalers creating price rise in essential commodities.
Various scams like Spectrum, Adarsh, IPL, Common wealth, Defence, Banks etc. are come under public scrutiny. The amount involved in the scam is astonishing. The money slashed in various tax heaven abroad especially in Swiss banks and the govt. got some details about the person holding that money created panic reaction in political circle. Nearly 2 years before Germany govt. got details of wealth slached in various banks abroad which transferred to Indian govt. That money came back through back channel to India which played vital role in economic bubble like asset and stock bubble and price rise in India. Asset and commodity bubble reached about 4 times now with a record low time of 2 years.
In Education and health care becoming fast inaccessible and unaffordable to the common man. In education sector even Supreme court seems to be supporting private institutions through various judgements while government pretty sitting and supporting this institutions at the cost of people of India. Govt. don’t want to regulate unaided private institution in deciding fees and also pressing to implement 6th pay commission on unaided institutions, where govt. have nothing to do in implementation of 6th pay commission on private sector. Just increasing salary will not ensure better performance in any sector whether it is public sector or private sector. In my view govt. should pass a legislation in fixing the fees on private unaided institutions without interfering the salary part. No institution should be allowed to increase fees which should not more than 5% of the present fees and a fee cap should be implemented. The input cost of education and output cost is negative and not sustainable. After spending lots of money, time and efforts even taking loan the most of them finding it difficult to get a job. If they got a job, then with a meager salary which is difficult to survive in the era of rising prices. The end result a debt trap. This is the education policy of govt. pursuing. The only beneficiary is politician and private school management and govt. school teachers.
Corruption and greed increased in health sector. There is no mechanism to check malpractices and corruption in health sector and the nexus between Pharma companies, testing labs, well organized medical professionals, private hospitals, political and bureaucratic nexus making the matter worse. Still there is no stiff regulation in controlling price of drugs, fixing fees and charges on testing labs, doctors and a fixed rate chart on operation, delivery, and other disease. Govt. is well aware of all the facts, but don’t want to implement due to the stiff opposition from the lobby. After telecom scam, the work of Medico and Pharma lobby and Petroleum Lobby working in India need to exposed. Why the so called investigative journalist not interested to take up this issue which is more than the Spectrum scam. This scam is going on since independence.
One side govt. deregulate the fuel prices and created monopoly in this sector benefiting some companies. When energy prices increase, govt. not ready and willing to reduce various taxes on fuel which is the major reason for rising cost of fuel and energy prices in India. Non-transparent, higher taxes, monopoly and bureaucratic process which resulted larger corruption in energy sector in India. Whether India need a
Assange of Wikileak to expose corruption, exploitation and faulty policies of the govt?
Governance in the country almost collapsed, various infra projects got delayed, state and municipal bodies running away from their responsibilities just concentrating collecting taxes, penalties without providing basic services and infrastructure. Development means for political and bureaucratic class in the country only high rise buildings, Big Projects, and making tolled roads and bridges without creating basic infrastructure and improving grass root governance in the country. This kind of development make more rooms for corruption and inefficiency which leads to exploitation. All sector facing economic bubbles which need to burst at the earliest.
Police and judiciary engaged in criminalizing the civil society for petty reasons to extract money and victimizing people in different way. Bureaucracy, judiciary and police pushing vast majority of people out of the system of governance, development and crime and violence is increasing. While govt. just concentrated on corporate GDP growth, when large section of people making negative growth and facing threat to their livelihood, displacement, improper rehabilitation and displacement.
Aam admi don’t understand how the govt. making inclusive growth and sustainable development when govt.least bothered about the masses and more focused on sloganeering and fine print in the media. Opposition on the other hand not at all interested in raising people’s issue. Even if they raise the issue, it is becoming just a formality without much responsibility and enthusiasm.
Affordable housing becoming a distant dream for even a upper middle class in the country. As per international standard a person can possess a decent house with 80 times of his/her monthly income. But in India, even if the person work for a whole life he cannot buy a decent house. Even his next generation of son cannot buy together a decent house. Hence one can imagine the rising asset bubble waiting for a burst. But when and how.
The system of democracy around the world created more problem than solution. Democracy becoming a traders body with corrupted class of people can only survive. In India we see govt./ corporate sector everywhere which ensuring less governance. That is the problem of India.
We need less government so that maximum governance is possible with repealing of maximum unwanted laws/ legislation which is more than centuries old.
Is the UPA-II listening to ‘aam admi’?
