1044 (First of ten series) It's great that our Hon. Prime Minister prefers criticism to allegations, shall we be wrong if we try our hand at criticism?

It is enlightening and gratifying to read that our Hon. Prime Minister prefers 'criticism' to 'allegations'. Here is the relevant link to news18.com, dated 20th Jan. 2018: Click here to go to http://www.news18.com/news/politics/there-is-less-criticism-and-more-allegations-on-our-govt-pm-narendra-modi-1637047.html. But my pessimist heart says otherwise. Anyway, if he is a criticism-tolerant Prime Minister, each one of the 1.3 billion adult Indians whom he represents will be delighted to know about it. Of course, Hon. Prime Minister may be replying to International Criticism against his Economic Policies, particularly in Economist.Com. I am not sure whether he will equally appreciate criticisms from his Indian Native Critics, who may differ with him on 'principles and practices' with no malice against him, personally. First, we shall start with some International Criticism against his Economic Policies.

The Economist (Economist.com)

1. Click here to go to https://www.economist.com/news/leaders/21723830-he-more-nationalist-firebrand-indias-prime-minister-not-much-reformer. This report is dated 24th June 2007. This report is titled: "India’s prime minister is not as much of a reformer as he seems"... "... But he is more of a nationalist firebrand...". This Report has a cartoon of Hon. Prime Minister, riding on a tiger.

2. The above article, provides link to another article, from the same Economist.com: Click here to go to https://www.economist.com/news/briefing/21723815-tax-reform-does-not-go-far-enough-land-and-labour-reforms-have-barely-been-tried-narendra-modi. The title of this Article is: "Narendra Modi is a fine administrator, but not much of a reformer. .." "...Tax reform does not go far enough; land and labour reforms have barely been tried. "

Click here to go to https://www.economist.com/news/leaders/21730880-consequences-are-beginning-catch-up-him-indias-prime-minister-focuses-too-much. This report is titled "..India’s prime minister focuses too much on appearances. ..." "...The consequences are beginning to catch up with him... ". This Report has a carton showing Hon. Prime Minister at the mic, with a long oscillating turban.

ybrao-a-donkey's personal views, not intended to be imposed on others

Mr. Narendra Modi is the fifteenth Prime Minister of India, since its independence in 1947. 14th Prime Minister, if we exclude late Gulzarilal Nanda, who was a Stop-Gap Prime Minister when India's First Prime Minister Nehru and its second Prime Minister Lal Bahadur Shastri passed away in 1964 and 1966 respectively. Since his taking over the reins in 2014, Shri Modi, has in the arena of Economy, made some far-reaching changes, especially adverse changes, which 11 of his preceding 14 Prime Ministers could not do, and only the first PM Jawaharlal Nehru, and the 3rd PM Mrs.Indira Gandhi had tried to initiate. We require at least 10,000 pages to make a comparative analyses of the three Prime Ministers. This Comparative Analyses is important because in every one of heads of the nearly 5 million out of 1.3 billion Indians (after deducting children, too-old-to-think-continuously persons, lay persons, illiterates, semi-literates), may be worrying about the Economic Future of this country, whether led by IMF trained / Harvard / Delhi School of Economists or led by charlatans. I mean to say, what will be the Economic Destiny / Destination of this country,

whether steered by Western-trained-Specialists of Finance-Economics-Finance or,

Generalists who believe that they themselves are geniuses or

by some conscious thinkers who have done some diligent studies into the grass-root level problems of the agriculturists, landless laborers, unorganised laborers, poverty-struck masses of this Country.

The chief qualification of a mass leader has become unending infallibility; he can never admit an error.
--A quote of Hannah Arendt

Prima facie Mr. Narendra Modi is also a mass leader, like Late Mrs. Indira Gandhi.

Hence, there will be no wonder, if even after 14 months, Mr. Narendra Modi projects his decision of 'Demonetization' dated 8th Nov. 2016, as a big success.

Reason: What are the Grassroot level facts? Before de-monetization, millions of Indians were saving their hard earned monies in Banks, particularly Public Sector Banks. Today, as Bank have started allowing 'shuttered-down ATMs' to continue in their decay, for days together, and inasmuch as many Public Sector Banks are unable to pay cash to their customers in Banking Halls, as there is a severe Cash shortage, owing to RBI's inability to meet the demand for Cash from Currency Chest Branches of Banks, -- ordinary people (they do not have black money) are under compulsion to keep large stock of cash in their homes to meet unforeseen contingencies arising out of ATM failures and denial of Cash in Bank Branches.

To come back and continue adding / deleting / modifying.

877 Chasing with the hounds, and running with the hares, is a pastime for politicians, worldwide.

Mr. Narendra Modi, the greatly popular Prime Minister of India, seems to be riding on two boats. He is very adeptly discharging his double role. On the one hand, he says that he fights on behalf of poor and downtrodden, against the black KuberAs (Kubera = Lord of Wealth, and the Ruler of the North Direction, in Indian Mythology). But his speechees at the recently held jamboree VIBRANT GUJARAT (2017), express a different language. His largesse to the industrialists knows no bounds. When he speaks on behalf of the poor of India, the first half of the adage "chasing with the hounds" will apply. When he praises industrialists and promises them everything under the sky, 'running with the hares' will apply. One can't portray to be a police and a thief, at the same time.

PAEANS SUNG BY shri MUKHESH AMBANI, AT VIBRANT GUJARAT.

Here is a link to a Youtube Video. Click to go to Youtube.com and see a video, of mukesh ambani praising Narendra Modi 7.32 minutes .

What favors Mr. Mukhesh Ambani may want in return?

Read this Zeenews report. Click to go to and study the $1.5 billion claim of ONGC on Reliance. http://zeenews.india.com/companies/ril-slaps-arbitration-notice-on-govt-over-1-55-bn-demand-minister_1950412.html

Reliance Industries has slapped an arbitration notice on the government over a demand USD 1.55 billion demand made on it for "unfairly enriching" by producing natural gas belonging to ONGC, Oil Minister Dharmendra Pradhan said today.

The oil ministry had on November 3 issued a notice to RIL, Niko and UK's BP plc seeking USD 1.47 billion for producing in the seven years ended March 31, 2016 about 338.332 million British thermal unit of gas that had seeped or migrated from state-owned Oil and Natural Gas Corp's (ONGC) blocks into their adjoining KG-D6 in Bay of Bengal.

After deducting USD 71.71 million royalty paid on the gas produced and adding an interest at the rate of Libor plus 2 per cent, totalling USD 149.86 million, a total demand of USD 1.55 billion was made on RIL, BP and Niko.

ybrao-a-donkey's personal observations which are not intended to be imposed on others:

It is strange that ONGC seems to have signed some contracts with Reliance, agreeing for external international arbitration proceedings. International Arbitration Proceedings and Awards tend to be biased and expensive.

Biased because: Overseas Multinationals, particularly the Euro-American Multinationals adopt unscrupulous methods to get awards in their favour.

Expensive because: International Lawyers charge heavily. All International contracts which Indian Corporates and Public Sector Enterprises should invariably provide for settlement of disputes only through Indian Courts. Now, Shri Mukhesh Ambani and Reliance may want India's PM to extricate them from the entanglement.

PAEANS SUNG BY Shri RATAN TATA, AT VIBRANT GUJARAT

Here is a link to a Youtube Video. click to go to view a Youtube Video which shows Mr. Ratan Tata, singing paeans to Shri Narendra Modi.

What favors Mr. Ratan Tata may want from India's PM, apart from general favors which Corporate Heads expect?

Though it may not be as sky-high as $18 billion which Tatas have to write-down, in losses, as pointed out by Mr. Cyrus Mistry-- the ousted-Chairman of Tata Group, it is not clear, how many billions Tatas may have to write-down. Will SEBI overlook everything, treating international losses as non-sense? Will the Government phew phew the losses, as something which is to be an internal affair of the Tata Group?

To continue. सशेष. సశేషం. ఇంకా ఉంది.

838 Where is the place for weeping or shedding tears or getting emotional? If Mr. Narendra Modi weeps again and again, people will not believe him.

Where is the place or time for weeping, or shedding tears? I have great respect towards Shri Narndra Modi, Prime Minister of India. If a Prime Minister weeps or sheds tears too frequently, people may lose faith either in their leader, or if their faith in their leader is unshakable, then they will lose faith in themselves. It will not be good for a Nation like India. In any area of activity, extremities can be dangerous. In mid 2014, we had our beloved Prime Minister Narendra Modi, kneeling down and prostrating at the entrance of Indian Parliament, as a token of great reverence to the august institution. During these two and half years, we have the same reverent Shri Narendra Modi, abstaining from the Indian Parliament, on some pretext or other. This ybrao-a-donkey's humble grouse, whatever he has said to his own BJP Party leaders , he could have repeated to the Lok Sabha (India's Lower House) and the Rajya Sabha (Upper House), gallantly, and allowed the opposition to release their steam out at the top of their voices, like a pressure cooker's gasket release system. It is not clear why he is afraid of facing Parliament?

Here is a link to a 2012 speech by our Prime Minister Shri Narendra Modi, when he was Chief Minister of Gujarat: Click to go to http://www.narendramodi.in/i-am-looking-forward-to-the-day-when-americans-will-be-in-queue-for-an-indian-visa-4952. We shall have a quote from it:--

I am looking forward to the day when Americans will be in queue for an Indian visa. E-passport is not far away. But I am not sure when the Central government will do that. If the Centre allows me I shall digitize all passports within a year.

To this a reader by name Shri Ritulal Jain, commented on 14th Nov. 2012:-

Dear Sir, We are too impressed by your thought and vision that we can't wait to see you as our PM. India badly need the person like you who has spine to bring drastic changes in India. We all should work hardly to make India so prosper like it was earlier. We would like to see India again as "SOne ki Chidiya" and only you have the vision to make this true. JAI HIND.

Shri Narendra Modi, and the 1.25 billion Indians have fulfilled the desire of Shri Ritulal Jain. Now, we are in 2016. 2 1/2 years have already elapsed. We could not so far see the Wonderful India, when Americans will be in queue for an Indian visa. Where are the Americans standing in queues for Indian visa?

Instead, we see 1.2 billion Indians standing in serpentine queues just to draw Rs. 2,000/- their own money from Bank ATMs. At some places, people in queue are being mercilessly beaten or verbally abused by guards. Are we beggars when we try to enter our own Bank? Even beggars, like cats when confined in a closet, will revolt when beaten. Here is a link to a video which shows a policeman beating people in queue, to enter a Bank, during its working hours, to draw money. https://www.youtube.com/watch?v=1JgsclLwDnQ. We should be grateful to Mother India, that her sons have immense patience and endurance, in spite of trying circumstances.

.
For those who wish to read this news report: Click to go to Samacharpuls.Com, dated 22.11.2016.

ORDINARY PEOPLE CANNOT EVEN PERFORM MARRIAGES! BUT SHRI GALI JANARDAN REDDY CAN!

THIS HAPPENED AT JAGGAMPETA VILLAGE, EAST GODAVARI DISTRICT, ANDHRA PRADESH STATE. Source kind courtey: Prajasakti Telugu Daily, 23rd Nov. 2016, first page.

Approx. English translation from Telugu langauge

peLLi panulu pUrti ayyEdi yelA? How to complete the wedding preparations? (narration by the sufferer at Jaggampet, in 1st person:

...My wife went to Kuwait for livelihood. On Dec. 1 (may be 2015), she sent Rs. 70,000/- for my son's marriage expenses. The money sent by her, got deposited, in Jaggampet State Bank of India, to my account. I could not draw the amount , as large denomination notes have been demonetized. ATMs are not working. When I go to Bank, they are placing 1.25 lakh (1,25,000) restrictions. As the marriage is getting nearer, I am unable to decide what to do. ...

As per the Prajasakti's news report: RBI'S RULES, TO DRAW MONEYS FOR MARRIAGES

1. Should submit application to Bank Manager, seeking release of Rs. 2.5 lakhs (Rs.250,000) for marriage.

2. Only parents, or the bride/bridegroom alone should withdraw.

3. Evidences should be shown, not only wedding card, but also proofs for wedding hall's rent, catering arrangements etc. etc.

4. Breakup of amounts being paid for different purposes, account should be shown for the Rs.250,000/-. (Later, an amendment was made providing for some relaxation, of raising the amount to Rs.10,000/- (breakup should be given for amounts exceeding Rs.10,000/-.)

ybrao-a-donkey: HAA HAA, understood! Mr. Gali Janardan Reddy, a former BJP Leader and Mining Tycoon in Karnataka, is reported to have performed the marriage of his daughter, spending about Rs. 5.7 billion! Not Rs. 70,000/- or Rs. 2,50,000/-! After much public criticism, there is an Income Tax visit to the house of Shri Gali Janardan Reddy, to make inquiries. The Income Tax Authorities may be begging him to furnish some information.



There is an 2016 anachronistic and obsolete proverb in Telugu language. Today, this proverb may look like gender-discriminatory: "yEDcE magavADinI, navvE ADa dAnnI namma kUDadu." Engl: (People should not) not believe a man who weeps, and a woman who laughs. I do not know the chemistry of male-laughing, female-laughing, male-weeing, female-weeping, with their varying Estrogen, Testosterone- androsterone levels, which may again depend on age, marital status, genetic inheritances of persons involved.

We, humans, are not expected to be stoics (stones), according to my belief. Hence, there is NOTHING WRONG with some occasional weeping and laughing. But, this fun of right of laughing and weeping is for ordinary hoi pollois like us, and not to Great Leaders, hailed by other Great Global Leaders. BESIDES FREQUENT LAUGHING OR WEEPING / SHEDDING MAY IMPAIR THE CONFIDENCE LEVELS OF AUDIENCES, OR BLUNT THE RECEPTIVITY OF THE TARGET POPULATION.

To continue सशेष. ఇంకా ఉంది.

755 (Part 5/100 of Indian Economic Enigmas) Is there no chance of a Lehman Moment for India ? क्या भारत को लेहमान् संदर्भ मिलने के अवकाश नहीं है ? భారత్ కు లేహ్ మాన్ తరహా పరిస్థితిని ఎదుర్కునే పరిస్థితి రాక పోవచ్చా.

This is in continuation of our blogpost No. 749 dated 11th May 2016 . Click here if you wish to study 749 (Part 4/100 of Indian Economic Enigmas) . EconomicTimes.IndiaTimes.com dated 13th May 2016, has reported that Mr. Raghuram Rajan, Governor, Reserve Bank of India, has evinced interest in a second term, indicating that there is a lot more to do. He is also reported to have said that there is ABSOLUTELY NO CHANCE OF A LEHMAN MOMENT. It is good that all three top leaders of the Indian Economic System i.e. the Prime Minister, the Finance Minister, and the RBI Governor, have so much confidence and conviction, in the soundness and stability of their economic system. Let us hope that their hopes will not be belied.

SOME LOUD THINKING

When compared to writing on caste, religious and socio-political issues, it will be less cumbersome to write on purely economic issues, because we need not worry about somebody's sentiments or beliefs getting hurt. When we write on caste, religious, socio-political issues, we may unintentionally or inadvertantly tread on somebody's feet or trod on somebody's convictions, and in the process disturb a nest of honey bees, and be stung by the bees. Yet, I cannot go back from one of my two primary goals (Atheism, Marxism-True-Socialism). God and Religion continue to be the narcotics of downtrodden, in this world. They are worse than narcotics.

Weaning people away form God and Religion can be a thousand year job, which cannot be done by one individual. Individuals participating in the movements of Atheism and Marxism, will be like lamps lighting one another. Movements do not die, because participants die. New participants will come.

There can also be problems with writing without bias, and with candidness about the cold wars which take place between Governments and Courts, when they try to usurp the authority of one another, or both of them over-react in self-defence. These problems may vary from country to country. For example, in United States, Executive and Legislature, seem to have their say in appointment of Judges of lower and Federal Courts. In India, Supreme Court Collegium seems to want to have a monopoly in the appointment of Supreme Court and High Court Judges. This, will obviously irk the rulers of India, who wish to induct their own party persons into judiciary and extract favourable decisions.

As far as writers in India are concerned, there is always an apprehension of hurting either the Government or the Judiciary, while commenting on Judicial matters. There is a proverb in Telugu language "karavamanTE kappaku kOpam, viDavamanTE pAmuku kOpam". English gist: A serpant (snake) was biting a frog. A passerby tried to intervene. Both the snake and frog wanted the passerby to speak on its behalf. If the passerby says "bite", frog will be hurt. If the passerby says "leave it", the serpant will be infuriated.

BACK TO LEHMAN MOMENT

We shall, now, try to examine some of the issues involved, with regard to India going the way of Lehman moment.

Question: What is Lehman Moment? Explain briefly, for the benefit of those who are not conversant with this Lehman Moment.

"Lehman" refers to the American Investment Giant or Monster "Lehman Brothers". It is the largest bankruptcy filing in U.S. History (probably even World Economic History). This happened in 2008. Collapse of Lehman Brothers has close connection to sub-prime lendings made by American Depositary Banks.

Question: What is sub-prime lending? What are sub-prime mortgages?

Ans: The prefix "Prime" primarily may refer to "something of top-class, and the most important of the bunch". The "Prime" quality of mortgages obtained by banks from their borrowers depend on their medium term and long term lendings. Sub-Prime Mortages are mortgages which are backed by poor quality of borrower's creditworthiness, or the poor marketability of the mortgaged assets, or both. Sub-Prime Lendings refer to poor quality lendings of Banks.

Question : How can you say that the lendings made by American Banks are sub-prime? How can you say that the mortgages obtained by American Banks are of poor quality?

The foremost proof of good quality of a lending, or a mortgage is honoring payment of instalments of principal and interest on due dates. This is also called amortisation. Payment of one or two instalments in the initial years can, sometimes, give a misleading impression that everything is cherry and rosy cheeked with the mortgage / debt. Short term liquidity and solvency may be rosy. Medium term and Long term Liquidity and Solvency may be hanky-panky.

Fall in the repayment capacity of borrowers owing to changes in environment beyond their control, is understandable. Some times, there may be industry level collapses. Sometimes, there may be country or Nation level collapses. All these may be understandable.

Yet, the poor quality of the lendings and mortages of the American Banks both Depository Banks and the Investments Banks, cannot be attributed only to environmental changes, though they might have had their share of some contribution.

Subject to corrections and deletions. A lot more is to be added. To continue. सशेष. ఇంకా ఉంది.

749 (Part 4/100) of Indian Economic Enigmas. Will Reserve Bank of India follow Rice Standard?

This is in continuation of our blog post No. 734 (Part 3/100 of Indian Economic Enigmas), Click if you wish to study 734 (Part3/100). According to Government of India web page http://finmin.nic.in/swarnabharat/indian-gold-coin.html , India will be launching India gold coins, as a part of its gold monetisation program.

The website further states:-

"...The Indian Gold Coin is part of Indian Gold monetisation program. The coin will be the first ever national gold coin will have the national emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi on the other side. Initially, the coins will be available in denominations of 5 and 10 grams. A 20 grams bar/bullion will also be available. The Indian Gold Coin is unique in many respects and will carry advanced anti-counterfeit features and tamper-proof packaging that will aid easy recycling. ..."

WHY?

"...We are made of what we stand for. Made of truth and honesty. Made of what the Ashok Chakra symbolizes. Our rights but also our duties. Made of our sweat, but also of our aspirations and accomplishments. We are strength and endurance in equal measures. We are gold. Pure, strong and harbingers of a golden future.

Introducing Indian Gold Coin, the first ever national gold coin of India. Made of more than just gold, made of us. ..."

ybrao-a-donkey's humble comments. वैबीराव एक गधे के विनम्र राय . వైబీరావ్ గాడిద వినమ్ర వాణి. You have every right to differ with me. I respect your right. आपको मेरे मत से भिन्न राय रखने के संपूर्ण हक है। मै उस अधिकार को परिपूर्ण रूप से गौरव देता हुँ. మీకు, మీ భిన్నమైన అభిప్రాయాన్ని కలిగిఉండే సంపూర్ణ హక్కు ఉంది. దానిని ఎంతో నేను గౌరవిస్తాను. However, pl. examine this donkey's views also. परन्तु एस गधे के दृष्टिकोण को भी अनुशीलन कीजिये. కానీ ఈ గాడిద దృష్టికోణాన్ని కూడ ఓర చూపుతో కంటజూడుమీ, క్రీగంట జూడమీ.

What Gandhiji has got to do with gold? Or what gold has got to do with Gandhiji? Or what Akshaya tritIya has got to do with Gandhiji, though it may have something to do with gold ?

One of my most painful, daily pestering recurrent worries is, that Mr. Narendra Modi is wasting away, a beautiful unconditional mandate and opportunity he received from the people of India in the 2014 General Elections, to build a Great India.

It may be possible that Mr. Narendra Modi may rule India for another 35 years albeit with people's mandate, a la the Communist Party Marxist, which ruled the State of West Bengal. This is in addition to his 12 years rule of the State of Gujarat. But, yet, someday, he may have to step down either because people find some other better and vociferous sloganeer than him or because he has to meet his 100 years maximum span of human longevity. At the end of it, what? He may not leave anything which has TRUE INTRINSIC VALUE to the Nation.

This is because he is trying to OWN UP Mahatma Gandhi, just he has earlier tried to own up Sardar Vallabhai Patel, Netaji Subas Chandra Bose, Baba Saheb Ambedkar. Slogans and Tokens alone, without following at least one of the precepts of Great Men, will only become hollow hypocracies. At the particular moments of their usage, slogans and tokens may glow and sound flamboyantly and pompously like fireworks. But they do not make any lasting marks on the Nation.

Mr. Modi ought to have recalled Mahatma Gandhi's famous talisman quote:-

"...I will give you a talisman. Whenever you are in doubt, or when the self becomes too much with you, apply the following test. Recall the face of the poorest and the weakest man [woman] whom you may have seen, and ask yourself, if the step you contemplate is going to be of any use to him [her]. Will he [she] gain anything by it? Will it restore him [her] to a control over his [her] own life and destiny? In other words, will it lead to swaraj [freedom] for the hungry and spiritually starving millions? ...
Then you will find your doubts and your self melt away. ..."

Except during election campaigns, Mr. Modi may not have time to visualise the face of the poorest and the weakest Indians, because all his time and space is filled up with dresses, selfies with Corporate Giants, and Film Stars.

It is a wrong world-wide and nation-wide impression that Indians are enamoured of gold, or made of gold, or that Indians long to own pots of gold. This impression may be true in case of Indian Kings, Emperors, Priests and Traders, their Queens, Princesses and Wives. In the Indian history, the gold accumulated by Indian Kings, Emperors, Priests and Traders might have prompted and tempted the ilks of Mohammed Ghazni, Mohammed Ghori, Tymoor, Ahmed Shah Abdali, Robert Clive, Lord Dalhouse, Lord Wellesley to plunder India's gold, diamonds, and other precious stones.

INHERENT CONTENTMENT, HONESTY, AND SIMPLICITY OF INDIAN FOLKS

But it must be noted that, they could not plunder the traits of inherent contentment, honesty, renunciation, staying away from evil -- of the common Indian folk.

INDIAN WOMEN NEVER HESITATE TO RELINQUISH

In 1921 (circa) Gandhiji toured India, mobilising funds for the freedom movement. During his Campaign women attended his meetings and gave him away the gold ornaments on their body, as contribution to the freedom movement. One weakness of Indians, is they forget their history, and again fall into beaten tracks of temptations.

MISLEADING MARKETING CAMPAIGNS BY GOLD TRADERS

The recent trends of large scale purchases of Gold and diamonds in India, during the Valentine Day, during the Akshaya Tritiya day, seem to be the artificial demand creation by Monstrous Gold Merchants through advertisement and sales campaigns, using the services of film stars, paying them millions of bucks for endorsements.

THOUGH NOT DESIRABLE, NOT MUCH HARMFUL INDIAN CUSTOM

It is true, that there is a custom of father of every bride (groom's father, depending on custom), purchasing a small gold marital thread, and a little jewellery to the bride.

MISUSE OF INDIAN CUSTOMS BY UNSCRUPULOUS GROUPS

Some Merchant castes seem to have misused this custom for EXHIBITIONISM of their ill-gotten wealth. Some unscrupulous politicians, bureaucrats, Corporate business tycoons, God persons, Temples, might have accumulated kilograms, quintals and tons of gold, by making money through questionable and ugly means. The Governments from time to time, instead of discouraging these trends, went on participating in, and taking pride in these acquisitions, as if all these things will add up to our Growth Rate.

HYPOCRISY OF GOD PERSONS

Swami Vivekananda too spoke of kAmini-kAnchan sanyAs (English : Giving up women, gold - or staying away from women and gold). It is a different thing, that he himself did not adhere to his vow.

India does not need gold coins. This is because, India is facing spiralling inflation. Within few years, the price of the gold content in the gold coin will outweigh its face value. Then, the coins if hoarded will disappear from the market (anyway, of course, they are collection items only), or the coins will be melted and made into ornaments.

India has long back, dispensed with gold coins. Even the drivers of this world the USA-UK-France-Germany are not following the gold standard. IMF is not following its gold parity system actively. India's currency system is based on "Minimum Fiduciary Reserve". That means, RBI maintains a minimum quantum of gold and foreign exchange reserves. It goes on issuing currency notes or creating Bank Money called M3 with "sky as limit".

Though a currency note issued by Reserve Bank of India is a Demand Promissory Note payable to bearer, to pay the value of the Rupees printed on the Note, they themselves have removed the word 'demand' from the Note. This promise of RBI has never been tested either legally or physically by people. Since, there is no promise of paying in gold (gold standard), how the RBI will pay the presenter to it of the Note, in India? It will, at the most, issue a cheque on a Bank in India to pay the sum of Rs. ... to the presentor. But that Bank will have again to hand over a promissory Note issued by RBI, i.e. another currency note.

Suppose today (11th May 2016), I present a Rs. 10 Note to RBI, and ask it to pay me in the form of 1 kg. of Rice, which the Note used to fetch ten years back? Okay, the RBI has dispensed with gold standard, it will not pay gold. But, can't it pay RICE STANDARD? Can it guarantee to issue a packet of 200 gms. of rice in exchange for the Rupee 10 note?

Subject to corrections and deletions. A lot more is to be added. To continue. सशेष. ఇంకా ఉంది.

432 Are S&P and Moody's greater than a Sovereign Nation like India?

photos courtesy Wikipedia.org. The right side building is 7 World Trade Center, where the Headquarters of Moody's is also located.
432 क्या सर्व सत्ताक देश भारत से ऎस् & पी, मूडीस महानू हैं ?

432 సర్వ సత్తాక దేశమైన భారత్ కన్నా స్టాండర్డ్ & పూర్, మూడీస్ గొప్పవా?

India's Credit Rating Standard & Poors credit rating for India: BBB-.   స్టాండర్డ్ & పూర్ అనే సంస్థ వాళ్ళు భారత్ కు ఇచ్చిన రేటింగు బీబీబీమైనస్.

 Moody's rating for India sovereign debt is Baa3. మూడీస్ అనే సంస్థ వాళ్ళు ఇచ్చిన రేటింగు బీఎఎ౩.

 Fitch's credit rating for India is BBB-.  ఫిచ్ అనే సంస్థ వారు ఇచ్చిన రేటింగ్ బీబీబీమైనస్.

Position as on 26.2.2015.  ౨౬.౨.౨౦౧౫ నాటి స్థితి.

Credit ratings are said to be used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of countries. Ratings are said to have a big impact on a country's borrowing costs. క్రెడిట్ రేటింగులను సర్వసత్తాక సంపద నిధులు, పెన్ షన్ నిధులు, మరియు పెట్టుబడిదారులు , దేశాల పెట్టుబడి, పరపతి అర్హతలను అంచనా వేసుకోటానికి వాడు కుంటారుట.  రేటింగు పడిపోయే కొద్దీ దేశాలు తెచ్చుకునే అప్పులకు వడ్డీరేట్లు పెరుగుతాయిట.  రేటింగులను పెంచుకుంటే, చవకగా విదేశాలనుండి అప్పులు తెచ్చుకోవచ్చుట.

Using this peculiar global situation as a leverage, Credit Rating firms seem to threaten developing and poor countries and claim their pound of flesh.  ఈ ప్రత్యేకమైన ప్రపంచ పరిస్థితిని ఒక లీవర్ గా వాడుకుని, ఈ రేటింగ్ సంస్థలు అభివృధ్ధి చెందుతున్న మరియు పేద దేశాలను బెదిరించి తమ పౌండ్ ఆఫ్ ఫ్లెష్ ను పిండుకుంటున్నట్లు కనిపిస్తుంది.


If India is like an elephant, we can compare the credit rating firms to flies which enter into the ears of an elephant, and trouble the elephants from a vantage point.
భారత దేశం ఒక ఏనుగు అయితే, క్రెడిట్ రేటింగ్ సంస్థలను ఏనుగు చెవిలో దూరి ఏనుగును ఇబ్బంది పెట్టే ఈగలతో పోల్చ వచ్చు.

1991 was a crucial year in Indian Economic History.  It was the year in which we had a payment resources constraint, and we had to send a part of our gold abroad for overcoming a payment crisis, when Mr. Chandra Sekhar was our Prime Minister.   భారతీయ ఆర్ధిక చరిత్రలో ౧౯౯౧ ఒక కీలకమైన సంవత్సరం.   ఈసంవత్సరంలో , శ్రీ చంద్రశేఖర్ గారు ప్రధాన మంత్రిగా ఉండగా, మనకు దిగుమతులకు చెల్లింపులు చేయటానికి విదేశమారకం తక్కువై ఒక చిన్న తరహా సంక్షోభం ఏర్పడగా, బంగారం లండన్ ఎగుమతి చేయాల్సి వచ్చింది అంటారు.

Subsequently, Mr. P.V. Narasimha Rao became our P.M., and Mr. Manmohan Singh became our Finance Minister.  They have, instead of promoting exports, and controlling imports drastically, went for mobilising foreign investments.  While this has eased our balance of payments position, without correcting the balance of trade deficit, it has led us into a trap of foreign investments.  The peculiarity of this trap is, whenever foreign investors for extraneous reasons withdraw their funds, we get worried, and we feel compelled to invite fresh foreign investments.  It is like riding a tiger.  If we get down from the tiger, the tiger will devour us.  We have to continue riding the tiger.


Our dependence on foreign debt and foreign investments have made us vulnerable and shaky.  This has created a favourite atmosphere for the Credit Rating Agencies to threaten us that they will downgrade us and arm-twist our fiscal policies to suit their needs.  They forget that we are a sovereign country with an entitlement to an independent economic and fiscal policies.  They forget that Indian State-run banks (Public Sector  Banks) are backed by Government of India, and treat as though they are pawn shops, selling them betel leaves and cigarettes.

What is the solution for this economic slavery?

      Whether we like it or not, we have to cut down our import bill drastically.   Now, we have a temporary relief and reprieve owing to a fall in crude oil prices.  This should not make us complacent.  We have unnecessarily expanded our automobile sector.  Everybody in this country has started using bykes and cars, irrespective of whether they really need them or not.  We have to develop our Public Transport System.  We should stop using individual vehicles.  Reduced use of private transport, and increase in use of public transport facilities will also ease the traffic problem, parking problem, pollution problem, accidents problem.

      Shooting of Indian films abroad should be stopped altogether.    Indian tourists visiting places like Singapore, Bangkok, Dubai on pleasure trips, should be stopped totally. 

(To contnue).

122 What a great sharing

122 What a great sharing arrangement? ఎంత గొప్ప భాగస్వామ్యమో?

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చర్చనీయాంశాలు: భారతీయ ఆర్ధిక సమస్యలు, Indian Economic Problems, భారతీయ విద్య

26-01-2014 నాడు ఘనంగా గణతంత్రదినోత్సవాలను జరుపుకున్నాం. మన త్రివిధ బలాల సైనిక పాటవాన్ని ఎంతో గర్వంగా ప్రదర్శించుకున్నాం.

కానీ ఏమి లాభం? 64ఏళ్ళ గణతంత్ర రాజ్యం తరువాత, 128 కోట్ల జనాభాగల ఈదేశ ఆర్ధిక ప్రగతి ఏదిశలో వెళ్తున్నదో అర్ధంగాని దశకు చేరుకున్నాం.


డెక్కన్ క్రానికల్ దినపత్రిక 27.1.2014 లో ప్రచురించబడిన ఈ ఆహ్వానం ప్రకటనను చూడండి.
పైప్రకటన I.I.I.T., Kakinada, వారి భవనాల కాంప్లెక్స్ పునాదిరాయి వేయు ఉత్సవానికి ఆహ్వానం.

ప్రారంభకులు కేంద్ర మానవవనరుల అభివృధ్ధి మంత్రి వర్యులు శ్రీ పళ్ళంరాజుగారు. ప్రధాని శ్రీ మన్మోహన్, కాంగ్రెస్ అధ్యక్షురాలు శ్రీమతి సోనియా గాంధీ ఆకాశంలోంచి చూస్తున్నారు. ఎడమ ప్రక్క ముఖ్యమంత్రి కిరణ్ కుమార్ రెడ్డి గారి ఫొటో.

విశిష్ట అతిథులు ఒక కేంద్ర కార్యదర్శి. నలుగురు పీపీపీ పార్టనర్లు (భాగస్వాములు).

ఇలాంటి ఐఐఐటీ లు దేశంలో 20ని ప్రారంభిస్తున్నారుట. ఒక్కోదాని ఖర్చు 125 కోట్లు. బాగానే ఉంది. 50% కేంద్రప్రభుత్వం పెట్టుబడి. 35% రాష్ట్ర ప్రభుత్వానిది. 15% ఆనలుగురు భాగస్వాములది.

ఈ ప్రకటనను చదివాక మీకు ఏమి అభిప్రాయం కలిగిందో క్రింద కామెంట్లలో వ్రాయండి. మీ అభిప్రాయాలు, నాఅభిప్రాయాలు ఏమన్నా కలుస్తాయో లేదో చూద్దాము. నా అభిప్రాయాలు రేపు వ్రాస్తాను.

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జవాబు (జనవరి 30, 2014).

15 శాతం, అదీ నలుగురు కలిసి పెట్టుబడి పెట్టి, మిగిలిన 85 శాతం పై పెత్తనం చేయటాన్ని ఏమంటారు?
ఆ 15శాతం పెట్టుబడిని కూడ అక్కడ ఉండనీయరు. సిటింగ్ ఫీజులలోనో, విమానాల టికెట్లలోనో, కాంట్రాక్టులలోనో, ఉద్యోగాలలోనో, ఎక్కడో అక్కడ నొక్కేసి, తమ పెట్టుబడులను వెనక్కి తీసుకోటం, పెట్టుబడిదారీ సంస్థల లక్షణం. సొమ్మొకరిది, సోకొకరిది అంటే ఇదేకదా.

ఇంక ఉద్యోగాలివ్వటం అంటారా, అది వారి వ్యాపారంలో ఒక భాగం. ఇక్కడ కార్ల్ మార్క్స్ ప్రతిపాదించిన విలువ జోడింపు సిధ్ధాంతాన్ని మనం జ్ఞాపకం తెచ్చుకోవాలి.

శ్రామికులు, ఉద్యోగులు, ఒక వస్తువుకి గానీ, సేవకు గానీ, 100రూ. అదనపు విలువను జోడిస్తే, పెట్టుబడిదారు, ఆశ్రామికులకు రూ. 30 జీతంగా ఇస్తే గొప్ప. మిగిలే 70రూ. లోంచి పెట్టుబడిదారులు కొత్తగా చేరే తమ ఉద్యోగులకు శిక్షణ ఇచ్చుకోలేరా? ఈమాత్రం దానికి ప్రభుత్వం 2500కోట్లు పెట్టుబడి పెట్టి 20 ఐ.ఐ.ఐ.టీ లను ఏర్పాటు చేయటమే కాక, వాటి మీద పెత్తనాన్ని పెట్టుబడిదారులకి బంగారు ప్లేట్లలో పెట్టి అప్పగించాలా?