At last Manmohan unashamedly agrees to the fact that the FDI and FII dollars are used for Debt Servicing. Is he a former Reserve Bank Governer? He fails to use his brains to invoke economist in him. Because he is aNationalist, I think so.
He is typically a Bureaucrat. As #GopalaKrishnaGokhale said " Bureaucracy is frankly selfish and openly hostile to National aspirations". Foreign debt can be better serviced by increasing production in India for export and also by reducing import Bill.
After opening up of the Indian Markets to the foreign traders ( in the name of Economic reforms ) balance of trade of India has shifted in favour of the US. Manmohan is a master bluffer.
Does he not know simple economics? Debt is payed back with nominal interest, where as FDI And FII ( dollors invested by foreign traders ) are to be payed back several times say 10 or 15 times their original value by India. He is making us to pay Rs. 10/- in future for a present debt of Rs. 1/-.
This is frank admission of Manmohan of New Delhi's failure to Government/ Public finance set right. And his bluffing has no limits.
Petrol and Diesel prices in India are the Highest in the world. Diesel price directly determines the prices of all commodities as it is used for transport of Goods. People will groan under the weight of increase in Prices soon. One example would reveal the truth about Economic reforms of India.
We all Know that Golden Quadrilateral National High way was constructed during BJP's Vajpayee's term. Cost of the project was Rs. 1,80,000 Crores. It was finished in about 4 years. It was Financed by World Bank partly may be about Rs. 1,50,000 Crores. During this period import bill of India for Earth moving equipment and allied machinery from Europe and the US was Rs. 1,45,000 crore!
The debt is now being payed by Indians in the form of Exorbitant Toll Tax on NHs.
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