Thursday, March 14, 2013


It was May of 2004 when Indian economist ,Dr Man Mohan Singh took over as the Prime Minister of India. Everyone was happy considering his record of reforms in 1991 under Prime Minister PVN Rao.As a finance Minister,Dr Singh was one of the most popular FMs All FMs before and after him have seen petrol as the main source of revenue generation, despite the fact that it leads to food inflation.

We were at one  time wanting to overtake China economically.
Some of the following comparative figures are just too revealing     (courtesyMinaz Merchant)
Average inflation between 1998-2004........5%.
Average inflation between 2004-2012........10%

Trade deficit 1998...........$0.10bn.
Trade Deficit 2012..........$ 350bn.

Average current account deficit...1998-2004........1.03% of GDP
Average current account deficit...2004-2012........2.20% of GDP

External debt..1998...........$115 bn.
External debt...2012...........$350bn.

Also,between 2004 and 2013;
Inflation rose from 5% to10%.
Current account deficit varied from +1.5% to -3.7%
Industrial production dropped from   9%    to -0.5%

Figures above must be read with certain other important facts. Between 1998 and 2004, India faced international sanctions in view of the nuke tests carried out by India. India also had to face Kargil during same period. Whereas during 2004-12; India shared the boom in international boom.

Mr Nadir Godrej in his article (click to READ HERE ) has written a poem. Part of it is...
Our economy was very bright
And everything was going right.
Why, double digits were in sight
But suddenly we had a blight.
Now five per cent seems like a stretch.
The hero has become a wretch.
Indeed there are suspects galore
And I don't think we can be sure
Who did it but we can guess
What the origin is of this mess.
The usual suspects should be there
Bad governance has its share.
The CAG claimed that he could see
Some scams in coal and in 2G
And whether you agree or disagree
These sectors slowed quite visibly.

Let us hope those elected to govern, those holding keys to economy spend time reading this poem and studying these figures seriously to take India on road to recovery keeping national interests and the common man in mind.




Happy Kitten said...

Our Army is under scanner and even our judiciary..we need a miracle!

RGB said...

At this rate of inflation, price rise and corruption, wonder where we will be 10 years from now. It's time indeed for a miracle!

Insignia said...

Yeah nazar lag gayi! so they had a black tika applied in the form of know who!

Unknown said...

The statistics provided by you should be an eye opener to those who matter. They are blissfully sleeping!

Rahul Bhatia said...

Poor governance and rampant corruption is responsible for the mess!

BK Chowla, said...

I am happy you visited here.
In my opinion,ten years down the line,we will need to change the decimal ofour currency like French did after revolution.

BK Chowla, said...

Rahul Bhatia,
Absolutely,but,Arent we accepting corruption a way of life of our politicians?

Anonymous said...

Unfortunately, it seems that this government does nothing at all with the common man in mind!

Sandhya said...

In 1991, Man Mohan Singh was the FM under Narasimha Rao, the best PM, we ever had, after Shastriji. Now, he is answerable to Sonia. He just wants to cling on to the post.

Nobody thinks corruption is bad is like talking about mehangaayi...we have to live with it.

Nobody is there to 'take care' of our country now! All are keen to 'take care' of themselves.

BK Chowla, said...

happy Kitten,
Dont forget,miracles do take place.
We might see one in 2014

BK Chowla, said...

Bindu,yes I know exactly who.
Lets see

BK Chowla, said...

Usha Menon,
They are not.
We are sleeping

BK Chowla, said...

Common man has never been the ptiority wheereas fleecing the common man has been the agenda.

BK Chowla, said...

This PM has been a let down.
In him,we all saw a considerate economist

Harleena Singh said...

Hi BK,

I wish there would be a miracle, and don't we keep waiting for them year after year after year!

These stats are amazing and we realize the seriousness of the situation once we see these stats in-front of our eyes, though we all know who and where the real culprit is.

Wish things could be better. Thanks for sharing. :)

Seena said...

When Manmohan Singh became the PM the first time, I still remember, my economics teacher telling us that's the best thing to happen to Indian economy. The whole class agreed to it, irrespective of each students political biases. But unfortunately we are taken for a ride. An illiterate man would have guided India better than our highly qualified PM.

BK Chowla, said...

Each one of us had great expectations from him.He seems to have got too involved in his loyalty to dynasty which has only power in mind,more power and still more power.
I wonder,why does he not realise as to what will history write about him