Saturday 31 August 2013

Economic crisis-poor performance by political elite

While our political parties blame each other for economic down turn, the value of the Indian Rupee is going down drastically(against the Dollar) This will affect those students who are going abroad to study; the current  exchange value will give them few dollars with which to manage their fees and for maintenance. Indian traveller will have to pay high to travel outside India. All around apathy prevails as mediocrity amongst the political elite is clearly visible. Wrong policies are pointed out, what led to the down trend. And economic policies are questioned, "why are we doing so poorly?" Industrial growth is going down (it is only 4% this quarter) By attacking each other, the parties cannot solve anything. What is the next step forward? How to stop the nose-diving Rupee? We buy petroleum using the Dollar. And this import has cost us a lot. We want to use cars more and more, even when its running cost is high. We do not use on public transport. We import gold, as demand for gold constantly rises. As economy is uncertain, people buy gold with their savings. This puts away money which would have been potentially the most needed  investments. While other emerging economies are coming up well, we have the best agricultural lands,  the largest  mineral deposits and highly educated elite, but we suffer because of wrong economic policies.Thus the poor performance of the political elite has led to downfall of the Indian economy.

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