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Dismaying state of Indian economy

Kashmir Times. Dated: 7/1/2013 11:26:23 PM

Dear Editor,
Recent spurt in imports of gold and silver has been a major cause of concern as it increased from $ 22.8 billion in 2007-08 to $ 61.3 billion in 2011-12. According to RBI bulletin June; 2013, our trade balance has crossed US$191 & billion and CAD is expected to rise up to $100 billion.
Those at helms of affairs argued while launching new economic policy of liberalisation, privatisation & globalisation under World Trade Organisation (WTO) agreements that the nation’s debt is rising due to huge trade balance of payment deficit and rising foreign exchange and it is endangering our national sovereignty and development which can only be saved after adopting new economic policy of LPG under WTO agreements
But all this has emerged as a mere myth as our national economy situation is more grim. Our balance of payment deficit which was $ 9.44 billion (3.3% of GEP) in most difficult times of 1990s is likely to rise to $ 100 billion in 2012-13. Foreign investors has sent abroad $ 26 billion in 2011-12 in the form of interest, dividend, royalty, salary etc while much more has been sent out illegally.
In an article titled “Sinking Rupee” by Dr. Ashwani Mahajan it has been noted that rupee has declined by rupees 5.2 per US dollar in less than a month and half and it is still declining very rapidly.
Such a state of affairs is worrisome for a common man but one thing is certain that rich comprised of politicians, bureaucrats, big business houses, thugs, anti social elements have become richer and poor more poorer. The government has given red carpet welcome to foreign investors.
So the sane and well meaning people of the country have to wake up and save the country of ruinous path.
—Krishan Singh,
Talab Tillo, Jammu.