Dear Gupta & Friends,
Seeds of gross mismanagement were sown when we voted BJP led alliance to power three times in hope it shall build the temple and make India great. But we forget idiots can only brining miseries. By the NDA end of rule Farmers & SME share of bank advances was down to under 10% though employing over 90% working population. Let me remind you Vajpayee, Advani, Mahajan, Joshi, Jaswant Singh, Uma Bharti, Jailtley and such mediocre were in charge of Indian Destiny in Delhi.
India was just six years behind UK in introducing economic reforms but with the departure of Manmohan Singh in 1996, "Loot Reforms" were introduced by BJP government. From 180 seats in 1998 it managed to win only 112 seats in 2004 to 150 for INC. http://220.127.116.11/newls/partywiselist.aspx
Instead of Engineers and Inventor led economy it promoted "Bania" economy unashamedly. At one event before 2004 elections Narindra Modi Extorted Foreign Multinationals, "We Gujaratis are Banias dominated state specializing in trade for many thousand years, with your technology together we can conquer the world". Only polluting industries prefer Gujarat. Against 57BU planned target of power generation for April2008-February2009 period actual generation is just 50BU or 13% short of target which is even less than 54BU for the same period last year and Modi created biggest Tamasha called "Resurgent Gujarat" signing MoU worth Rs.10 lakh crores. P-11/32.
Shadi, I was surprised to see during visit to USA in 1986, all the gadgets and 90% of grocery was retailed through big stores who buy goods directly from farmers and industry – there were no traders or wholesalers. Guarantee or no guarantee consumers not satisfied with the products simply say "I don't like it" and stores take it back and give 100% refunds. Here in India we pay thrice for most gadgets and traders generally refuse to take it back – in case the consumer has guarantee card and cash memo he may get it repaired, even Ratan Tata sell defective Cars but would not agree to replace and go up to supreme court to deny justice to consumers.
NDA let Tatas and Ambanis raise their stakes in companies from 12% to 33% to 40% that meant GOI had no control.. NDA let Ambani take control of KG basin almost free of cost but it refuses to sell gas at agreed price even as for now Petroleum prices have crashed from $147 a barrel to $45 a barrel.
Few bania families Pocket $50b as tax dodges every year practically nothing for Engineers & Inventors.
Walmart was denied entry and BJP who swear "Free Trade" was opposed to it. Alternate provided by Bania Corporate was "Shopping Malls" that sell goods at MSP or cost more than retailers. Just Reliance committed Rs.25,000 crores. All this huge wasteful expenditure at public account taking away investments that were to go to industrial development.
Fact is even our Banias are "C" grade exploiters.
NDA didn't improve patent laws. In last few years there has been some improvement – but Bania Corporate that control over Rs. 20,00,000 crores is in no position to take advantage of it while inventors and SME are made to beg for few lakhs.
Auto's Drivers in Delhi don't get permits and credit and Auto Rickshaw that should cost much less than Nano are priced five times in grey market.
Even if earlier governments took bribes but Corporate with just 12% equity were always under their control. Since NDA rule their equity has gone up to over 50% in most cases they demand Free Land or 10 Years Tax Holiday- or give as bribes only 10% of what they get from the government.
In eight years not a gram of KG gas is released.
I admit Manmohan is average but he is honest and hard working and has "B" grade advisors like Kirit Parikh or Montek but other parties don't have any.
"Nuclear" debate exposed both Gross Incompetence & Political Opportunism of NDA.
The major blunder of Manmohan Singh was "SEZ" when Ambanis & Tatas made a fool of him promising Shanghais all over India but were only interested in "Land Grab". Here too it was state governments that facilitated free land to Corporate and from Gujarat to West Bengal was ready to evict farmers and hand over land to Ambanis and Tatas.
There were many deficiencies in implementation of several policies that were implemented by states. In fact most of Social Sector schemes were implemented by states from flood controls to mid day meals.
UPA needed qualified opposition and politics I general need complete overhaul and made accountable.
Issue of salaries is partly addressed above "Bania" or Trading oriented Corporate were earning huge profits in absence of competition therefore could afford exorbitant salaries to virtually dullards. Most IITian went for MBAs because there was more money in retailing than developing technologies.
IT boom was started during NDA that offered tax free opportunities. Had I been advising I wouldn't have offered any tax concessions to any company that has huge margins in operation operating without competition? It was preferable Indians going to USA earning $60,000 pa than $7,000 in India. Obviously I would have promoted "Risk Taking Enterprises" that have dreams to global leaders.
"S kumar" <email@example.com>
1. There is a heavy shortage of qualified and upright, devoted teaching staff for any of these existing reputed institutions like IIM or IIT-s, which were earlier staffed by personnel par excellence.
2. e.g.IIM-A in earlier days was able to retain its Professors, not on their salaries but the freedom given to them for private consultancy to industrial groups to supplement their income.
3. With the Political decisions to open so many of IIT-s and IIM-s all over the Country and the reservations for OBC-s too introduced, it would be a disaster for the recognised meritorious output from these institutions hitherto, and Arjun Singh would be remembered in the history as the destroyer of the merits and high standards of these prestigious institutions.
4. Dr. Gupta may be aware that the students taught by the Professors are offered a much higher remuneration at placements itself than what they earn. This is the sacrifice and devotion of the professors or teaching staff in the Country!! If they are paid higher salaries to maintain the standards of these institutions, it is justified as demand supply factors work here.
5. Reg. NRI-s, the disparity in incomes and devalued Rupee has played a major role in the escalation of real state prices. Again, it is the demand/ supply factor that has determined the prices offered.
With the economic meltdown we are already witnessing the top builders offering rates at least 20% below the peak in many Cities.
6. At times, when we age and remember that a Class I officer started at the scale Rs.350-25-500 and so on, the present emoluments would appear sky high with several young Managers earning in multiples of the highest salary earned by the Cabinet Secretary.
shadi katyalsearch <firstname.lastname@example.org>
Dear Prof. Gupta,
For quite some time you have been showing kind of real jealousy and envy of the earning of recent crop of IIT IIM and MNC salaries. What you have not understood that these wages and perks are based on the demand and supply of the talent. I fail to understand that how you reach such conclusions. Would you prefer that this talent also migrate and look for greener pasture than helping India? Either you are not in touch with the rest of the world and rise of prices and inflation or are ignoring the facts of life as exist today and thus blame on high salaries.
You have brought out about NRI buying properties which you object but what did they buy those properties with. Did not they send the funds and how a property dealer of seller invests in the land is not his affair. Tell me who are you to make the NRI loose their roots or is this also another envious position.
You claim that NRI has not invested in Indian industry but you forget that it is the Government of India investment policy which has been the road block where they are allowed to invest up to 17%. Is that not true? On one side educated persons like you do not wish NRI to buy properties and on other side you wish them to invest. Do I understand that when you are negative about the property, it is the house they might acquire or your definition of property includes investment in industry etc. It is unfortunate that such thought even perk through. Is it not telling NRI that you are not welcome then why Mela every year for the NRI? Are you surprised that despite GOI policy and negativity shown by people like you, NRI still wish to return and invest in India? Such hate is not worth it.
India does not have that high Tourist trade but hotel prices allover the world have gone up. Ashoka, Taj and others used to be around Rs.500 in 1960's but with inflation prices have to rise. What is Rupees worth these days? Why don't you look into Indian Govt deficit financing for years. Rupee used to be around 6 per Dollars in 60's and now it is worth 51 as of today that is almost 7.5 times and you are dreaming still of those prices. Instead of looking at the real reasons you wish to pass on to nerds and NRI.
Whenever I read your tirade I often wonder how much in reality you have grasp of either inflation, law of demand and supply, world trade and globalization and yet your industrial working experience does not show the real grasp. I am sorry if I sound negative and it is nothing personal but your tirades have become popular.
You are near Ludhiana and I suggest go talk to some of the knitting exporters and find out what is the truth instead of complaining and blaming whole world. India might be only 1% of world trade yet it has effect on Indian economy.
High salaries are not paid as charity and these high wages brings the betterment of economy. Sometime I feel that you wish to go back to pre 1990 days where India got bankrupt and had to ship her gold to UK and beg from the world. One had to deposit and wait for years for a scooter or ask friends and relatives abroad for Pounds and Dollars to facilitate any purchases. Time to wake up and join the world club and study how world is moving ahead instead of same old rhetoric.
I would have thought that you would be complaining about power shortages, lack of infrastructure etc but every week it is same dance and song story. Why not ask questions like why China was able to go ahead and is now the leader of the world and hold more than 1 Trillions Dollars of US Treasury notes and is buying oil and mineral reserves all over the world. Why not ask where our planning gone wrong has or why are we falling down and poverty level is going up?
Prof R K Gupta-India <cityju@rediffmail. com>
Date: Sunday, March 22, 2009, 1:55 AM
The IT nerds are too much pampered and over paid. In India there is no control on salaries now, including entire corporate sector (organized) and the economic ratios are totally skewed. IT is anyway a business expense industry and not a primary wealth generator. Too much obsession and expenses on I.T applications and its high salary cost has increased all round prices in economy, we should understand.
It is these I.T nerds and Foreign investors including NRIs who have hiked up property prices and hotel menu rates. The NRis are shy to invest in business here but buy houses and plots as per traditional Indian hunger for property and storing. This has no benefit to Indian economy but has hiked up real estate prices making several business lines unviable including retail. Time to bring them back to normal state of affairs.
Indian IT companies and other sectors should not foolishly pay such high salaries (mainly to senior functionaries) out of sync with per capita income of India. But utilize surplus money earned from corrupt US and European companies in national development and to reinvest it in employment generating projects in India and abroad. It is important to keep labor and other costs in India lowest so as to remain globally competitive but charge as high price as possible for products and services by generating quality. That is how US earns by technology and leadership. Led by a mediocre and dummy economist and an old babu ManMohan Singh and his idiotic team of Chidambaram (just a service tax crazy guy) and Montek type bureaucratic jerks, the Indian economy has been completely screwed up. Congress and Manmohan Singh with his cronies must go into gutter soonest possible for their long term damage done to Indian society and its economic structure. Sense should restore in Indian system again with check on unbridled play of naked capitalism and greed overlooking various ratios. The property rates must go down by 50% so also all commodities should go down by 20%.Total freeze on already too high babudom salary should be imposed for next decade. It is foolish to think that by high salaries they work more and honestly and wont do corruption. Reverse has happened with rates of bribe going up. I never saw such a naive PM as Man Mohan in Indian history. It seems he does not understand even abc of common sense administration or he is totally impotent in functioning and useless for country. He could not deliver a single positive effect for Indian society in vital issues like employment, poverty eradication, price control, corruption control and fiscal deficits. On the other hand during his tenure incidents of terrorism, crime rate, price rise and property rates have broken the back of Indian society.
The argument given by Indian leadership and corrupt industry captains that India is effected by global situation is bullshit as India has peanuts of world trade and financial market share.95% People are left with no purchasing power with surplus and uncontrolled capacity created in India are main cause for what is happening. I am surprised that corrupt and inefficient state development agencies are auctioning property and doing little for releasing land bank at moderate prices fuelling price rise and speculative investment by capitalists and mafia. As a rule in a country a house should be available at 5 times of annual income of person which means Rs 2.5 lacs. That is what happens in US or European countries and is sensible economic index. India is ten times of this. It is criminal act. No wonder land grabbing, encroachments and ghettoes and JJ colonies will come up with more speed now. Indian society is being led to disastrous situation in next 10 years time.
India is being looted by 4% Indians in these vested circles of babus, politicians and MNCS. People of India must punish these crooks severely and take control of situation. We have opportunity. We should spread message to illiterate citizens as much as possible along with educated people to exercise their franchise wisely this time and weed out corrupt parties and idiotic candidates. Vote by candidate and wipe out congress which had longest tenure in Indian public administration. In last 5 years they have wreaked havoc in India. They cannot disown the agony of 108 crore Indians.
India should completely ban fruit, vegetable, cereal and their processed product exports for next 10 years. Instead the fools should create efficient logistics chain to avoid wastage and bring down costs of these items. I am shocked and surprised on the outright foolish way economy is being managed.
The Rent laws should be amended immediately to unlock huge unutilized property lying in India and judicial system should be doubled to clear cases in a time frame of 1 year for criminal and 2 years for Civil cases including appeal. The complainant should be made co- prosecutor in criminal cases with all rights as much as of state agency. Financial damages for crimes should be built in Criminal procedure code for all IPC offenses. The vested interest of judiciary and politicians cum criminals should be challenged by people of India and all CJs of courts should be asked to resign for their utter failure and negligence to expand judiciary, reform procedures and give results. We should not forget that biggest obstacle to justice are actually high courts who admit appeals and sit on files for years and years or give bails and relief to known criminals in appeals. That is how politicians and big businessmen and seasoned criminals keep doing crimes. While lower courts are monitored by high court judges, there is no one to fix their own responsibilities and accountability. Public bodies should have direct control on all important functionaries in society including judiciary, bureaucracy and politicians. Without these democracy is most dangerous and inefficient form of governance.
We should also make provision for na-candidarte provisdionn in ballot machine and if 20% voters reject a candidate re-nominations should be required for that constituency and reelection ordered. This will immediately clear system from criminals and corrupt politicians seeking votes.
Prof R K Gupta
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