by vivek of themavericks...remember!! » Mon Sep 30, 2002 11:37 pm
Well guys, I am here again with yet another set of top 10 reasons. I would call this (10.4), the fourth series in the top 10 categories. I would like to remind you all that I had made it clear that none of my top 10 series would be pertaining to mundane affairs. It is purely out of what i get to listen, read and comprehend. I am not a pessimist, neither am I a hardliner. Well, let me just start off. <br><br>India has been at the center of attention ever since 1991. Several world leaders have acknowledged that we are the strongest force to reckon in the world. But, since the last one year, despite strong hopes of the \'recession\' beginning to subside, India as we know today is a soup. Here are the 10 reasons to substantiate my point purely interms of financial and ecomonical development.<br><br>(1) Standard and Poor\'s downgrading of our soverign Indian \'domestic\' currency rating - in an informal sense,the money which you hold in your pocket is \"junk\". I don`t say this... they said it. That means that the credit worthiness of Indian currency is equal to that of El-Salvador, Romania and Tunisia. That means that the govt. does not have money to repay debts to its own family members - the banks! <br>(2) Unit Trust of India - Bail out - A great case of fund (mis) management. All those schemes that were \" assured returns\" were managed so badly that the money that people like you (not me) deposited were parked in volatile equities. When they tanked, they cried to the govt. The government said \"ok... here have this Rs14,500 crores, all tax payers money... now don`t come crying again!!!\". So guys, don\'t be surprised if you get lower returns even on your fixed deposits.<br>(3) Sale sale PSU\'s PSUs... Limited stocks only... hurry - yup, that\'s what the government is yelling. As if the UTI thing was not enough, we are now trying to sell even those PSUs that are actually making more money that any Pvt sector company. Remember 200 of the total 242 central PSUs are running profitable. The icing on the sick cake is that govt wants to sell even IOL which got into the Fortune-500 list!<br>(4)Government spent over Rs. 30 crores in the developement of an indegenious battle tank \"ARJUN\" and our sweet army said... \" No thanks... we prefer the Russian T-90\"... Remember your/your dad\'s money went in it!<br>(5)Disinvestment saga - our govt had a target of Rs. 10,000 crores when this disinvestment bug bit it... it ended to selling a backery called the \"Modern Breads\" to HLL at a throwaway price, you know how much? It was equvalent of you buying petrol for Rs. 11 a litre with 25Ml oil. So expected money did not come, hence an extra surcharge in your dad\'s income tax!<br>This was just the beginning. What happened was even funnier... if you don`t think about your dad\'s money!<br>(6) The growth of GDP (no Hi-Fi this) was predicted to be 6% in March, then 5.8% in June, then 5.5% in July, then 4.8% in August and now in Sep they say, \"It would be good if it touches 4.5%.\"<br>(7)An estimated 23% of the politicians are using security cover just for the heck of it, even a fly won\'t bother to hurt them, besides they are occupying a free house, with free ISD fone with free car with free petrol with free train travel and freedom to talk nonsense... your dad\'s money goes in \'maintaining \' them.<br>(8)The horrible attack on a place of worship in Gujarat and the infiltration of militants seems as if we as a nation are getting rusted from deep within. Nothing is in order in home... and we wanna become something like Singapore. <br>(9) No serious mind to talk about these, everyone\'s busy with work (that\'s ok), but we have girls and boys who are busy worrying if Hrithik Roshan has six fingers, and if ya then what does he do with \'em??!! If this is ok, then picture this... according to a national survey conducted, 7/10 girls and boys of age 20 to 22 did not know when Gandhi was born... and to add more they said 15th August. And to add even more they said we got independence on 26 Jan 1947!! Eventually these potential NPAs would settle abroad and produce babies...<br>
(10) I am too worried...
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The opinions expressed here are mine and I would like you all to give it a serious thought to at least few points.