India’s Faltering Economy Could Get Worse and worse day by day

Few economic experts in recent months have been as critical of India’s fiscal policy and governance and as bearish about the country’s economic future if reform does not happen as Rajeev Malik, senior economist with CLSA Asia-Pacific Markets, an independent research and brokerage firm.

Several recent indicators suggest that his bearishness is not misplaced. In November, Mr. Malik warned that India’s currency could fall to 57 rupees to the United States dollar (at the time it was trading at about 52 rupees to the dollar). On Friday afternoon, the rupee was trading dangerously close, at 68.2 to the dollar. In December, he cut India’s economic growth forecast for the fiscal year that began April 1 to 6.3 percent, a forecast that has just recently been echoed by other economists.

Courtesy of CLSA Asia-Pacific MarketsRajeev Malik, senior economist at CLSA Asia-Pacific Markets.

In an interview with India Ink, Mr. Malik discussed Wednesday’s petrol price increase, what the government should do next and what role he thinks  Sonia Gandhi, president of the Congress Party, plays in stifling economic reform in the country.

Q: What are the options available to the central government and the Reserve Bank of India to slow the rupee’s free fall?

A: The ball is very much in the government’s court and with Sonia Gandhi. The R.B.I. is doing whatever it can, and is taking a sensible approach. The last thing it should do is effect a particular level [for the currency] and then defend it at the cost of losing a large amount of foreign reserves. There could be greater pressure in the future on the currency from heightened global aversion, so it would be suicidal to squander reserves.

In all of this, the R.B.I. cannot be the savior. No central bank can be the savior. The Indian government creates the mess and the R.B.I. is the vacuum cleaner, but even a vacuum cleaner can’t do a good job in a garbage dump.

The first thing the government needs to do is wake up and acknowledge there is a problem. Just saying that there are external problems, when almost all of India’s problems are home grown, is not enough. The external issues amplify the domestic imbalances but government’s policies in recent years have significantly worsened those imbalances.

There are many Band-Aid fixes that can be done, but relevant long-lasting benefits require significant hikes in fuel prices to cut subsidies, getting the fiscal and current account deficits under control, improving the local investment climate, squeezing out inflation, attracting foreign direct investment and moving forward with reforms.

Growth is going to be trapped around the 6 percent mark and downside could still be there – it could clearly be lower if nothing is done by the government.

There are no painless options. The can has been kicked down the road so often and for so long, there will be unpopular moves but they have to be undertaken.

Q: Is Wednesday’s steep petrol price increase a sign the government has finally woken up and is ready to make the reforms needed?

A: It is a start, but it only shows a government trying to marginally make up the distance it has fallen behind. It is still wedded to doing the least possible needed to avoid a major systematic problem rather than being pragmatic enough to undertake reforms so that India can do much better. It is merely doing enough for the economy to survive, not thrive.

Q: What’s the next move the government should make after the fuel price increase?

A: We have to see significant increases in diesel and cooking gas prices. The prices of other things, like electricity and coal, have to be closer to market-clearing levels.

The government needs to jump-start investment and create a more enabling environment for growth.

What makes the Indian situation so very unique is that it is not as if the problems are not known or the solutions; it is the implementation that doesn’t happen because of political myopia.

The current dual political structure doesn’t work. It is ironic that the world’s largest democracy has a selected, not popularly elected, prime minister. The people who do understand economics don’t have the political strength to make decisions. Those who have political power either don’t understand economics or are too fixated on populism.

Q: What does a weak rupee actually mean? If it doesn’t have a big impact on most Indian citizens, why should politicians address it?

A: A weak rupee is a symptom of the underlying problem, it is not the problem; it is the messenger rather than the message. It is the outcome of chronically high inflation, policy incoherence and self-inflicted injuries.

Consumer price inflation is over 10 percent, the rupee is in free fall, growth has been crippled and reforms have become a figment of people’s imagination.

The rupee has weakened more since the end of July 2011 than it did during the 1991 devaluation. The significant depreciation now will have a much smaller positive impact than in 1991 because it is not accompanied by a reform agenda. In 1991, the Indian government didn’t have a choice; the International Monetary Fund forced it to put in path-breaking reforms.

Q: What is our worst-case scenario? How low could the rupee go?

A: We don’t know. No one can really forecast currencies very accurately, in the near term and given global uncertainty.

The rupee could easily fall between 57 and 60 to the dollar depending on how the European Union situation plays out. We just have to see what the government ends up doing.

Q: You must speak with government and political advisers. Do you get the sense the central government appreciates the necessity of doing something now?

A: There seems to be a disconnect. The people who understand the gravity of the situation and know what needs to be done don’t have the political capital to push through things. A lot of the relevant people get it; one doesn’t need to be a whiz kid in economics to appreciate what India is going through.

Q: You mentioned Sonia Gandhi earlier – is she the major roadblock standing in the way of the economic reforms that need to happen?

A: It is understandable that she has a political agenda. But strong and well-balanced economic growth will offer more, not less, opportunities for her well-intentioned redistributive agenda. Not undertaking reforms that will boost growth needed to meet the rising aspirations is a one-way path for the government to be out of a job.

I don’t think people are opposed to helping the poor. But the popularity of handouts needs to change. Growth is the best answer to poverty.

We require political will to do something. The more the government waits, the stronger and more unpopular these corrective measures will have to be.

Source : http://india.blogs.nytimes.com

Corruption in India

To day at least for India corruption is the password, an oft-heard subject of discussions and conversations on all kinds of forums and platforms. The simple layman's definition of corruption is to get a job done in a wrong and unethical way.

Corruption is today a world-wide phenomenon. In our own country some people in high positions lave been charged for it.

A corrupt person is termed immoral, dishonest and unscrupulous in his dealings. His disregard for honesty, righteousness and truth results in his alienation from society. He is treated with contempt. But as erosion of values leads to decadence, remedies for the social malaise remain elusive, and so no amount of contempt can eradicate corruption which is a symptom of decadence.

Corruption is the most virulent when crises everywhere threaten the very existence of the society and the faith in life is shaken. It has always been there like tie leech, but when the system grows weaker and the boat flounders, it gets bolder and drains its victims of the last drops of their blood.

The older the system the weaker it grows and fails to solve the riddles of life that grows more complex every day. So men lose faith in it and let it drift down. At this point corruption takes over and plunges the entire society. After Second World War the old system with all its values was left in a shambles. The crippling effects of the war, the recession and depression, and uncertainties in a faithless world of maimed and moribund encouraged cynicism in a section of the population.

This section included the government officials dealing in essential commodities. They found the post-war conditions ideal for fishing in troubled waters and jetting richer. They formed a sort of vicious circle in which moral values and honest intentions no longer held valid. The flourishing black market in essential commodities, adulteration of even baby- food, bribery, fraud and economic, political and administrative manipulations with an eye on earning profits has brought untold misery to the people.

One would say the corruption in India has an ancient lineage; it is sanctified by tradition. The author of the Arthasastra made some remarks on government officials of his time which are relevant even today: "Just as it is impossible not to taste the honey or the poison that finds itself at the tip of the tongue, so it is impossible for a government servant not to eat up at least a bit of the king's revenue. These in the post­war world became only bolder while eating up government money and accepting bribes.

Today, when India is free, these officials representing all government departments are very close to the most corrupt businessmen who are too unscrupulous to let any opportunity of amassing profits slip. This collusion broadens the base of the vicious circle and corruption spreads 'like wild fire to engulf the entire society. The political and social guardians depend only too much on the richer communities and they look indulgently on while these communities hold the entire society and the government to ransom.

Corruption starts at the top and percolates down to the whole society. Such corruption cannot be confined to the towns alone. It is as widespread in the villages where the dishonest officials and the traders carry the germs of the disease. The tyranny of confusion and price rules the land and the people are helpless victims of corruption everywhere.

Indian Black Money in Swiss Bank Account

Dear all,


Latest update after Swiss Bank has agreed to disclose the funds

Our Indians' Money - 70, 00,000 Crores Rupees In Swiss Bank 1) Yes, 70 lakhs crores rupees of India are lying in Switzerland banks. This is the highest amount lying outside any country, from amongst 180 countries of the world, as if India is the champion of Black Money. 2) Swiss Government has officially written to Indian Government that they are willing to inform the details of holders of 70 lakh crore rupees in their Banks, if Indian Government officially asks them. 3) On 22-5-08, this news has already been published in The Times of India and other Newspapers based on Swiss Government's official letter to Indian Government. 4) But the Indian Government has not sent any official enquiry to Switzerland for details of money which has been sent outside India between 1947 to 2008.. The opposition party is also equally not interested in doing so because most of the amount is owned by politicians and it is every Indian's money. 5) This money belongs to our country. From these funds we can repay 13 times of our country's foreign debt. The interest alone can take care of the Center s yearly budget. People need not pay any taxes and we can pay Rs. 1 lakh to each of 45 crore poor families. 6) Let us imagine, if Swiss Bank is holding Rs. 70 lakh Crores, then how much money is lying in other 69 Banks? How much they have deprived the Indian people? Just think, if the Account holder dies, the bank becomes the owner of the funds in his account. 7) Are these people totally ignorant about the philosophy of Karma? What will this ill-gotten wealth do to them and their families when they own/use such money, generated out of corruption and exploitation? 8) Indian people have read and have known about these facts. But the helpless people have neither time nor inclination to do anything in the matter. This is like "a new freedom struggle" and we will have to fight this. 9) This money is the result of our sweat and blood.. The wealth generated and earned after putting in lots of mental and physical efforts by Indian people must be brought back to our country. 10) As a service to our motherland and your contribution to this struggle,please circulate at least 10 copies of this note amongst your friends and relatives and convert it into a mass movement. Deposits In Swiss Bank ~ Top 5 India---- $1891 billion Russia----- $610 billion China------ $213 billion UK-------- $210 billion Ukraine ----------- $140 billion Rest of the world ----$300 billion India may be poor, but Indians are rich! Home

4 Steps to Control Anger

Many of us at times have been upset. Being upset is a part of life. Not all things will go the way you want them to go. When this upset turns to anger we must be careful how we handle ourselves

Here are 4 steps to control your anger and have it vent in proper ways.

1.  Count to 10 when you are getting upset. This is a normal way that we have all heard. We have heard it because it works if you practice it. Count to 10 and you may solve many of your outbursts before they happen.

2.  Do something that is physically exerting. Instead of punching a wall or a person, go run around the house, or mow the yard. Go for a walk, swim, bikeride, or shoot some hoops. This can provide a physical outlet for your emotions.

3.  Find something that is calming. Try deep breathing from your diaphragm. Take 10 deep calming breaths. This can be very soothing for most people. Combine this with step 1 and count to 10 slowly while breathing.

4.  Use "I" statements instead of "you" statements. I am frustrated because you didn't help with the  housework, instead of You didn't help me with the housework. This helps in multiple ways one is your way of thinking is a bit better and you also do not upset the other person so that both parties are angry. Which of course is not a good outcome for anyone.

You can combine multiple steps above to help alleviate anger. Don't hold it in, but don't blow up. Calm yourself down and talk about it by using step number 4 above. Go for a swim or a nice shower, and you can alleviate the stresses that cause unhealthy anger.

Bird’s Eye View of Greenland

Bird’s Eye View of Greenland

Importance Of Time

Time is the most important resource. It is a gift of nature to humanity. Time is captial and not renewable income. It is the most valuable gift, which can be offered by one to another. If we have time for our children, they acknowledge us as good parents. Similarly if we have time our subordinates to listen to their problems, they acknowledge us as good superiors. We have only 24 hours in a day and this cannot be stretched beyond 24 hours. Thus we can not make time but surely we can find time.

Time is really a wonderful thing. It can be defined satisfactorily. It has no beginning and no end. All things are born in time, grow in time and then decay and die in time. Time moves at its own pace. It cannot be commanded. It does not wait for kings or princess.It cannot be analyzed

We are conscious of the passing time and its importance. We have developed clocks and watches to indicate its flow. We have invented dates, days and years to indicate and measure it in our own way, but it is really indivisible and immeasurable.

People say time is money. But it is more precious than money. Money lost can be recovered, but not the time lost. A moment lost is lost for ever. Time is ever changing. Change is the law of nature. Nothing is independent of change or time. Man’s life is very short but the work is much and difficult. There are so much to do. Therefore, we should not waste even a single minute. Every breath, every second should be used properly and meaningfully.

Is speaking in public your fear? | The English Forum

Is speaking in public your fear? The English Forum

Top 10 Interview Mistakes

The best way to avoid the most common and dangerous interview mistakes is to think ahead and decide not to make them... Read on for a whistle-stop tour of the top ten interview clangers!



1. Lying Although it's tempting, it doesn't work. By all means gloss over the unflattering things. But out-right fibbing NEVER pays.


Mark Twain said: "If you tell the truth, you never have to remember anything." Think about it. They will catch you out later.


2. Slating your current company or boss Fed up with your current job and would give anything to leave because they've treated you badly? Your job interview is NOT the time to seek revenge. Bear in mind that the interviewer will be listening to your answers and thinking about what it would be like to work with you. Ask yourself: do you like working with people who constantly criticise others? Isn't it a bit wearing? The trouble is that the interviewer draws massive conclusions from your answers. So your throwaway comment about your boss or employer may be interpreted to be your "standard" way of thinking. It makes you look bad, not your employer.


3. Being Rude If you find you were accidentally rude, then apologise calmly and genuinely. Then leave it behind you and get on with the rest of the interview. If you dwell on it, it will affect your performance. What's "rude"? Well, that depends on your audience. As a rule of thumb, avoid cracking jokes about potentially sensitive topics and beware of being too "pally" with the interviewer: polite and friendly is enough. After all, you're not in the pub with them. So stay professional. Also bear in mind that everyone you meet could be involved in the selection process. So blanking the receptionist or talking down to the junior members of staff could cost you the job.


4. Complaining Ok, so your train journey might have been a nightmare and maybe you thought the tube would never arrive, or the tailbacks on the motorway were endless. But your interviewer doesn't want to know that! Complaining, even in jest, is not a recommended icebreaker. It may be completely harmless, or it might simply make the interviewer switch off. Don't let complaining set the tone for the interview!


5. Talking about people you don't get on with at work These days, it's common to be asked how you deal with conflict. Companies realise the importance of interpersonal relationships in the working environment. So if they ask you about difficult people or situations, make sure you hold back from character assassination and blaming others for problems because it won't do you any favours! If you accidentally do "break" this rule, apologise and explain what you "really" meant.


6. Not Being Prepared Re-read the relevant version of your CV and the job advert, just before the interview. You'd be surprised how many people can't remember what they wrote on their CV. And if you remember what type of person the job advert was looking for, it's easier to demonstrate that you have those qualities. Make sure you've brought with you anything you were asked for. It's fine to bring a note-pad and pen, but make sure they're tidy. It's even ok to bring notes with you; particularly if you have any questions you want to ask. It shows you're taking the job application seriously. Ill-prepared candidates rarely get job offers.


7. Appearing to be too nervous, or too confident If you appear too nervous they'll think you're not confident enough to do the job. However, appearing too confident will make them think you won't fit into the team. If interview nerves are an issue for you, it's worth getting practical help from a professional, such as an interview coach.


8. Making a weak first impression Unfortunately, no matter how hard the interviewer tries, a lot of "don't want to hire them" decisions are made in the first few minutes of contact. If you make a strong first impression, the interviewer will be more inclined to overlook "imperfections" in your answers.


9. Not having researched the company


As a general rule, the more famous the brand, the more they will expect you to have done your homework. Researching the company shows you're serious about the job.


10. Putting your foot in it and not noticing Yes, we know, you didn't mean to put your foot in it. But it doesn't really matter what you intended. What counts is how the other person reacts. So what can you do? Be prepared to simply say "sorry, that's not what I meant!" This requires you to actually be paying attention to the interviewer, rather than your own thoughts and feelings. Once you've apologised, leave it there, take a deep breath to help you relax and move on with the job interview.

Where is the Indian?

Found an intresting article...here its for you all..

A reality with a meaning

An American visited India and went back to America where he met his Indian friend and asked how did you find my country, the American said it is a great country with solid ancient history and immense rich with natural resources.

The Indian friend then asked, how did you find Indians?

Indians? Who Indians?
I did not find or met single Indian in India.
Who nonsense? Who else could you meet in india then?
The American then said ...
In Kashmir....I met a Kashmiri
In Panjab .... I met a Panjabi
In Bihar...Maharastra....Rajasthan...Bengal...Tamilnadu...Kerala...I met Bihari, Marathi, Marwadi, Bengali, Tamilian, Mallu...
In AP... I found Andhra & Telengana.....

Then I met
A Hindu
A Muslim
A Chirstian
A Jain
and many more... but not a single Indian did I meet.
-------
Think guys
The day would not be far when indeed we would become a collection of nation states as some regional anti-national politicians want.
--------
Remember... We are Indians first....We are Indians at last.