India growth story miles away from here
In this issue:
» Another scam? SEBI bars 4 firms for rigging prices
» Government IPOs are not all as good as they sound?
» US to face double dip recession: United Nations
» 'Don't fight ECB': Trichet warns of the strength of EU
» ...and more!!
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But even worse than this is the economic divide that is plaguing the country. While some people are filling up their pockets with the fruits of these scams, others are starving for even a meal a day. We are referring to the huge population of the country that is still residing in the slums. As per the government's own estimates, the number of people living in the slums is likely to cross 93 m by 2011. This is a whopping increase of 23% since 2001.
The main reason that has been cited behind this 'spectacular growth' is the large influx of people in cities without commensurate job opportunities as well as the lack of housing and basic amenities. The cities are fraught with higher cost of living as well as higher cost of housing, transport and education. Add to this lack of adequate housing land and also infrastructure and one knows why there is a spike in the slum population of the country.
The government now plans to work with the state governments to provide adequate housing facilities to slum dwellers. But we ask, why were these provisions not made earlier? Was it really more necessary to sell land for luxury homes at exorbitant prices? It must be remembered that these land sales are what led to the birth of so many of the current scams.
It is a matter of pride for us when we are counted amongst the top growing nations in the world. But it would do the government good to remember that the country would grow only if its people do. And the people include even the poor, not just a handful of the elite few.
Do you think the government has done enough for the poor segment of the society? Share your views.
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Fortunately for investors, the IPO pipeline for the Government of India is choc a bloc this fiscal. And many more issues are lined up. But do all of them come equipped with the same quality as say Coal India or MOIL? We have our fair share of doubts. Take for e.g. the impending FPOs of ONGC and IOC. There is no doubt that both these companies are also titans in their respective fields. But it is the Government's repeated interference in their business affairs that makes predicting their future a difficult task. Thus, these issues are a pointer to the fact that investing in Government IPOs is not a one way ticket to riches. Picking and choosing would indeed yield better results than investing just blindly in the so called Public Sector Undertakings.
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We beg to differ. More stimulus will only lead to more printing of paper money and hence, a fall in the value of currencies. The UN believes that the key to recovery is an international agreement for a coordinated stimulus. But because there has been a lack of the same, the organization has been compelled to lower projections for US and global growth in 2011. The world economy is expected to grow by 3.6% this year and slow to 3.1% in 2011, according to the UN. Similarly, US projections for 2010 and 2011 were revised downward to 2.6% this year and 2.2% for 2011. Europe is also in a precarious state as debt issues have loomed large. Indeed, it will be a while before any full fledged recovery emanates either from the US or Europe.
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The rise in Chinese demand could further inflate gold prices. Bullion hit a nominal all-time high of $1,424.10 a troy ounce last month. But adjusted for inflation, prices are still far off from the 1980 peak price. Chinese total gold demand rose last year to nearly 450 tonnes, up from about 200 tonnes a decade ago. Analysts anticipate a further leap this year, putting the country within striking distance of India's total gold demand of 612 tonnes in 2009.
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41 Responses to "India growth story miles away from here"
PRASHANT GHATE
Dec 7, 2010GOVT.Should take a strong action agianst these people who are contiously making scam.Beacause of these retail investor are almost out of market. Today the sensex at almost near about his alltime high but retail investor is yet to come from the crisis of 2008. Govt should take some necessary to avoid these scam.
mvr prasad
Dec 6, 2010The Govt. has no priorities. Even after sixty years of independence, the poor have no place except the open to answer the calls of nature. Eye-catching and vote-catching schemes are taken up at the cost of schemes that really build India. The only goal of Govt is to return to power after the elections. Politics have become the main business of the nation. All effort goes into Commonwealth games and little into construction of public toilets.
Manoj Kumar
Dec 6, 2010Things to remember are: What is supposed to be the difference in a government department functioning and that of a corporate house?
Answer: The government always wherever involved has to be functioning for the welfare and common good of the citizens, unlike corporate houses which work for the profit. Now, see how this principle is openly being flouted by the Developing Authorities of the various states and how deeply they are in corruption.
ii) And more importantly, despite the vision given by our ex-president of providing urban facilities in rural areas, no progress has been made on it whatsoever. This is in fact a revolutionary vision and if and when brought in practice would change the dynamics of cities and villages.
M Kirpalani
Dec 6, 2010it's not a question of whether the govt is doing enough for the poor. we all know that whatever is allocated for their upliftment in the various pompous sounding schemes inevitably finds its way into the pockets of middlemen,with the active connivance of bureaucrats and politicians. nor is there any political will in catching and publicly and appropriately punishing the corrupt.If you look at the faces of our elected representatives and look into their qualifications you will immediately realize that this country is not yet ready to be a democracy, whose chief pre-requisite is an educated and enlightened electorate. it's all quite hopeless.
K.G. Rao
Dec 5, 2010Why does EQM request our views? Is it because they actually serve as inputs? If not, in the absence of any inter-action, seems to be a waste of time.
anil
Dec 4, 2010Govt has done absolutely nothing (with some exception of state govts like Gujarat and Bihar) and just made rich people richer and poor lot poorer. Govt allowed to grab agricultural land of masses by industrialists at throw away prices, allow food grain meant for poor to be taken away and exported by few chosen traders, it allowed trading and speculations in all essential commodities on commodities exchanges and resultant inflation. Congress always talks of poor for their votes and in realily- in stead of their popular slogan "Garibi Hatao", they are just removing poor people. This Govt is a shame on us. It does not matter what is our GDP. What matter to us is whether people are getting 2 time meal and we have failed miserably in this.
Radhakrishnan
Dec 4, 2010
The government has done everything possible to keep the poor & ignorant that way. This has been practiced and perfected to such a fine art (?), that the very poor themselves are unwittingly responsible for continuing to elect such a government.
A perfect vicious circle has been established ,which can be broken only by an act of God / nature.
Robert
Dec 4, 2010When the Bureaucrats and Politicians have not even spared Animal Fodder and coffins of solders what the poor can expect from such people. Let us not ask what the Government has done for the poor but let us ask in which field there is no scam. Can a single political party say that their hands and hearts are clean to raise a finger at others. Well a poor citizen can raise a pointing finger at these politicians. If poor people have to benefit, a benevolent dictator is required. Though there are many good and benevolent, competent people in India whether such people are prepared to shoulder the responsibility and whether these corrupt people will allow them to function even a day? GOD, SAVE INDIA.
Pavan K Jain
Dec 4, 2010Govts after Govts have miserably failed for more than 60 years now in doing something good for the country, except that democracy is surviving may be because it is in the best interest of politicians and govt functionaries.
I beleive it is only because of individual aspirations and efforts that the country has reached where it is today, despite putting roadblocks by Govt everywhere.
Only those of the poor are benefited who got Govt jobs due to reservations or have some connections in the some part of Govt machinery.
As far provding housing to urban poor is concerned, you can visit any urban centre of the country and can see the conditions of the poor, it is pathetic and it is only deteriorating by the day.
krishna
Feb 6, 2012according to this corruption is a word that spoil our country entirely by rich people. government musttake an severe action totake steps how to avoid corruption.