India’s fiscal problems need solutions and actions
Bad loans of Rs 10.3 lakh crore (11.6 percent) are projected to touch a crippling 12.2 percent by March 2019. While 701 cases have been submitted for bankruptcy resolution, only 176 have been resolved.
Credit to large corporates grew at a mere 1 percent, year on year; so industrial growth recession continues, despite the 7.4 percent GDP growth.
Interest rates are reaching for the stratosphere, with the 10-year treasury breaching 8 percent, and AAA-rated borrowers picking up loans at north of 8.5 percent. These are not propitious for a pick-up in private investment, which is a condition precedent for sustained economic growth.
The Current Account Deficit (CAD), which had moved to a surplus, is again blinking red at 2.5 percent. The rupee is at a historical low, shooting past Rs 69 to the US dollar. Foreigners have pulled out a record $ 7 billion dollars just in the current calendar year from the debt/equity markets.
The government has done a “phantom disinvestment” by forcing ONGC to pay Rs 35,000 crore for buying HPCL, both dominant public sector companies. So the cash has moved from one government pocket to another, without any genuine inflow. A similarly specious plan is being hatched for re-capitalising IDBI Bank’s battered balance sheet, with LIC picking up the tab. Air India’s sale proved an embarrassing cropper, without a single bidder. more
Credit to large corporates grew at a mere 1 percent, year on year; so industrial growth recession continues, despite the 7.4 percent GDP growth.
Interest rates are reaching for the stratosphere, with the 10-year treasury breaching 8 percent, and AAA-rated borrowers picking up loans at north of 8.5 percent. These are not propitious for a pick-up in private investment, which is a condition precedent for sustained economic growth.
The Current Account Deficit (CAD), which had moved to a surplus, is again blinking red at 2.5 percent. The rupee is at a historical low, shooting past Rs 69 to the US dollar. Foreigners have pulled out a record $ 7 billion dollars just in the current calendar year from the debt/equity markets.
The government has done a “phantom disinvestment” by forcing ONGC to pay Rs 35,000 crore for buying HPCL, both dominant public sector companies. So the cash has moved from one government pocket to another, without any genuine inflow. A similarly specious plan is being hatched for re-capitalising IDBI Bank’s battered balance sheet, with LIC picking up the tab. Air India’s sale proved an embarrassing cropper, without a single bidder. more
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Oct 31
copious monsoon providing plenty of water for a bountiful agricultural harvest,flow of cash thru GST which is crossing a level of Rs one lakh crore a month and increase in industrial production plus GDP of 7.4 clearly indicate that INDIA is progresing. World bank has ranked INDIA--100, IN THE MATTER OF ease of doing business. spread happiness and good news all around. VANDE MATHARAM NC.VIJAIRAGAVAN more
Jul 19
Fiscal Problems are due to failure of Law and Justice and, neglect of Prompt Rule in the Country. States also need to be bound to follow the Laws/directions of Indian Union as already mandated in the Articles of the Constitution. more
Jul 07
The government policies and more particularly loan waiver assurance before the election has brought the matter from bad to worse. Moreover, political interference in sanction of big loans is another reason. more
Jul 07
people does not want merits and only vote banks count.If that is the position they get only governments which are inefficient.In these circumstances performance is rarely obtained more
Jul 05
