R S s Bansal ji my question was about conducting big big rallies by the political parties when financial crunches are their in India. more  

Mr. Dev Vaish, You are highly qualified and expert in your field. I however wish to agree to disagree with you. I am sure you are not qualified enough to call any action of Mr. Modi a foolish one without your sufficient experience of Indian conditions and mentality of the people born and brought in India under many compulsions. Some banks have tried the suggestion thrown by you, but still the queues have been long and by the time a person was likely to reach to the entrance of the bank, the bank was closed. This I am telling on the basis of my personal experience. Secondly, which Industry/ business or country could expand and rise without availing loans. No country has sufficient money to make development in all fields particularly Infra structure. Moreover, India is not a rich country. In India during the last seventy years, Black Money has become a parallel economy. So where is the sufficient capital? Now the same P.M. whom you could call a foolish one has with one stroke virtually destroyed the Black money, to forge ahead and enter into a new era. Further, Our Country is very often hounded by China and the Pak has been spreading its terror net works. Under these conditions, if appropriate pre-emptive action is not taken, it would be foolish on the part of the P.M. and the Defence Minister. I wish you could think like an Indian, conditioned in India, who has to face the challenges of day to day life and security. more  

The single biggest reason for corruption is that we borrow too much, (from the World bank, IMF, AUSAID, DfiD, etc). What we borrow runs into hundreds of Billions of US Dollars, repayable after 35 to 40 years. Once this easy money comes in, it is an easy way for the Government to siphon off, some part in foreign Banks. But, but, remember, the main Debt (loan) still needs to be serviced. My guess is that India's International Debt has crossed unmanageable limits. Now the money with the Government is not enough to service the debt. And hidden (black) money also cannot be used to service global debt, as hidden money is not in circulation, and not in control by the RBI or the Government. So, the day has come, when India was compelled to flush out the hidden money, bring it in circulation, and once India adds billions of Dollars of hidden money this money can be used to service previous debts. And then, it can also be used, to borrow more money, which would be available for re-payment only after 35 to 40 years. Now, is Black money good or bad for the Indian Economy. My answer is.... " In an honest society, the corrupt, and in a corrupt society, the honest, must beg apology for existence ". When bad (dishonest) politicians mess up, the good money dries up, and Black money comes to the rescue. But when honest men, run the Political system, the bad (hidden) money harms the economy. Modi is indeed trying to clean up and mainstream hidden money. But, if he uses this money to borrow more, and borrow as if there is no tomorrow, (Borrow Sorrow), or goes and buys defunct German Submarines, at a cost of over 60,000 million USD, and Raphael jets at 22,000 crore each, oh my God, the money for roads, pathways, and infra-structure will not be enough. Imagine, how many people would improve the quality of lives with superior, clean roads and cycle tracks and pathways, as compared to how many poor people would benefit with purchase of 26 Raphael Jets, at 22,000 crore a piece. Modi is making a big mistake, by taking Japanese loans, for super fast railway to be built, between Mumbai and Ahmedabad. This involves a HUGE cost of Rs 97, lakh crores, and even if the loan comes at 0.1 per cent interest, it is a huge cost. What Modi perhaps does not know, is that the World Bank, was once ready to give big loans to India, at minus 10 percent.....yes (-) 10 per cent , repayable over 40 years. This is because, the USAID, IMF, World bank etc., want to give more and more loans, which usually weaken, (not strengthen), badly managed economies. The thinking is... the more (loans) you give, the more you get. I'd hate to think of India, losing its economic independence, if it gets caught in the spiral of bad debts. Lastly, I think, one foolish mistake Modi has made, is in not getting Banks to avoid Queues through better Queue management techniques. A simple 'token' system, with numbers in a sequence should have been introduced, so that it would be easy to figure out roughly how long it would take a person to reach the Bank Counter. Instead of spending so many hours in long queues, one could then do other productive work, and come back, to the Bank Counter, as his turn approaches. Why should young/productive, healthy men and women, stand in queues and waste their time, to withdraw or change currency. It is stark stupid. TIME is MONEY, and to waste TIME for exchanging money is as stupid as can be, when a better system can reduce the pain of standing for hours in serpentine queues. Thanks, for paying attention. Comments are welcome. Dev Vaish IITD graduate 1974. Retired UN International Officer and Quality Assurance Specialist. Mob: 9718147433 more