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For Pranab Mukherjee the hot seat just got hotter!
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Bikky Khosla | 26 May, 2009
The hottest chair in North Block is taken and all are letting out a sigh of relief that it is now occupied by none other than Mr. Pranab Mukherjee, the man who had sowed the seeds of India's economic reforms decades back. And perhaps no other man could have fitted the portfolio of the Finance Minister better.
Having said that, it will be tough going for this seasoned politician considering the current economic situation of the country. Even though we may be in denial mode, it is a fact that the global economic crisis has badly impacted the country's economy. Sectors like exports and IT are hit the most and are showing bleak indications of recovery and several other sectors are in need of immediate help.
Another worrying factor is the slowdown of credit flow. Mr. Mukherjee has already said in his interim budget that the government will strive to return to a 9% growth of GDP in the medium term. He has a huge task at hand in order to achieve this.
Moreover, the new Finance Minister needs to understand the need to continue with sector-specific stimuli, especially in exports, manufacturing and the infrastructure sectors, to counter the slowdown in economic growth.
With the full budget soon to come, I feel, besides an expanded rural employment guarantee scheme designed to create fresh jobs and focus on food security for the poor, Mr. Mukherjee's budget could include a stimulus package that could focus on tax breaks for select sectors and a massive spending plan for infrastructure. Measures to stem the slide in exports that has contracted six successive months could also figure in the budget.
The Finance Minister has given strong indications that "there will be more export credit available now." If we remember, during his stint as Finance Minister earlier in 1982-84, he brought about several fiscal reforms and freed India's exporters, bringing in vital foreign exchange. Will he be able to do the same this time round? The question hopefully will be answered soon!
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For Pranab Mukherjee the hot seat just got hotter!
Suprio | Sun Jun 7 07:21:31 2009
India need a person who is very intiligent , very brave , non - greedy ,non selfish & self starter to handle poluted culture of Indian politics & govt high officials, this type of person can pull down the Musk from the face of currupted politicians & govt dishonest officers for the sake of benifit of country & comman man, My Request to Mr.Pranab Mukherjee to costuct a team with fantastic honest & qualified persons to build a good new INDIA.
Pranab Mukarjee the hot seat just got hotter
John Greatson | Sat May 30 05:41:09 2009
The sentence you said "And perhaps no other man could have fitted the portfolio of the Finance Minister better" is not a good word. It just insulting the other finance ministers who worked to lift economical status of India. Further no man can make any magic to lift India's present financial position and expecting a miracle simply shows our laziness and our lost of hard working ability. The bitter fact is that the highly placed educated officers are greedy and plan for short term profits (yes, personal benefit). Don't blame the politicians only. This is true in Industrial, Financial, Banking, Corporate sectors, etc. They think the %age of commission they get through sales and/or profit is legal and planning for that particular year's benefits only. No long term thinking and no long period stabilizing programs. No vision for any critical and unexpected disastrous situations. The present generation thinks that the old fathers are fools and the old tried ways are foolish. All the highly placed officials should be sincere and hard working. I don't blame their intelligence; they are highly intelligent. But they are using their intelligence for their personal profits instead of lifting their sectors or India naturally. Our requirement today is hard work and more hard work and selfless and more intellectual and breaking ideas.
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Re: Pranab Mukarjee the hot seat just got hotter
Natvar Gohil | Tue Jun 2 13:46:28 2009
Among the existing sworn in cabinet Ministers he is the most deserving candidate for the post of Finance Minister of India. I am not only hopeful but sure that he would give the best budget for FY 2009-2010 suiting to needs of all sectors. He will surely mitigate the burden of direct and indirect taxes on poor and middle class people. I also expect that he would reduce the age to 60 years from the existing 65 years to become a Senior Citizen of India. This will be in the parity with Railway authority. Most of the senior citizens are dependent on interest income. To augment the interest income he would certainly float a new scheme.
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Re: Re: Pranab Mukarjee the hot seat just got hotter
ds tomar | Tue Jun 2 22:13:10 2009
Your are having unnecessary great expectation. Just wait and see. I advice you to note down the current prices of commodities and just see the surge. You will relies that everything has attended 100% increase and corruption is triple (300%) than the previous. Because the last elections fought on the heist of money neither on policies nor ethics nor development of Country was the issue. How this money will be compensated? The issue of bringing back the stacked black money never will come up. In such scenario who will think about industry and economy?
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Re: Pranab Mukarjee the hot seat just got hotter
N.J.Bond | Thu Jun 4 04:16:05 2009
Jhon Greatson is right it is not only politicians who are currupt,now it has spread well in the Beauracracy too.
75% of the swish money is proof that our Democratic system and its vote gathering marketting system at election period has perfectly set to function in India.
Unless this is dismantled SME s hard work is to go waste. At par with 100 days work garnatee to rural the rura arisans must be garnateed 100 days work at small unit garantee.Also the 100 days profit to be granted to thie bosses. 1005 curruption is to be abolished and the above craft compensation scheme is more important than getting to hard work. If one works hard with out above schemes implemented,imagine the consequences.
Research Creativity Honest integrity hard work in the Market agaist the Chinese Competion at global trade has put many behind insolvancies in the last two decades.Now, new exporters are joining hands. By 2015 it is said almost all out datedindustry to be shut or shutting down owing to not sustainable junk economy built by Junk Democractic rule in India.
With out getting to basics holding tails is only creating more problems.The basic is currupt free politicians beauracrates,even wealth re distribution of Swiss money to research and creative development of SMEs on Organic and natural economic growth.
Giving Hard work slogans is useless unless the basic righted.
When Old fathers allowed Swish bank swell in democracies, are not fools butsure are invalids.
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Re: Re: Pranab Mukarjee the hot seat just got hotter
N.J.Bond | Thu Jun 4 04:38:13 2009
Second Millanium is the days of invalids it has ended . Now we are in the III rd millanium days. The only meaningful assignment before Pranabji is for the next 5 years is that the Swiss money should be put back to fuction in to India export in reasearch and creative organic natural sustainable economy build up to in the coming days.Indian youth is very conciouse now their political and buracratic role. Hence 100% voting in the next election is must to sea a sea-change in Indian Democracy.
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Re: Pranab Mukarjee the hot seat just got hotter
Veeraraghava krishna. | Fri Jun 5 03:06:49 2009
Your editorial is transparent. Straightforward. Bold and what to say it is the need of the hour. Regards.
Veeraraghava krishna.
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Indian Economy-Present Scenerio
Joseph Kunnakkattu | Thu May 28 00:54:30 2009
Increase in wealth do not mean the country is rich. The Government, many a time fails to distribute wealth and by this economy do not become vibrant. I have some suggestions. (1) Fix maximum wealth of individual to Rs.1 Cr (balance to be confiscated and used for development of rural India (2) Put maximum salary of individual in employment to Rs.1 to 2lac per month. Based on salary structure retirement age should be fixed. Higher the salary lower the service period. Let the educated youth get the job. Bank interest to be reduced to 3to 5% pa for small and medium scale business starters. Implement these and see the growth of economy. This is not a new idea it was there but no body want to do because of objections of trade unions. Solution there should be a union of educated unemployed
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Re: Indian Economy-Present Scenerio
raju | Thu May 28 04:20:32 2009
most of the state governments are giving 20 to 30Kg rice for about Rs. 60 to 90. In my opinion these kind of schemes make people lasy. Instead let the government create job and offer them to poor people and then distribute the food grains.
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Re: Indian Economy-Present Scenerio
Dilip Jhaveri | Fri May 29 01:18:43 2009
Looking from America and visiting India and China, India should develop small and medium size enterprise base. The corruption in India as well as incompetent beuraucracy make Indian products some 35 to 40% more expensive compared with China. It took 6 hours, 6 kind officers to remove Rs.3,500 incorrect phone bill, that I could have done on phone in usa. If government empowers the people we can make India prosperous. Small businesses must have fast track track to speed up. You can then distribute the bigger pie to more people. Trying to distribute small laddoo to more people is economic disaster. Let the energy of common man take us to a higher ground. Making all of us equally poor is madness and stupidity. Can we learn smothing from Chinese and Indian history?
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Re: Indian Economy-Present Scenerio
raveen | Fri May 29 10:06:42 2009
i fully agree with mr. raju, the NREGS is good where there is drought, famine, floods or any other natural calamities. the govt. should encourage people to take up new vocations, enable the rural community into a viable work force to change agriculture and industry. proper thrust should be given in the areas of rural developement, like roads, dams, power, access to reasonable interest capital etc. this can spur allround developement and change for positive growth in real terms at the ground level or the last mile.
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