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Dear Sir, loved reading your perspectives. With all due respect however shall take you on with a few rejoinders. Firstly, Like in life where two cynics never make an optimist its not just unfair but unreasonable to go for something that was more politically relevant than principally, primarily because simultaneously a few other things were far more damaging. This is in reference to the budget spending and the fuel subsidy. I agree the sanctity and holiness of the defense budget seriously needs to be challenged and the subsidies must be dispensed away with. However, this from nowhere justifies a bill that adds to another 1 % on the GDP and just sounds like a noble deed and is structurally just destined to fail. ( I do not want to dwell upon the many other government schemes similar in intent that have only added to the burden on the exchequer and never actually addressed the concern it was initially injected in the system for . The figures are no where cost inflation adjusted, It needs to because by the time the i year roll out phase expires god knows where and in which condition the economy shall be . Add to it the ancillary costs of storage, distribution, auditing , quality controls , procurement and you have a bill that might just be 1.5 % of the GDP but 20 % of the Current Account deficit. Secondly, i agree that the US markets are hot cakes right now and companies are weary of the tapering of QE and taking their roast turkeys out of the BRIC ovens back home for a happy thanksgiving. However, having said that data released by finance ministry says India needs 219 billion USD of foreign investment in the FY 2014-15. Credit rating agencies however biased and clueless about ground realities sadly play a chief role in the governing of investment outlook for the FII’s . The food security bill doesn’t say much on the figures side but it speaks volumes because we no longer can hide behind the veil of democracy and fool the world that policies here are taken keeping economics into mind. Its not rocket science for global research institutions to read through the brining of bill exactly 8 months prior to general elections without a regulatory framework and with no policy or plan in place to plug in the deficit with any income generating measures. The government shall come up with their “ram ban “ tactics of citing an equal amount of disinvestment initiatives in the coming budget which also shall fail leaving us with empty provisions, a subsidy of 1 percent of GDP that did no social good and a lot of economic bad. The world finally sees us beyond the number games and thats a key factor why people will be extremely apprehensive of investments in a country like ours. So while i completely agree with you that extravagant government expenses , brazenly sanctified defense budget, the fuel subsidy all needs to be dealt with hammer and tongs , i have my sincere doubts that in the unliklihood of its occurrence it was wise to support something that might be low in venom but extremely high in potency to hurt us even more.

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Ekagra Priyadarshi 04/09/2013 15:02:43

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