Serious This "Superpower" on Edge of Collapse

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A French Revolution is coming in India
Spotlight November 15, 2019 Ritu Jha

All indications are that some kind of French Revolution is coming in the Indian subcontinent, as I have said in my articles ‘India edges closer to its own French Revolution’ published in the week.in, ‘The stormy petrel is on its wings’ published in indicanews.com, and ‘Why India is headed for its own French Revolution’ published in dailyo.in. Consider the facts :


Everything has collapsed in India, all state institutions have become hollow and empty shells, and largely corrupt, while the Indian economy is tanking and the people’s distress is growing, with record and rising unemployment ( 12 million youth entering the job market in India every year but jobs becoming less, as the National Sample Survey, a Govt of India organisation, admits ), appalling level of child malnourishment ( every second child in India is malnourished, as Global Hunger Index and UNICEF reports indicate ), 50% of Indian women anemic, almost total lack of proper healthcare and good education for the masses, farmers suicides continuing unabated ( well over 300,000 already ), etc and our political leaders totally unconcerned, seeking only power and pelf ( see my articles ‘Why celebrate Republic Day when the Constitution has become a scarecrow’ published in the week.in, and ‘A storm is brewing in India, but chess players can’t see it’ published in nayadaur.tv)


Just as before the French Revolution public debt had reached colossal heights, so also is the situation in both India and Pakistan. Pakistan had to go begging to the IMF for a 6 billion dollar loan ( which increases its debt to 106 billion dollars, much of its revenue going just to service it ). The Indian Government forced the Reserve Bank of India to give it 1.76 lac crore rupees to cover its fiscal deficit. This reminds one of the situation in France before the Revolution, when the French monarchy kept taking loans from Dutch bankers to cover its huge deficit, until the time came when the bankers refused to give any more loans, realizing the same would never be recovered.


Swarms of millions of locusts descended on Karachi recently, and the Sindh Agriculture Minister Ismail Roohi made a heartless comment that people should eat biriyani made of locusts. This reminds one of the remark of Foulon, the French Controller of Finance under Louis 16th, who said that if people did not have food to eat they should eat grass. After the storming of the Bastille on 14th July, 1789 Foulon tried to hide, but was caught, his head cut off, grass stuffed into it, put on a pike, and paraded through the streets of Paris with a poster ” Here is the man who wanted us to eat grass “. So Ismail Roohi should watch out.

In Kanpur a truck carrying fishes overturned, and people nearby rushed to grab some. Similarly, in Odisha, a truck carrying hundreds of chicken crashed, and people rushed to grab some. This reminds one of a scene in Dickens’ novel ‘ A tale of two cities ‘ where a barrel of wine being carried on a vehicle in a Paris street broke up, and nearby people rushed to swallow some of the wine spilled on the street. One person dipped his fingers in the red wine and wrote on a wall ‘ Blood ‘, symbolizing the bloodshed and guillotine which was coming.

The imposition of President’s rule in Maharashtra reminded me of the tennis court oath on 20th June, 1789 in Versailles during the French Revolution ( see my article ‘Imposition of President’s rule in Maharashtra is unconstitutional’ published in punjabtoday.inand indicanews.com).
Skyrocketing food and fuel prices are common to both the situation in France in 1789, and in India and Pakistan today.’
The King and aristocrats in France were totally oblivious of the approaching storm. On 14th July 1789, when the Bastille was being stormed, Louis 16th wrote in his diary ‘rien’ ( nothing ) i.e. nothing was happening. Similarly Indian politicians are blissfully unaware of the rising tide which will one day engulf them ( see my article ‘ Wake up Bourbons’ on my blog Satyam Bruyat ). They have no genuine love for the country, and are only interested in power and pelf by hook or crook. For their vote banks they polarise people, and spread caste and communal hatred.

In Pakistan, the PPP and PMLN are perceived as corrupt, and Imran Khan, who professed accountability and transparency, abandoned all his principles by giving PTI tickets to dubious ‘electables’, taking help of religious extremists in the elections, and sacking Atif Mian, the renowned economist from the Economic Advisory Council only because he was an Ahmadi. As for Maulana Fazlur Rahman, who led the ‘azadi’ march recently, he is a well known reactionary thug and opportunist.

The Indian Prime Minister Modi, who is an expert in gimmicks like Yoga Day, Cow protection, Ram Mandir, Swatchata Abhiyan, abolition of Article 370, etc ( which he resorts to in order to divert attention from the terrible economic crisis India is going through, which his rabidly anti minority government has no inkling how to solve ) said in the Howdy Modi function in Houston recently that everything is fine in India ( he said it in several languages ), when the truth is the reverse, nothing is fine in India, the economy is tanking, Kashmir situation getting worse, etc. It was like the Nazi Propaganda Minister Dr Goebbels saying that Germany was winning the war, when everyone knew it was losing.

Rousseau, the philosopher of the French Revolution, and mentor to its leader Robespierre, wrote in his ‘Discourse on Inequality’ ” It is surely contrary to the laws of nature that a handful of people gorge themselves with superfluities, while the starving multitudes lack the necessities of life “.
In India 7 individuals own as much, if not more, wealth than the bottom half of its 1.35 billion people ( one of the 7 owning an estimated 3.5 lac crore rupees=$50 billion, and who reportedly spent thousands of crore rupees recently on his daughter’s wedding ).

Surely this monstrous and glaring inequality is unacceptable, and cannot continue for long, when tens of millions of Indian children do not get enough to eat.

The parliamentary system India has adopted runs largely on caste and communal vote banks.
Casteism and communalism are backward feudal forces which must be destroyed if India is to progress, but parliamentary democracy further entrenches them. So it has to be replaced by another system which enables India to rapidly industrialize and modernize, but such replacement requires a revolution.’

India’s national objective must be to transform and uplift the country from the ranks of the underdeveloped countries into the ranks of the developed, highly industrialized countries, for only then can it abolish massive poverty, unemployment, malnourishment etc. But there are powerful forces and vested interests, both internal and external, which will oppose such transformation tooth and nail, as they do not want India to become another industrial giant like China. Hence it can only be achieved by a mighty historical popular upsurge, i.e. something like a French Revolution ( see my article ‘French Revolution is coming in India’ online ).
Anyone with even a little idea of history can see it dawning in the horizon.
 
Moody’s & Nomura: thumbs down to Indian economy
Moody’s has pushed India to the negative category and believes recovery will take much longer than anticipated


Two financial services companies, Moody’s Investors Service and Nomura Holdings, have lowered their outlooks on the Indian economy as they see the current slowdown to be worse than anticipated and don’t expect an early turnaround.

Moody’s Investors Service has cut India’s credit rating outlook to negative, citing a range of problems including a worsening shadow banking crunch, a prolonged slowdown in the economy and rising public debt.

It said the sharp slowdown in growth and a surprise corporate-tax cut will put government finances under pressure this year. Moody’s is projecting a budget deficit of 3.7% of gross domestic product in the year through March 2020, higher than the government’s 3.3% target.



Moody’s retained India’s foreign currency rating at Baa2, the second-lowest investment grade score, but said it could resort to a downgrade if fiscal metrics deteriorate.

India’s growth outlook has weakened sharply this year, with a crunch that started out in the shadow banking industry, following the collapse of Infrastructure Leasing & Financial Services Limited, and then spread to retail businesses, car makers, home sales and heavy industries.

Growth has come down to a six-year low of 5%, with Moody’s saying there’s a low chance of sustained growth at or above 8%.

The rating agency judges that the slowdown is “longer than anticipated” and will stabilize only if there is a growth on a sustained basis, which would help the government raise more taxes and bring down the fiscal deficit.

The downgrade to the outlook puts additional pressure on authorities to kick start Asia’s third largest economy, although they have limited room for doing that. The Reserve Bank of India has already cut interest rates five times this year, though lenders aren’t passing on that easing to customers.

The rating agency said it doesn’t expect the credit crunch among non-banking financial institutions, which were the main source of consumer loans in recent years, to be resolved quickly.

While government measures to support the economy should help reduce the depth and duration of India’s growth slowdown, Moody’s pointed out, prolonged financial stress among rural households, weak job creation and credit crunch among non-bank financial institutions have increased the probability of a more entrenched slowdown.


Nomura’s take

Japanese brokerage Nomura drastically cut its gross domestic product forecast to a low 4.9% for the year from 5.7% earlier, saying India’s economy is going through a “deeper trough” and that even a sub-par recovery is at least a year away.

While there have been a rash of growth estimate cuts, including a 0.70 percentage points reduction by the Reserve Bank of India last month to 6.1%, the Japanese brokerage’s estimate is so far the lowest.

The massive reduction in growth forecast comes amid a slide in GDP growth to a six-year low of 5% for the June quarter and amid high frequency indicators showing a further stress in the growth engine, which may push the Q2 GDP number even lower. However, many bodies including Reserve Bank had been expecting a pick up in the second half.

Nomura analysts were hoping for an uptick in Q3, but now they say it may not happen. They now expect a delayed recovery and a weak pick-up. Nomura acknowledged the steps taken by the government and the RBI to prop growth up, but pointed out that a “clogged credit channel of policy transmission and weak global growth” are major headwinds for the economy now.

It now believes that a pick-up will happen only in FY21. It also forecast a higher fiscal deficit of 3.7% – 40 basis points more than the government target, as no additional revenue stream has been identified to cover up for the massive 1.45 trillion rupees in corporate tax giveaways.

Nomura also called for a closer monitoring of credit and financial stability risks, as it felt that the current tight credit conditions will result in higher bad loans and weaker credit growth.

Taking note of downgrade by the Moody’s, the Indian Finance Ministry put up a brave face by arguing that the fundamentals of the Indian economy remain robust with inflation under check and bond yields low. “India continues to offer strong prospects of growth in near and medium term,” the finance ministry added.

The government said it had undertaken a series of financial sector and other reforms to strengthen the economy as a whole. It hoped these measures will lead to a positive outlook on India and attract capital flows and stimulate investments.

The ministry also reiterated that India continues to be among the fastest growing major economies in the world.
 
Even Ah Nehs can tell their country is doomed.

Only eunuch Ah Loong fails to realize it. along with his obedient posse of stinkies.

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The ministry also reiterated that India continues to be among the fastest growing major economies in the world.


Major economies?

Any turd world country grows fast. Means squat.

Stinkypore as late as last decade clocked in double digit growth rate while stinkypore was already 'developed', or at least rich, by mid 1990s.

Ethiopia grows fast, Bangladesh grows fast, Myanmar grows fast, Cambodia, Laos, Vietnam do too.

Doesn't mean much.
 
This is fake news. India is doing better than China!

https://www.aljazeera.com/programme...obal-economic-powerhouse-160305102806206.html

India has raced ahead of China as the world's fastest-growing economy, despite a slowdown in the global economy and tough times for most emerging markets.

The world's largest democracy recorded economic growth at 7.5 percent in the last quarter of 2015, as it surpassed China's 6.8 percent.

While the Chinese juggernaut has still been growing, India's economic expansion has accelerated.


Meanwhile, in the past week, India has unveiled a pro-poor budget seeking to win back support for Prime Minister Narendra Modi's government by boosting farm growth and appealing to the rural poor.

Prableen Bajpai, the founder and CEO of FinFix, a research and analytics firm, joins Counting the Cost to discuss whether India can maintain its growth levels and whether the budget lived up to expectations.
 
India is only super in terms of size of ego! It ain't no superpower. Super cannonball! :rolleyes:
 
India please please please don't collapse!

The rest of the world doesn't need more stinky ah neh refugees arriving at their shores!
 
The Sg govt and civil service better buck up. This is one opportunity to claw back some of CECA's term. Use all over-handed or under-handed means necessary.
They are corrupt. Use it.
They are greedy. Use it.
They are selfish. Use it.
Dangle carrots. Promise business opportunities. Citizenship opportunities. Educational opportunities.
DO IT!
 
singtel just lost billions in shitdia with bharti airtel venture through ceca. this impacts their bottom line which results in net loss of nearly s$669m. biggest shareholder some more. proportionate losses with bharti amount to almost us$1.69b.
 
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What super power? Give them a title Super Rabbit power... fuck like rabbits..
 
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