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Manmohan’s “Loot & Grow Policy” Of High Growth!!!

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Manmohan’s “Loot & Grow Policy” Of High Growth!!!
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Prakash Pohwani
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Exclamation Manmohan’s “Loot & Grow Policy” Of High Growth!!! - September 7th, 2006

Manmohan’s “Loot & Grow Policy” Of High Growth!!!

Thu Sep 7, 2006

Friends,
[On the eve of departure for Brazil tour, Manmohan Singh informed Global industry of Terror Build Up Across India - ET. I wonder in this situation any foreign investor will like to invest in SEZs, which shall be least secure in built up years and in view of local governance under promoters of SEZs. He failed earlier in his role as Finance Minister of India and his last 28 months as PM are equally disastrous. - An analysis by Ravinder Singh, Inventor]

This morning my 81 years old NRI friend for whom I regularly made a list of select NASDAQ shares from the day I got internet connection, called me for the list and I just recalled how in Manmohan Singh’s era as Finance Minister he made substantial long term investments in companies and all of them turned in to dust in no time.

He was Securities Manger in a Multinational bank in Kuwait on retirement decided to return to India with well over a million dollars in 1989 or around that time.

Around 1992 there was heavy rush of IPOs and public issues and brokers used to line up regularly offering direct subscription to Private Companies from promoter’s quota. At that time he was close to my late father and whenever visited us and told us about investments, I always warned him not invest in such companies.

60% to 70% of the IPOs simply disappeared with public money without a trace. He suffered almost total losses in “Promoter Quota” investments. In some cases like Essar Steel, he invested Rs. 2 million at Rs.220/- per Rs.10 share but the company did not issue shares for 4-5 years citing some RBI rule or other until shares value crashed to Rs. 10 or Rs.20.

1994 saw Stock Market crash when Harshad Mehta and few other brokers rigged the stock market artificially.

In almost all cases when banks and shareholders went to registered offices of the companies there was no trace of either companies or industrial units.

Similarly over 200 IPP MoU were signed in 1993 onwards in power sector enough to double installed capacity but none was fruitful.

But most shocking was disclosure that Indian Banks invested over $2 billion in just one of them; Dabhol Power Project in which MSEB held only 15% equity. With this money NTPC could have installed 2000 MW project around 1995 itself.

We have no idea about Indian money held or lost in 200 IPP.

I offered to introduce Innovative Technologies to improve power sector in 1992 even before American Utilities invaded India when N.P.K. Salve was Power Minister. There was no response from the government when I offered reasonable term of 1% of the electricity saved as service charge. IPP charged 13% of the project cost as “Documentation Charges”. Indian Financial Institutions and Foreign Companies lost may be $5b to $10b enough to bridge the energy gap to avoid power cuts. But IPP losses were many times of my charges to “Innovatively Reform” power sector, making it highly efficient and profitable and reliable.

When India had practically no foreign exchange reserves, Manmohan Singh as Finance Minister promoted foreign gas based power projects, mercifully none reached maturity otherwise India would have been ruined.

India promoted no new technology during Manmohan Singh’s five years as Finance Minister, none since his present tenure.

Though he bungled up everything in 90s he was labeled architect of reforms in India when actually loot and plunder reigned during his tenure as finance minister and presently as Prime Minister.

http://finmin. nic.in/downloads /reports/ IPFStat200506. pdf

Non-development expenditure increased 7.3 times since 1991 when architect of reforms took over which is now INR 502,174 crores or $110b compared to increase in development expenditure of 5.8 times to INR 424847 crores. During his term as Finance Minister non-development expenditure went up from INR 69,194 crores to INR 167,219 crores (240%) and development expenditure increased from INR 74,000 crores to INR 143,833 crores (194%).

Expenditure on Health+ and Education+ was up 6.2 times and 5 times respectively since 1991 when Non-development expenditure was up by 7.3 times. Thus quality of life for common man declined sharply when we consider that exchange rate in 90-91 was INR15 to a dollar, which is increased to over 300% and population seeking healthcare+ and Education more than doubled or population seeking advanced medical care and higher education was up by three and four times.

In his tenure against 240% increase in Non-development expenditure, increase on Education+ was 213% and health+ 217% against overall Development Expenditure of 194%. In this period Exchange rate increased from INR15 to INR30. Thus core human development indicator expenditure didn’t keep pace with even population growth and far short of population seeking advanced healthcare and Higher Education.

· He failed to cut down non-development expenditure that has swelled to $110b now.

· He failed to promote new technologies while expenditure on “Underwear Technologies” now exceed $35b. This is in addition of $110b cited above.

· There is no control over “Moneylender” exploitations.

· There is no check on corruption.

So You Can Easily Conclude That India Could Have Grown Faster Than China Because Of Better Climate And Infrastructure Like Efficient Railways.

http://agricoop. nic.in/statistic s2003/chap4a. htm#chap44

· WORST OF ALL; when he took over as Finance Minister Indian Food Grains production 176 MT (1990-91) that has gone up to 204 MT last year. Just 16% increase in 16 years that is far short of even population growth.

THIS IS MOST DISGRACEFUL WHEN DUBIOUS PEOPLE M.S. SWAMINATHAN CONTINUES TO GRIP INDIAN AGRICULTURE DESTINY.

No Concrete Plan Since 2004.

World Economy was thrown open in January 2005 when most quotas and restrictions were removed and tariffs were reduced. It was a great opportunity for India to secure new market access but there is complete lack of direction or rather misdirection.

Loot and Grow Policy
Loot and grow policy he introduced in 1991 as Finance Minister is visiting India again. SEZ is by far the biggest Loot program in the world. 388 SEZ could be worth $1000b or $2000b but it is unclear whether;

· They will generate any new employment? Considering location of old factories to SEZ will need huge capital expenditure. Installation of new high production machines will actually cut down work force.

Shanghais Triple Advantages

· The relocated units will be Globally competitive? The idea of 388 Shanghais in India is premature considering several factors.

· Shanghai came up Firstly in protectionist era of high tariff and secondly new industrial units came up there and thirdly most of the industries had very high value additions compared to lowest in India. Thus Shanghai had triple advantages.

Thus India under Manmohan Singh is heading in to “Dark Zone” again. Failed policy of Loot & Grow is repeated again.
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Re: Manmohan’s “Loot & Grow Policy” Of High Growth!!!
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Re: Manmohan’s “Loot & Grow Policy” Of High Growth!!! - September 9th, 2006

yaar what is the source of this article? Can u post the link from where u got it. This article is totally contrary to what i've heard abt him and completely negates all the facts i know.


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Gaurav Mittal



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Re: Manmohan’s “Loot & Grow Policy” Of High Growth!!! - September 9th, 2006

sorry, dont know the source,

i got this in a mail.........



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Re: Manmohan’s “Loot & Grow Policy” Of High Growth!!! - September 9th, 2006

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Originally Posted by prakash_dudes
sorry, dont know the source,

i got this in a mail.........
Then i feel the article can be bogus bcoz Indian economy has, infact, done a lot of progress during his regime (as the way out eco instructor taught us)

Anyway, will find more on it and confirm.


Regards,
Gaurav Mittal



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