In US, if the unemployment index reach 10 percentage, it is called as Recession (As of now it is at 9.8 though). I doubt for India, what is the percentage of unemployment to declare recession. Probably it is 100 percentage.
When recession hit, all over the world sale of auto vehicles reduced, manufacturers reduced the prices and even stopped production, while in India the sale of it increased by 30 percent. People even were paying extra to get their favorite colour etc.
When reached a high, India made a huge purchase. As on date there is a profit on it, will India sell it? No. For that matter no Indians will sell their gold. With the gold stock with Indian people, we may be able to buy all of Europe probably.
Our government opened up market to get inflow of cash so that it can be used for infrastructure development and guide for future growth. What our governments actually did was opened up the stock market, insurance sector etc. to help overseas players to enter an illiterate market and loot its people and resources. Assets of the country is been sold for 10 percentage of the value and boast of foreign reserves. Now India has a decent foreign reserve. Then, I wonder how far it will stand, considering the way the government is spending it all to purchase arms and weapons to compete China!
Import of the country is increased while export suffered hugely, thanks to thanks giving by our PM by deflating the currency over 30 percent (instead of inflating it 15, they deflat 15). This made India to have a huge growing deficit.
How a handful of British could manage to control a vast country like India for centuries? When our people and government don't know how to protect its interest with a vision and on a strong base, we are building castles to get occupied by others. Unless our people do something fast (i.e. learn and react) we may have to fight a freedom struggle sooner than later.
India revised its growth rate to 9 percentage today and did we forget that our MPs were crying foul even after a 100 percentage DA increase? Even when the growth is adjusted for inflation, how far it is true? If it is not true, to whom they want to please??
