As far as my view on the economy is concerned, frankly it does not matter. Here I am with Peter Lynch – if I spend 10 minutes on finding out how the economy is doing, I think I have wasted 7 minutes at least. However there is too much media, student, colleagues, friends pressure to tell me what is happening. At my age if I say ‘I do not know’ they think either I am bluffing or asking money for talking.
Frankly I do not understand all this mumbo jumbo. I cannot see the government reducing expenses or the size of the government….so frankly I also belong to the Ken Fisher school of thought. If there is corruption – that money also flows into the economy, and the guy who gets the bribe / overpayment will use it sensibly.
However is the summary of the Economic Survey…I can assure you it is a cut paste job done with zero application of mind (so it might actually be good!!):
1.Indian economy to grow at 8.75-9.25% in FY12
Need persistent anti-inflation monetary stand (view may be wrong)
Inflation may stay elevated on West Asia crisis
Food price, demand pressure to drive inflation outlook – interest rate scenario is not too good
Savings, investment rates likely to rise further – scams worry people
Govt implementing gradual exit from stimulus – not too good
Probability of 2nd dip recession very low
Centre’s fiscal broadly on consolidation track from April to December – view, not substantiated
DTC proposed to be launched in April 2012
Rapid lowering of fiscal deficit needed – view, will not happen
Two types of banking licenses can be considered – what a joke
Regulators, states mulling new pension system expansion – what a joke
Farm sector expected to grow at 5.4% in FY11
Need 8.5% farm growth in FY12 to meet 11th plan aim of 4%
Growth prospects over medium-term look excellent – what steps are you taking sir?
Growth broad-based with rebound in Agriculture
Continued momentum in manufacturing, private services
Govt mulling ways to revive closed urea units
Industrial output growth at 8.6% in 2010-11
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