Now that every Ram, Rahim and Roy and their aunty know what is happening…why should I be left behind?

It was fashionable to criticize NaMo even in 2014. Most people who were the intellectuals were sure that NaMo did not deserve the PM post. Of course they said he will not understand…but well he became the PM.

Then he started rubbing the baboo(n)s the wrong way. He made them come to office on time. The Golf clubs were angry. Well hotel bills came down – there was more decentralization. The ministers were pulled up for poor performance. Of course Jet Lee was an exception.

Then NaMo went about implementing MGNREGA – he did not name it MODINREGA but as Mahatma Gandhi Nrega. I do think our memory is so short that we forgetting that ‘family’ which named every airport, shauchalay, tournament after the names in their family. So this incensed the Congress, after all MGNREGA was their idea was it not? Who will tell the Congress that ideas are a commodity – implementation is the brand! Then the baboo(n)s were not too happy with the push that they were getting. He recruited some smart MBAs from an international forum and put them in the PMO. Of course baboo(n)s did not like it.

Demonetisation. Yes we had cash, we always knew that. Namo tagged a name and PAN to all the cash that was lying in India as of that date. Is it not great that the cash got tagged? Well economists and pseudo economists thought differently. The Left and the Congi jokers were the worst hit. Of course the Yadavs from Bihar and UP may have also been hit, but they decided to stay mum. Well both the states now wear an orange tinge. No, the liberals did not like that either.

Then came the implementation of GST. Any law -especially one with such huge finance implication – will take time to settle down. Most of our media (including those who understand?) expected the GST implementation to happen in one month? You got to be joking. It is bound to take time. The government can do one thing – keep the fines and penalties at bay for 12 months. You cannot levy a fine/penalty if you are yourself not ready for the implementation. Of course there will be glitches – like the gold import from Korea/ Indonesia.

The old dispensation – Lutyen’s Delhi’s rent seekers – like the poet Das (more famously known as Nandita Das’s father), and all those who have parked themselves in Delhi, the IAS Baboo(n)s, the dalals who brokered bank directorships, the other vested interest people – are all sufferring. Yes Ra Ga is not personally suffering, but Namo has tightened the screw around their cronies. The Armstrong of Maharashtra is finished, and the money man of TN, the Congress stooge is finding CBI at his doorstep. The son is in hospital? So they come up with this:

“Chidambaram underlined that the Congress has been making similar criticism of the economic policy of the Modi regime for more than a year now.

“We are happy that Yashwant Sinha has echoed our criticism. He is spot on when he says NDA government got an unprecedented oil bonanza that was wasted; that private investment has shrunk as never before in two decades; that industrial production has all but collapsed; that exports have dwindled; that demonetisation has proved to be an unmi ..”

This is bound to happen YS and PC – those of you who have been disturbed will try to sabotage. The baboo(n) will create enough implementation hassles so that NM looks like a fool.

Many of us can see the benefits of demo – ask the builders, the sand mafia, the private medical colleges, the doctors who were to buy admission paying Rs. 3 crores as donation (cash) and pay Rs. 1L as fees. Sadly now the fees is Rs. 50L – but hold on – payable in cheque! You think doctors are happy?

The small investor is doing well with his SIP. The small industrialist is shutting down. The small shop keeper is on the way out.

If there is growth, it will be jobless growth.

Maybe I should react to ‘U’ turn Yashwant Sinha. Typical spineless bureaucrat. Good guy, knew his job, had his spine removed surgically when he passed his IAS. Today he ‘knows’ that Demo is a failure and GST is poorly implemented. Those who work will make mistakes. Let us look at YS’s statements…

Yashwant Sinha’s article: some fact check..

Pic 1) Yashwant Sinha says “Private investment has shrunk as never before in two decades”.
Fact: 2016 PE investment at 10 year PEAK!
{Source: Business World}

Pic 2) Yashwant Sinha: “industrial production has all but collapsed”.
Fact: IIP is healthy b/w 2014 and 2016. Picking up again this quarter.
{Source: Trading Economics}

Pic 3) Yashwant Sinha:: “agriculture is in distress”.
Fact: Kharif and Rabi production in India is at its highest level ever!!
{Source: IBEF}

Pic 4) Yashwant Sinha: “construction industry, a big employer of WF, is in the doldrums”.
Fact: Iron & Steel consumption at record high!
{Source: IBEF}

Pic 5) Yashwant Sinha: “the rest of service sector is also in the slow lane”.
Fact: 39% growth in IT services over 3 years!!
{Source: TheDollarBusiness}

Pic 6) Yashwant Sinha: “exports have dwindled, sector after sector of the economy is in distress”
Fact: Exports growing even after demonetization!
{Source: Trading Economics}

Yes the nation needs attention. Maybe Namo could have done a better job. Maybe.

However if my choice for PM is P Chidambaram, Owaisi, Laloo, RaGa, Mayawati, Mamta……it is not inspiring is it? TINA.

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  1. Good morning. Thanks for article. It was refreshing to read your views which are pragmatic. In general all media are depicting new measures esp note ban as as failure. Cant believe the media conclude with flashy titles “total failure”, while they will not even bother to get facts, information and analysis done at least to reasonable extent. I am ready to accept babu’s views provided at the least, they can articulate their views without reading scripts authored by someone else.

    When you step in to some of the shops ( for e.g construction materials) and ask in general, owners are impacted, but they argue that not everybody is educated and people cant use electronic means as payments. They go few steps more to convince that they have more concern for uneducated people then their business :-). You can see anger in their face !!

    Hopefully some measures will come which will increase Tax Net in the country as a whole.

    One thing I have not understood, why shops resist to issue bill ?. How do they get goods without bill from their distributor and distributor in turn from manufacturers ? If tax is computed correctly at manufacturers end and accounted, why the entire supply chain try to avoid bill ? In my view government should be vigilant at the top of the chain rather than at the bottom. Trying to educate billion people to not use plastic carry bags is futile, ineffective and its prudent to seize few thousand company who are manufacturing plastic carry bags.

    Hopefully ache din will arrive even if its late.

  2. Subra,

    I expected you to be more precise with facts. I was surprised to see the 39% growth in the IT services industry and tried searching for TheDollarBusiness source. I couldn’t find anything but found this:

    “If the forecast proves correct, this will be the second successive year of a sharp drop in the growth rates of India’s biggest export industry. In 2015, the top five firms grew at 12.3%. The following year, the growth fell to 8.7%. This year, it is estimated to go down to 6.3%.”

    Agree that GST reforms need time to wrinkle out its baby steps. But there is no question that demonetisation was a failure. It was an ill conceived idea so much so that the government was shifting its goal posts through out. Here is an exhaustive research to prove that there has been no substantial increase in the number of new tax payers or direct tax collection due to demonetisation.

  3. Subra Sirji!! Mana ke aapko modji bahut priya hain aur congress ya baki party kisi kaam ki nahin… par PM Modiji hain Raga ya PC ya YS nahin. Aur unke ek galat action ki wajah se pura desh barbaad ho sakta hai, isliye unka criticism jaruri hai , chahe wo chota ya bada ho , demo is a failure there is no doubt about it( source : RBI who says 99% of old notes are back!!), aur agar kuch fayada hua hai to bhi yadi ek bhi garib ke bachi khuchi savings doobi hain .. to bhi Modiji hi responsible hain aur unka criticism hoga aur har baat ka jawab unhe hi dena hoga, abhi nahi to 2019 mein dena padega!!

  4. Pic 5) Yashwant Sinha: “the rest of service sector is also in the slow lane”.
    Fact: 39% growth in IT services over 3 years!!

    IT export is the lowest in last 10 years if looked in rupee terms. It is very low if we look it in dollar terms. Blessing in disguise is the less valuable rupee (67 to dollar)!

    And the mass lay off at the IT firms explains the situation clearly. It is not only modi to blame, but it is Brexit and Trump uncertainties preventing business from making strategic decisions.

  5. I totally agree on the options that we have as PM candidates – Modi seems to fit the bill better than the rest of baboon’s. But this doesn’t mean that whatever wrong this govt does we keep mum. I won’t say its all failure, but definitely it could have been better handled, I see that as failure and not the idea. This time around I need that x-factor in budget. The budget proposed should propel Indian economy. So far it’s been quiet. Also people visiting here, please help me propel my net worth with your valuable suggestions

  6. Sir,
    Agree that the other choices for PM are bad. Everyone is entitled to their opinion (PC/YS). But we cannot not improve if we cannot accept what is wrong. Impact to economy by Demo and GST was expected. Implementation should have been better, but hindsight is 20/20. My major problem with current government is that they are not willing to accept the mistakes and correct them. End of the day it is rural poor who suffered most in Demo and maybe due to GST too. Not accepting this is very callous of the government. Seems like there is too much rhetoric and not enough on the ground action – kust like Clean Ganga and Swatch Bharat.

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