As predicted by me foreign shills are peddling reports and op-eds claiming that NPAs can be eliminated if banks were privatized. It is as if private banks have not gone broke (GTB) or have no bad debts (ICICI, HDFC, Axis…). Even if some government banks are privatized the remaining banks will continue to be exploited by politicians and their influential friends.
The only solution is for government banks to be run by bankers not bureaucrats. And independent board should take care of corporate governance and monitoring.
Despite worsening fiscal situation, slowing economy & yawning trade deficit, Moodys pressured to give Modi a bone ahead of Gujarat elections.
After demonetization, the complicated GST has dealt a blow to manufacturing. Yet, World Bank finds India has improved in ease of doing business? Maybe to save Modi in Gujarat elections!
After GST was passed, Jaitley & Co claimed that Indian sovereign rating will be raised. Contrary to their previous claims of how important GST was, rating agencies let out a big yawn and drew attention to the fiscal deficit & asset quality issues in the banking system.
There is never any final set of reforms. There will always be new “urgent reforms” and pending bills. The goal posts will always be changing. Like asking dogs to fetch a stick, different political administrations will be given different task and different reasons. Old politicians will be cast off when their usefulness has been exhausted. Permanent reforms until the democracy has become part of a global fascist dictatorship.
Like loyal dogs, our netas are eternal optimists & are once again looking for more “good dog” taps on the head.
People in Gujarat are seething in anger over job destruction and crop losses. If Modi tries to use World Bank’s bogus talking-point ranking in his election talk, it will only cost him more votes. Of course, Israeli con artists will have to be called in again to tamper the voting machines.
https://twitter.com/ Moral Volcano/status/618948931959939072
Sensex fell over a 1500 points because LIC was busy preventing IOC share divestment from becoming a total flop. On other days,…
After loading their own balance sheets with unpayable debt, Indian Corporates are duping funds, HN Is, and others like there’s no tomorrow!