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Resorting to the Homeowners & Bank Protection Act, 2007 the US government now has brought about a total moratorium on foreclosures by lending institutions of home owners who have been diligent in repayment of their home loans. This shows the political will behind straining out the actual bad debts incurred by lenders due to speculative lending and actual defaulters who have been severely hit by the economic downturn.
India on the other hand continues to harbor and promote speculative lending and investment by allowing unrestricted FDI inflow (without an regard to nascent demand creation by way of employment generation), total ignorance towards sustainable energy generation (by concentrating only on social fallout driven nuclear power), allowing F&O in many sensitive commodities such as Essential Commodities (wheat, sugar, etc. as scheduled under the Essential Commodities Act, 1955), F&O and derivatives of currency, especially the $-Rs. and without forcing private banks to bring down interest rates that are still 3-5% higher than the rates of 2006 - early 2007, still allowing corporate tax evasion through tax haven jurisdiction (when what the Indian exchequer needs is liquidity for social spending); just to name a few. Besides fuel prices as of now can further be reduced, except only when the government wants to pull an ace up its sleeve just before the Parliamentary elections.
R&D on fuel cell can not be furthered and there have been no tax incentives for manufacturers such as Honda and Reva to roll out cheap yet effective electric/hybrid vehicles so as to reduce out flow of $ and also to generate employment at home (not to mention the need for cleaner than CNG public transport, namely, electric buses!). Our energy independence would not only serve for economic insulation, but would also ensure real and actual growth in scientific, manufacturing and various other related sectors.
Indian government seems to have sympathy only for the devil!
References:
Obama pumps in $75 billion to save US homeowners
Jan. 30, 2009 HPI Daily Wire
India on the other hand continues to harbor and promote speculative lending and investment by allowing unrestricted FDI inflow (without an regard to nascent demand creation by way of employment generation), total ignorance towards sustainable energy generation (by concentrating only on social fallout driven nuclear power), allowing F&O in many sensitive commodities such as Essential Commodities (wheat, sugar, etc. as scheduled under the Essential Commodities Act, 1955), F&O and derivatives of currency, especially the $-Rs. and without forcing private banks to bring down interest rates that are still 3-5% higher than the rates of 2006 - early 2007, still allowing corporate tax evasion through tax haven jurisdiction (when what the Indian exchequer needs is liquidity for social spending); just to name a few. Besides fuel prices as of now can further be reduced, except only when the government wants to pull an ace up its sleeve just before the Parliamentary elections.
R&D on fuel cell can not be furthered and there have been no tax incentives for manufacturers such as Honda and Reva to roll out cheap yet effective electric/hybrid vehicles so as to reduce out flow of $ and also to generate employment at home (not to mention the need for cleaner than CNG public transport, namely, electric buses!). Our energy independence would not only serve for economic insulation, but would also ensure real and actual growth in scientific, manufacturing and various other related sectors.
Indian government seems to have sympathy only for the devil!
References:
Obama pumps in $75 billion to save US homeowners
Jan. 30, 2009 HPI Daily Wire
