Comments by "Raju" (@rajx7120) on "Think School"
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@shaungeorge6320 You are wrong. It's not about employment being higher in US. It's about formal economy being higher in percentage, there. In India, for decades, our socialist politicians and left-wing economists glorified informal economy, where no social security is there, and delivering services becomes harder.
Moreover, agricultural income is not taxed in India. Big landlords evading massive taxes through this route. And imposing taxes, leads to blackmail at Red Fort. So, to compensate for fall in direct taxes, govt increases indirect taxes and consumption is hurt.
Infact, agricultural lobbies prevent improvements, hinder land acquisition, and are pampered with cross subsidy of electricity, making it expensive to setup and run industries that can create jobs.
And you know why Bangladesh went ahead? Because India's shitty labour laws, restrict size of a factory to 100 employees, whereas Bangladeshi factory is atleast 1000 employees. And many of these factories are owned by Indians. These are the real problems. Socialist policies and their lobbies, and it's glorifiers in Congress and Communist party, are guilty of killing industry.
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@shaungeorge6320 GDP growth was decreasing because of structural weakness caused by crippled banking sector. Irresponsible loans during UPA era, created the NPA crisis. Infrastructure projects were delayed, which crippled the NBFCs like ILFS that were funding it. In the last 2 years, Modi government has worked on reducing NPAs. Moreover, there are not enough private sector banks, which can lead to competition and improvement. Them we have cooperative banks which have heavy political interference by regional politicians, leading to collapse stories like Punjab and Maharashtra Cooperative banks.
Without a healthy banking sector, you can't have growth.
And Congress deserves blame for retrospective taxation, which killed Nokia's mobile manufacturing plant in TN, and crippled Vodafone and Cairns Energy. Cairns was into exploring oil and gas un India, but that received a setback.
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Yes, that 10 lakh crore of rice has zero value. Because you are producing in excess. Grow less rice, then price will increase. And grow more pulses, that we are having to import.
In fact, Punjab should not grow rice at all. Eastern UP, Bihar and Bengal are right place. They have abundant water. No water pumps required. But irrigation canals are lacking there. So, we should invest in irrigation canals in Eastern UP, Bihar and Bengal, and increase the yields of rice there.
Punjab should grow pulses, millets and oilseeds.
And leave some land for industries also, so that non-farm.hobs can be created. Reducing electricity subsidy by not growing rice, will give cheaper electricity to industry and enable them to create jobs.
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@cyrusthegreat3081 While Manmohan is to blame, you must understand exactly how it happened. It was actually some stupidity.
In 2012-13 period, when US Fed was raised interest rates, US dollar started strengthening. At this time, RBI started selling forex dollars in the hope that Rupee will strengthen. But speculators bought the dollars, and caused further depletion of the rupee. It's called the Taper Tantrum.
If they had not done anything, and just allowed rupee to naturally depreciate, then the amount of depreciation would have been less.
It was again free market dynamics , affecting the currency, but an attempt to go against it, caused damage.
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@yeh_desh_hai_humara You are giving wrong info. LIC was NOT sold. A percentage stake was sold. To public as IPO. It is still owned by govt only.
Loan write-off is not the same as loan waiver. For 10 years, you people are spreading this lie. The loans are still active, and have to be repaid. Many recovery done under IBC.
And in write-off, money is given to vanks, and new loans given in clean way.
But you never questioned UPA, who actually gave loans to their cronies, and didn't bother to recover. The loans were given in 2006-2008 period and hidden by evergreening for 6 years, until Raghuram Rajan became RBI put banks on prompt corrective action, and forced recovery.
In 6 years, companies siphoned off the money, and you don't question that.
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