India and United States – Facts on Economic Matter

September 27, 2015

By Padmini Arhant

The incumbent Indian Prime Minister Narendra Modi overseas visit propagated as boosting foreign investors confidence in India is the current review.

For any nation, economic growth is vital to improve the living conditions especially in countries with vast majority in abject poverty, hunger, disease and illiteracy suffering over generations for better life.

The economic development to address burgeoning issues like unemployment, inflation, local business opportunity, rural economy assisting farmers in the agricultural front rather than seizing farmland to benefit corporate donors funding election campaigns, affordable housing, healthcare and education would be constructive.

On the other hand, promoting foreign agenda on behalf of financial institutions having reputation in sinking economies leave population in debt slavery under the guise of progress.

The plan executed to benefit core members in the gambit exacerbating economic woes and myriad problems for the nation.

In terms of foreign investments in India – the reform pledges to attract multinational corporations (MNC) ventures conforms to neo-liberalization – the hallmark of hegemony global economy policy.

The fact of the matter is capital funding in a nation like India need not be derived from foreign source. 

India’s predicament is outbound capital flight through black money, assets held in offshore accounts and tax evasions amongst the rich, famous and powerful depleting state treasury.

Any financing from abroad in Indian economy is typically utilizing India’s due national revenue laden with interest paid by the people and shared between external and internal operatives behind hoarding money in tax havens and Swiss banks fostering money laundering.

The ruling power in India were to crackdown on corruption beginning with political establishment in black money recovery instead of clamping down on humanitarians and peace activists –Prime Minister Modi and delegations’ business oriented foreign trips expenditure could be divested in domestic economy.

Furthermore, kickbacks on private and public sector deals and embezzlements ranking high on corruption scandals the government protection with political impunity is a serious setback for the economy.

The government response to these scams inversely punish those investigating corruption with job transfers to remote locations or removal from respective positions – the common occurrence in civil administration. 

Indian Administration Service (IAS), Indian Civil Service (ICS) and Indian Police Service (IPS) notwithstanding criminal bureau of investigation (CBI) officials are routinely subject to such treatment in high profile graft probe.

Upon collecting national income from the economic, entertainment and other commercial sectors with appropriate tax policy,

The banking sector capitalization facilitating liquidity flow for trade and commerce in the small, medium and large (SML) enterprise is viable without having to pay exorbitant interests risking state holdings to foreign lenders often submerging economy witnessed in Greece and similar experience by developing nations in the World Bank and IMF authorized financial undertakings.

The abundance in entrepreneurial skills and business acumen in India combined with financial resources could accelerate domestic productivity in the long proposed Make in India goal.

However, the ruling government arrival in foreign land touting for Make in India while spending $2.5 billion in defense purchase increasing India’s recent military expense to $10 billion is a huge contradiction in action deviating from projection.

The political trend with leaderships desire to extend term in office guaranteed in cooperation with foreign defense industry representing the military industrial complex. The quid pro quo apparently slight electoral discretion.

United States corporations vying for investments in India or elsewhere ignore ailing economy and fairly high joblessness at home despite tax breaks and other incentives to revive manufacturing, retail and export market.

The two scenarios – India and United States economies require native production to curb job losses and restore economic activity across the spectrum unlike priority to disproportionate military disbursements.

Hegemony sponsored neo-liberalization seeking open end access for multinational companies  in foreign marketplace whether emerging or developing economy favor shareholders and key investors profiteering to global labor force and indigenous businesses detriment.

Yet neo-liberalization falsely promoted as globalization against protectionism although the implementation thus far mainly safeguards MNC monopoly.

Public debate and scrutiny on government decisions pertaining to economy, political, social, environment and other related areas necessary to reinstate democracy.

Otherwise taxpayers funded governments and representatives are staged as the most powerful political figure, authority and cult phenomenon warning fact finders to refrain from challenging status quo confirming the departure from democratic system.

The systemic abuse of power and misrepresentation is the ominous sign of decadence.

Citizens fearing political class in contrast to politics concern over electorate reaction determines republic rule.

Peace to all!

Thank you.

Padmini Arhant