India condemning millions to stay poor

[Omar1984]

India condemning millions to stay poor, Lakshmi Narayan Mittal says

NEW YORK: Joining the likes of NR Narayana Murthy and Azim Premji to blame the Indian government for policy inaction, UK-based NRI billionaire LN Mittal has said the country is potentially condemning millions to remain in poverty by not helping industrialization.

"Industrialisation is an important part of every major economy's development and by risking progress in this way, India is potentially condemning hundreds of millions to remain in poverty longer than previously anticipated," Chairman and CEO of world's largest steel-maker ArcelorMittal said.

Addressing the World Steel Dynamics conference here yesterday he said, "the Indian government must concentrate on smoothening the path for foreign investors ...there are understandable challenges in India relating to land acquisition and raw materials, but nevertheless the government must find a way to overcome these road-blocks more swiftly,"

ArcelorMittal is waiting for six years to implement its USD 30 billion projects mostly in Odisha and Jharkhand states, facing problems relating to land acquisition and regulatory issues.

Mittal made these comments at a time when global rating agencies like Fitch and Standard and Poor's have downgraded India's rating outlook.

Wipro chief Azim Premji recently told global investment analysts that the country was leaderless and Infosys co-founder NR Narayana Murthy said India was in a sorry state of affairs.

Mittal said, "I hope that they are able to re-focus and return to the higher level of growth rates,".

While in the long run, the country enjoys considerable opportunities and requires enormous infrastructure investment, " ... its economy is experiencing some quite serious challenge," he said.


India condemning millions to stay poor, Lakshmi Narayan Mittal says - The Times of India

 

[jbond197]

Time for MMS to do what he does the best. Take hold of finance portfolio and take bold steps.. It may help Congress's Image in the long run too..

 

[IndoUS]

India is already spending a lot of money on infrastructure, highway projects, railway and ports are being built all over the country. The problem is that the projects take time because of land acquisition takes too long. Government has passed many of the projects lets just hope they don't run into legal problems.

Time for MMS to do what he does the best. Take hold of finance portfolio and take bold steps.. It may help Congress's Image in the long run too..

I am wondering is to what will happen if the Finance minister becomes the President. Can MMS do both the job of PM and FM?

 

[sherindian]

Time for MMS to do what he does the best. Take hold of finance portfolio and take bold steps.. It may help Congress's Image in the long run too..

reforms of today cant be done like 1991 in a single budget. reforms are already done but now we need to upgrade the reforms we did in 1991 with new bills. concensus on that is a ***** especially when the bitchhh didi is there.

 

[jbond197]

I am wondering is to what will happen if the Finance minister becomes the President. Can MMS do both the job of PM and FM?

Do you really think he does the job of PM? He is just a face his real job is FM which was unfortunately taken away from him.. I think he can play both the roles or otherwise should bring MS Ahluwalia as FM..

 

[sherindian]

India is already spending a lot of money on infrastructure, highway projects, railway and ports are being built all over the country. The problem is that the projects take time because of land acquisition takes too long. Government has passed many of the projects lets just hope they don't run into legal problems.



I am wondering is to what will happen if the Finance minister becomes the President. Can MMS do both the job of PM and FM?

yes india is investing, but the pace of industrilisation is slow, the new dmic and nmiz if not successfull, india will loose a golden chance of industrilisation.

btw ln mittal is screaming bcoz some of his projects are stuck.. nothing else.

 

[joekrish]

The country is in need of a strong leader and there are only a few who can fill that void.

 

[sherindian]

The country is in need of a strong leader and there are only a few who can fill that void.

yup me???? or you??? i dont think a bold leader can do the job but a govt that has power and majority will do it in 6 months.

 

[Chinese-Dragon]

Mittal made these comments at a time when global rating agencies like Fitch and Standard and Poor's have downgraded India's rating outlook.

Double downgrade.

That doesn't leave much room for the Indian government to try anything risky, e.g. altering the economic model in favour of industry. They can barely finance their massive fiscal/budget/trade deficits as it is.

 

[jbond197]

In the next election, India should vote one party to majority @ center.. The more the fragmented verdict, the more there will be pain..

People like Mamta, Lalo and Karunanidhi family etc should be shown the door..

 

[Backbencher]

This is only going to downgrade the image of Congress in the arena . Good for India and especially Bjp .

 

[sweetgrape]

Seems, many comments refer to "strong leader"!! In these article, they didn't find that, sometimes, the democracy will be the blockade on the way of development, whatever you believe or not, the india develop can prove it!!
Just what I have said, anything can be used, even centralization, on the contrary, the democracy will be blockade, It is not only the leader problem, More than 60 years democracy history, Can be found a strong leader in india? India don't change too much, institutional reform is not easy to gain!!
Here is my opinion, I focus on india!

 

[IndoUS]

Double downgrade.

That doesn't leave much room for the Indian government to try anything risky, e.g. altering the economic model in favour of industry. They can barely finance their massive fiscal/budget/trade deficits as it is.

When you read the news about the downgrade you must also have read that the agency wants the government to open up the market even more and to start taking faster decisions. Plus the things in Europe which is India's biggest customer are not that good, so it affects India even more. The trade deficit is not that much of problem as the government's unwillingness to take proper decisions. And for the PM to starting acting as a leader and stop taking orders from others.

In the next election, India should vote one party to majority @ center.. The more the fragmented verdict, the more there will be pain..

People like Mamta, Lalo and Karunanidhi family etc should be shown the door..

Older politicians have to go, they are nothing more than a road block for the government. Keep the sane ones and kick the others out and bring some new faces in the system.

 

[Chinese-Dragon]

When you read the news about the downgrade you must also have read that the agency wants the government to open up the market even more and to start taking faster decisions.

Yeah they all thought India should cut interest rates too, in order to boost growth, but Sonia didn't think that was a good idea. Which gave the markets another nice shock.

Reserve Bank of India keeps interest rates unchanged, India Inc disappointed - Economic Times

And how is the Government supposed to take faster decisions when Mamata can block anything she wants?

 

[IndoUS]

Seems, many comments refer to "strong leader"!! In these article, they didn't find that, sometimes, the democracy will be the blockade on the way of development, whatever you believe or not, the india develop can prove it!!
Just what I have said, anything can be used, even centralization, on the contrary, the democracy will be blockade, It is not only the leader problem, More than 60 years democracy history, Can be found a strong leader in india? India don't change too much, institutional reform is not easy to gain!!
Here is my opinion, I focus on india!

Mate but the big problem with Democracy is that when you have too many political parties running around they seem to forget about running the country. MMS was great FM, but now as a PM is having a tougher time and I really don't blame everything on the guy its the party he belongs to and their allies that have been bringing him down. Plus even the opposition parties are not that much of help.