Reforms, Regulation and The Slowdown In Economic Growth

[Nilgiri]

Probably one of the most balanced articles I have found on the matter @Gibbs (regarding the queries you had earlier).

https://www.myind.net/Home/viewArticle/reforms-regulation-and-the-slowdown-in-economic-growth/

The Economist business Unit came out with an important article on Sept 28th titled “Companies struggle to readjust to new business environment” which explains the squeeze visible in the last quarters. A key finding and the premise is that: “Reforms and policy initiatives introduced by the ruling Bharatiya Janata Party (BJP) and the Reserve Bank of India (RBI, the central bank) have fundamentally altered the business landscape.”

The Economist business Unit, which is part of the Economist group, provides forecasting and advisory services. Their well respected reports are produced through comprehensive research and analysis and are more objective, differentiating them from the parent weekly which, while also respected, is more general and has pronounced opinions informing its content.

Effect of Reforms

The relation between the measures introduced by the government and the RBI to formalize the economy, reform the taxation system and to regulate lending practices have “fundamentally changed the way companies in India operate and will yield long-term benefits.” But this “fundamental change” which is very good for the long term also results in a painful adjustment period in the short term.

This is not confined to the GST roll-out and the demonetization, but also to several other necessary and painful reforms, many of which predate them. The Asset Quality Review (AQR), a special inspection conducted in 2015-16, took a detailed look at the loan portfolio of banks and resulted in an increase in the official non-performing loans NPL (Non-Performing Loan) ratio to almost 10%. Banks were forced to disclose NPLs adequately on their balance sheets. The AQR caused record losses to be recognized by several Banks. And as the article states: “This new wave of transparency, which was met with much opposition from the business community… has also contributed to a decline in bank lending to industry.” This is continuing as the RBI now requires banks to undertake periodic reviews with stringent guidelines on recognition and provisioning of NPAs (Non-Performing Assets). The check to the economy due to this is justified by precluding a more serious bust in the future by checking the underreporting of NPAs and evergreening of accounts by banks, often benefitting politically well-connected promoters. Also stated: companies “face significantly more stringent economic criteria to access bank funding than in the past , when loans were often provided more on the basis of political connections than business plans”, again forestalling short term exuberance for long term and sustainable benefits.

Another such measure is the Real Estate Regulation Act (RERA) which came into force on May 1, 2017, and has led to a short-term slowdown in the construction sector. But it regulates the sector for the first time, and will bring about the efficiency and transparency needed for sustainable growth, protect consumers, and provide fewer avenues for corruption.

These measures will inevitably lead to churn as unprofitable businesses, in a world where profitability cannot ensue from inefficiency, political connection or tax evasion, either go out of business or merge with better run concerns.

The GST has caused a shift in the Supply and Demand equilibrium of every item in the economy, and the equilibrium point on the Price-Quantity chart will be reached over the coming months causing inevitable friction. There is also a learning curve involved in the informal economy coming into the formal system.

Several other reforms of the government such as the new DPP (Defence Procurement Procedure) and strategic partnership model which was pushed through by Manohar Parrikar on the backs of the recommendations of several expert committees and groups will yield substantial results only in the coming years.

Rationale
Sustained economic growth over the long term is the key to prosperity as we know from the work of growth economists starting beginning with Prof. Simon Kuznets. This is the difference between the steady paths taken by western countries in Europe and North America as compared to the spectacular boom and bust cycles in Latin America that were also largely populated by settlers of European origin. About a hundred years ago Argentina had a GDP per capital comparable to the United States and was thought to have immense potential, but while it had spectacular booms, these were matched by equally spectacular busts and it could not achieve a sustainable growth rate. The growth rate of GDP per capita in the US between 1907 and 2007 was 1.8% per year.

The effects of booms brought about by access to funds based on proximity to the center of power rather than an objective estimate of the project NPV (Net Present Value) or IRR (Internal Rate of Return) can be seen in how the long shadow of questionable projects from the later part of the last decade is still weighing on the economy in the form of NPAs. While the forcible listing of NPAs due to the actions of the RBI and the Government has put a dampener on credit growth and therefore on private investment, this action forestalls a bigger bust later creating a possible recession rather than just a growth slowdown

As a country of 1.3 billion people moves from where transactions are mostly not under the purview of the system to a rules based order that is essential to a modern economy, short term pain is inevitable.

It is essential to lay the foundation for sustainable growth.

Risks
It is curious that much of the adverse short-term effects of the reforms were anticipated prior to them being enacted, and indeed were seen as largely unavoidable, but the resulting slowdown is being treated as an aberrant phenomenon by the popular press.

A typical governance issue at companies ensues from CEOs who are under pressure to yield yearly results at the expense on longer term benefits, thus harming the company interests over the longer term. Similarly leaders in a democracy are under pressure to deliver within their term. This incentivizes their decisions even if the benefits prove transitory. But decisions regarding the future of a country will ideally have to consider a longer time horizon. It requires boldness and courage to jeopardize one’s prospects for the next term to make decisions beneficial to the country in the long term.

.

The key danger does not come from following through with these reforms. Instead it is this: We have a government led by someone who has expended his political capital and put his future on the line to clean up the system. While the GST is an important reform, globally governments that introduced it had to relinquish power from the short term effects and the election cycle. The danger is that the effect of the short term pain involved in the exercise could pose challenges to the present government in coming back in 2019. And the old ecosystem which supported, and is sponsored, by those who converted access and power into illegal gain could come back, undoing everything that would have been achieved.

 

[Joe Shearer]

Probably one of the most balanced articles I have found on the matter @Gibbs (regarding the queries you had earlier).

https://www.myind.net/Home/viewArticle/reforms-regulation-and-the-slowdown-in-economic-growth/

The Economist business Unit came out with an important article on Sept 28th titled “Companies struggle to readjust to new business environment” which explains the squeeze visible in the last quarters. A key finding and the premise is that: “Reforms and policy initiatives introduced by the ruling Bharatiya Janata Party (BJP) and the Reserve Bank of India (RBI, the central bank) have fundamentally altered the business landscape.”

The Economist business Unit, which is part of the Economist group, provides forecasting and advisory services. Their well respected reports are produced through comprehensive research and analysis and are more objective, differentiating them from the parent weekly which, while also respected, is more general and has pronounced opinions informing its content.

Effect of Reforms

The relation between the measures introduced by the government and the RBI to formalize the economy, reform the taxation system and to regulate lending practices have “fundamentally changed the way companies in India operate and will yield long-term benefits.” But this “fundamental change” which is very good for the long term also results in a painful adjustment period in the short term.

This is not confined to the GST roll-out and the demonetization, but also to several other necessary and painful reforms, many of which predate them. The Asset Quality Review (AQR), a special inspection conducted in 2015-16, took a detailed look at the loan portfolio of banks and resulted in an increase in the official non-performing loans NPL (Non-Performing Loan) ratio to almost 10%. Banks were forced to disclose NPLs adequately on their balance sheets. The AQR caused record losses to be recognized by several Banks. And as the article states: “This new wave of transparency, which was met with much opposition from the business community… has also contributed to a decline in bank lending to industry.” This is continuing as the RBI now requires banks to undertake periodic reviews with stringent guidelines on recognition and provisioning of NPAs (Non-Performing Assets). The check to the economy due to this is justified by precluding a more serious bust in the future by checking the underreporting of NPAs and evergreening of accounts by banks, often benefitting politically well-connected promoters. Also stated: companies “face significantly more stringent economic criteria to access bank funding than in the past , when loans were often provided more on the basis of political connections than business plans”, again forestalling short term exuberance for long term and sustainable benefits.

Another such measure is the Real Estate Regulation Act (RERA) which came into force on May 1, 2017, and has led to a short-term slowdown in the construction sector. But it regulates the sector for the first time, and will bring about the efficiency and transparency needed for sustainable growth, protect consumers, and provide fewer avenues for corruption.

These measures will inevitably lead to churn as unprofitable businesses, in a world where profitability cannot ensue from inefficiency, political connection or tax evasion, either go out of business or merge with better run concerns.

The GST has caused a shift in the Supply and Demand equilibrium of every item in the economy, and the equilibrium point on the Price-Quantity chart will be reached over the coming months causing inevitable friction. There is also a learning curve involved in the informal economy coming into the formal system.

Several other reforms of the government such as the new DPP (Defence Procurement Procedure) and strategic partnership model which was pushed through by Manohar Parrikar on the backs of the recommendations of several expert committees and groups will yield substantial results only in the coming years.

Rationale
Sustained economic growth over the long term is the key to prosperity as we know from the work of growth economists starting beginning with Prof. Simon Kuznets. This is the difference between the steady paths taken by western countries in Europe and North America as compared to the spectacular boom and bust cycles in Latin America that were also largely populated by settlers of European origin. About a hundred years ago Argentina had a GDP per capital comparable to the United States and was thought to have immense potential, but while it had spectacular booms, these were matched by equally spectacular busts and it could not achieve a sustainable growth rate. The growth rate of GDP per capita in the US between 1907 and 2007 was 1.8% per year.

The effects of booms brought about by access to funds based on proximity to the center of power rather than an objective estimate of the project NPV (Net Present Value) or IRR (Internal Rate of Return) can be seen in how the long shadow of questionable projects from the later part of the last decade is still weighing on the economy in the form of NPAs. While the forcible listing of NPAs due to the actions of the RBI and the Government has put a dampener on credit growth and therefore on private investment, this action forestalls a bigger bust later creating a possible recession rather than just a growth slowdown

As a country of 1.3 billion people moves from where transactions are mostly not under the purview of the system to a rules based order that is essential to a modern economy, short term pain is inevitable.

It is essential to lay the foundation for sustainable growth.

Risks
It is curious that much of the adverse short-term effects of the reforms were anticipated prior to them being enacted, and indeed were seen as largely unavoidable, but the resulting slowdown is being treated as an aberrant phenomenon by the popular press.

A typical governance issue at companies ensues from CEOs who are under pressure to yield yearly results at the expense on longer term benefits, thus harming the company interests over the longer term. Similarly leaders in a democracy are under pressure to deliver within their term. This incentivizes their decisions even if the benefits prove transitory. But decisions regarding the future of a country will ideally have to consider a longer time horizon. It requires boldness and courage to jeopardize one’s prospects for the next term to make decisions beneficial to the country in the long term.

.

The key danger does not come from following through with these reforms. Instead it is this: We have a government led by someone who has expended his political capital and put his future on the line to clean up the system. While the GST is an important reform, globally governments that introduced it had to relinquish power from the short term effects and the election cycle. The danger is that the effect of the short term pain involved in the exercise could pose challenges to the present government in coming back in 2019. And the old ecosystem which supported, and is sponsored, by those who converted access and power into illegal gain could come back, undoing everything that would have been achieved.

And THIS is a balanced view? That Modi bit the bullet and introduced vitally necessary measures to put bank borrowings back onto a rational foundation, that this and the induction of large segments of the economy to the organised sector, the reform of the building and construction industry and introduction of GST will all be beneficial in the long term, but that these may hurt the implementing political grouping and allow the return of all those who contributed to the growth of the problem in the first place?

If this is balance, how is it not mentioned that the vast bulk of bank funds gone funny belongs to the business houses close to the Modi government? and that other business houses have generally backed the Modi government financially? That mention might have led readers to ponder if it is reasonable to believe that business organisations tend to nurse governments that are pledged to act against what is represented as their unfair advantage.

Or was this the Modi surgical strike against the business community? Delivered unexpectedly because it was essential?

On another aspect, what led to the unprecedented inefficiency of the implementation of all these? Right down from printing notes that could not fit into banks' ATMs? Coming to GST, there are many indicators of something less than the almost scriptural omniscience that is claimed There have been problems in implementing GST, because in the hurry to bring in a very impressive measure, there was little or no preparation done to equip trade and commerce to cope with the practicalities of the situation. The measure itself, as the report very carefully fails to mention, was sought to be introduced right through the UPA II, and the dogged opposition to it coming in was from <gasp!> the very people who are today seeking credit for bringing it in. Since it may not affect NRIs who are not currently planning to invest in housing, many of us may be unaware of the massive confusion due to the way that RERA is being interpreted and implemented by the states, each of which seem to have their own way of doing things. This, including the states ruled by the BJP.

The Economist is highly readable, and usually sound on economics, as sound as an institution devoted to the cause of IMF intervention can be. Its right wing slant on anything and everything has never been concealed, but this report is an example of how it does all right on the news, but screws up spectacularly on the views.

May the heavens protect us from such balance.

 

[pothead]

If this is balance, how is it not mentioned that the vast bulk of bank funds gone funny belongs to the business houses close to the Modi government?

Care to provide examples?

As a counter, Mallya was explicitly given loans based on Manmohan Singh receommendation, even though the banks resisted.
In fact Manmohan while doling out loans to Mallya made a plea inside the parliament enabling the same. This particular act resulted in over 6000 crores of public money doled out to Mallya on Manmohan Singh's recommendation.

I am sure you have an example of Modi doing something similar?

@Nilgiri

You are preaching to the choir.
The haters are going to hate no matter what.

Let's ask them a straight question, if the next quarter GDP increases, would they eat their words? NO, they would come up with something ridiculous.
Bottom line, it's not the economy - it's the politics.

These same bunch of great analyst were twiddling their thumbs when Manmohan destroyed the economy where GDP was at 3% and inflation at 12%.

Let me iterate, it's not about the economy stupid, it's ALL about the politics.
They have neither the numbers to back up their claim nor the logic, simply stupidity at play here to score political points.

Just so I am not blamed for NOT providing news, here is the news from 2011, where Manmohan openly asked banks to give more loans to Mallya.

http://www.dnaindia.com/india/report-kingfisher-needs-to-be-helped-out-manmohan-singh-1611704

http://www.ibtl.in/news/exclusive/1560/mallya-minister-nexus:-scams-in-the-sky--misery-on-india/

 

[Joe Shearer]

Care to provide examples?

As a counter, Mallya was explicitly given loans based on Manmohan Singh receommendation, even though the banks resisted.
In fact Manmohan while doling out loans to Mallya made a plea inside the parliament enabling the same. This particular act resulted in over 6000 crores of public money doled out to Mallya on Manmohan Singh's recommendation.

I am sure you have an example of Modi doing something similar?

@Nilgiri

You are preaching to the choir.
The haters are going to hate no matter what.

Let's ask them a straight question, if the next quarter GDP increases, would they eat their words? NO, they would come up with something ridiculous.
Bottom line, it's not the economy - it's the politics.

These same bunch of great analyst were twiddling their thumbs when Manmohan destroyed the economy where GDP was at 3% and inflation at 12%.

Let me iterate, it's not about the economy stupid, it's ALL about the politics.
They have neither the numbers to back up their claim nor the logic, simply stupidity at play here to score political points.

Just so I am not blamed for NOT providing news, here is the news from 2011, where Manmohan openly asked banks to give more loans to Mallya.

http://www.dnaindia.com/india/report-kingfisher-needs-to-be-helped-out-manmohan-singh-1611704

http://www.ibtl.in/news/exclusive/1560/mallya-minister-nexus:-scams-in-the-sky--misery-on-india/

Clever, very clever. It was never the point that Modi asked for something to be done for somebody. It was about the downtick in the economy, due to seemingly great and long-term measures implemented at long last. We already know where at least one of these, among the most touted, came from, and who blocked it for a full term of Parliament. Now, regarding these monies going to the politically well-connected, look at the list, and check to see where these defaulters were from. If you, and The Economist, are correct, they came from Congress ruled states. If not, then not, and we are entitled to draw our own conclusions. Do the state-wise mapping and see for yourself.

Clever, very clever. It was never the point that Modi asked for something to be done for somebody. It was about the downtick in the economy, due to seemingly great and long-term measures implemented at long last. We already know where at least one of these, among the most touted, came from, and who blocked it for a full term of Parliament. Now, regarding these monies going to the politically well-connected, look at the list, and check to see where these defaulters were from. If you, and The Economist, are correct, they came from Congress ruled states. If not, then not, and we are entitled to draw our own conclusions. Do the state-wise mapping and see for yourself.

Not that there is a shortage of information about these organisations; for starters,

http://www.financialexpress.com/eco...d-amounts-all-you-ever-wanted-to-know/226791/

A different list, apparently with the same URL; look for the top three names, and their proximity to politicians with earth-shaking moves accomplished or in the pipeline:

http://www.financialexpress.com/eco...d-amounts-all-you-ever-wanted-to-know/226791/

Wide-eyed naivete from a bhakt will not fool anyone.

 

[pothead]

Clever, very clever. It was never the point that Modi asked for something to be done for somebody. It was about the downtick in the economy, due to seemingly great and long-term measures implemented at long last. We already know where at least one of these, among the most touted, came from, and who blocked it for a full term of Parliament. Now, regarding these monies going to the politically well-connected, look at the list, and check to see where these defaulters were from. If you, and The Economist, are correct, they came from Congress ruled states. If not, then not, and we are entitled to draw our own conclusions. Do the state-wise mapping and see for yourself.

Sir, you are now shifting the goal posts.

No one is denying that the economy is hit. It was expected to take a hit in the short term. Key here is short term. We are now looking at one quarter and are quartering the current dispensation.
Fair enough. people should question and SOME are doing in the right way.

Coming to GST, BJP did block it. May be it was political or may be they had valid point. Perhaps one should look at what the GST proposal was when BJP objected to it. Also, you may not be aware but even Congress state units objected it, along with other non-BJP state govt.

What BJP did was make all states as stake holders in decision making, which enabled it to pass. The ego of previous dispensation to make the states as stake holders was why it did not pass.

Sir, regarding the part where monies going to well-connected, I don't deny that.
3 of the 4 most disruptive steps in the last 2 years are targeting these people. It is an aim to break the nexus. You can't on one hand complain about the nexus and then say I don't want/need a solution.

Lastly, money going to well-connected is not the issue, it's the NPA's that are. Again sir, you are trying to confuse the issues here. Banks need to give money to people. Without lending, our economy will come to stand still. What's important is whether the checks and balances are done while lending to people.

reason why I brought in Mallya is because his case was the most case of corrupt-babu nexus we have seen in last few years.
It however does not mean Adani, Ambani, tatas etc who borrow money in large amounts are also corrupt. If we assume that, then we are no better than Mr Kejriwal, who can not provide a single job and cribs on people who are successfully providing lakhs of jobs.

If there is evidence of wrong doing or companies doing under and still getting help - then that's criminal and can be debated. It's difficult to debate on sweeping statements and generalization.

 

[Joe Shearer]

Sir, you are now shifting the goal posts.

No one is denying that the economy is hit. It was expected to take a hit in the short term. Key here is short term. We are now looking at one quarter and are quartering the current dispensation.
Fair enough. people should question and SOME are doing in the right way.

Coming to GST, BJP did block it. May be it was political or may be they had valid point. Perhaps one should look at what the GST proposal was when BJP objected to it. Also, you may not be aware but even Congress state units objected it, along with other non-BJP state govt.

What BJP did was make all states as stake holders in decision making, which enabled it to pass. The ego of previous dispensation to make the states as stake holders was why it did not pass.

Sir, regarding the part where monies going to well-connected, I don't deny that.
3 of the 4 most disruptive steps in the last 2 years are targeting these people. It is an aim to break the nexus. You can't on one hand complain about the nexus and then say I don't want/need a solution.

Lastly, money going to well-connected is not the issue, it's the NPA's that are. Again sir, you are trying to confuse the issues here. Banks need to give money to people. Without lending, our economy will come to stand still. What's important is whether the checks and balances are done while lending to people.

reason why I brought in Mallya is because his case was the most case of corrupt-babu nexus we have seen in last few years.
It however does not mean Adani, Ambani, tatas etc who borrow money in large amounts are also corrupt. If we assume that, then we are no better than Mr Kejriwal, who can not provide a single job and cribs on people who are successfully providing lakhs of jobs.

If there is evidence of wrong doing or companies doing under and still getting help - then that's criminal and can be debated. It's difficult to debate on sweeping statements and generalization.

Please read my post and then write.

 

[RISING SUN]

And THIS is a balanced view? That Modi bit the bullet and introduced vitally necessary measures to put bank borrowings back onto a rational foundation, that this and the induction of large segments of the economy to the organised sector, the reform of the building and construction industry and introduction of GST will all be beneficial in the long term, but that these may hurt the implementing political grouping and allow the return of all those who contributed to the growth of the problem in the first place?

If this is balance, how is it not mentioned that the vast bulk of bank funds gone funny belongs to the business houses close to the Modi government? and that other business houses have generally backed the Modi government financially? That mention might have led readers to ponder if it is reasonable to believe that business organisations tend to nurse governments that are pledged to act against what is represented as their unfair advantage.

Or was this the Modi surgical strike against the business community? Delivered unexpectedly because it was essential?

On another aspect, what led to the unprecedented inefficiency of the implementation of all these? Right down from printing notes that could not fit into banks' ATMs? Coming to GST, there are many indicators of something less than the almost scriptural omniscience that is claimed There have been problems in implementing GST, because in the hurry to bring in a very impressive measure, there was little or no preparation done to equip trade and commerce to cope with the practicalities of the situation. The measure itself, as the report very carefully fails to mention, was sought to be introduced right through the UPA II, and the dogged opposition to it coming in was from <gasp!> the very people who are today seeking credit for bringing it in. Since it may not affect NRIs who are not currently planning to invest in housing, many of us may be unaware of the massive confusion due to the way that RERA is being interpreted and implemented by the states, each of which seem to have their own way of doing things. This, including the states ruled by the BJP.

The Economist is highly readable, and usually sound on economics, as sound as an institution devoted to the cause of IMF intervention can be. Its right wing slant on anything and everything has never been concealed, but this report is an example of how it does all right on the news, but screws up spectacularly on the views.

May the heavens protect us from such balance.

Sir, in 2008 my relative died and death certificate got delayed as person issuing this wants money, what better way than cash. Again in 2010 I got passed my graduation in CA and went to collect the certificate from VBSPU campus. Athority wanted the money for issuing the certificate again in cash and kept me on hold till evening for that. In 2016 I wanted to purchase gifts for my wife but a great delay was there(I think 1 hour and some 40 minutes) to get the money from ATM out side lower Parel. In one fine day during very same period of November I had to travel 35 KMs in up & down direction with only 150 Rupees in cash. If GOD forbid something bad would had happened those days, I wouldn't have access to ready cash, though I was carrying debit cards from very long time(very rarely used). There was great deal of inconvenience for me personally seeing I used to travel from one corner of Mumbai to another corner. Them came RERA, my flat which was supposed to handover to me by builder in last April is again pushed to mid year next at minimum. These are my real life experiences. I had voted for BJP last time and I will vote for them again next time. Not because of some bulsh!t hindutwa or some great Modi. I will do it because I got hope seeing how many people got job in my own company in last three years. It wasn't like business suddenly jumped manifold but how it got channelized. Second I saw all kind of people, from VIP to commoners sitting in very same line for accessing the money. Third more the digital economy, more it will be safer for guys like us who get robbed in daylight. I am not talking about those goons who do it in with guns and knifes in hand. Rather I am talking about those the likes of D Raja, Kalanidhi Maran, Chidambaram, Madhu Koda, 2G, coal, spectrum waves and what not, we were robbed in bright day light by very those people who were supposed to represent us. I have known the world only in last 15-20 years and what I saw, there was one side who encouraged people to take lead, many accused them of lot of things but never courts. Then again another side wanted people to have faith in government even in times of great corruption. Personally I am very much in favor of hard hitting actions even if it means temporary pain to me but I don't have other better option (which I would liked). I am greatly influenced by Atal Bihari Vajpayee ji and to some degree Sushma swaraj ji. I don't think anybody else is there for whom I may have that kind of Respect ever. Thank you.

 

[Joe Shearer]

Sir, in 2008 my relative died and death certificate got delayed as person issuing this wants money, what better way than cash. Again in 2010 I got passed my graduation in CA and went to collect the certificate from VBSPU campus. Athority wanted the money for issuing the certificate again in cash and kept me on hold till evening for that. In 2016 I wanted to purchase gifts for my wife but a great delay was there(I think 1 hour and some 40 minutes) to get the money from ATM out side lower Parel. In one fine day during very same period of November I had to travel 35 KMs in up & down direction with only 150 Rupees in cash. If GOD forbid something bad would had happened those days, I wouldn't have access to ready cash, though I was carrying debit cards from very long time(very rarely used). There was great deal of inconvenience for me personally seeing I used to travel from one corner of Mumbai to another corner. Them came RERA, my flat which was supposed to handover to me by builder in last April is again pushed to mid year next at minimum. These are my real life experiences. I had voted for BJP last time and I will vote for them again next time. Not because of some bulsh!t hindutwa or some great Modi. I will do it because I got hope seeing how many people got job in my own company in last three years. It wasn't like business suddenly jumped manifold but how it got channelized. Second I saw all kind of people, from VIP to commoners sitting in very same line for accessing the money. Third more the digital economy, more it will be safer for guys like us who get robbed in daylight. I am not talking about those goons who do it in with guns and knifes in hand. Rather I am talking about those the likes of D Raja, Kalanidhi Maran, Chidambaram, Madhu Koda, 2G, coal, spectrum waves and what not, we were robbed in bright day light by very those people who were supposed to represent us. I have known the world only in last 15-20 years and what I saw, there was one side who encouraged people to take lead, many accused them of lot of things but never courts. Then again another side wanted people to have faith in government even in times of great corruption. Personally I am very much in favor of hard hitting actions even if it means temporary pain to me but I don't have other better option (which I would liked). I am greatly influenced by Atal Bihari Vajpayee ji and to some degree Sushma swaraj ji. I don't think anybody else is there for whom I may have that kind of Respect ever. Thank you.

You may be wrong, misguided, influenced by interpretations that take reality and distort it utterly, but you still have the ability, in our poor, faltering democracy, to hold your opinion, and not to have to explain it or to apologise for it to anyone. That liberty is now under threat; it is being eroded in a thousand ways. And that erosion is far worse than any improvement that you have seen and mentioned.

Hard-hitting actions are all right, but hard-hitting actions that are impulsive, that are aimed at winning publicity and at creating a distorted, blown-up image of a party and of an individual, are NOT.

Best wishes for your protecting your idealism in the teeth of brutal reality.

 

[jetray]

True some of the reforms are for long term gains. Was there advantage take of it ? may be. Every political party does that.

Implementation GST or demonetization was not up acceptable levels but again these are being done across the country. Such a big roll out would certainly have niggles or serious issues which might affect the system. But we need to fix it and move ahead.
Even if the congress govt had implemented GST the issues would have been there. BJP govt atleast gave a shot.

Irony would be that if the BJP govt loses the next election, it would be laggards congress or third front who would reap the gains in coming years.

You may be wrong, misguided, influenced by interpretations that take reality and distort it utterly, but you still have the ability, in our poor, faltering democracy, to hold your opinion, and not to have to explain it or to apologise for it to anyone. That liberty is now under threat; it is being eroded in a thousand ways. And that erosion is far worse than any improvement that you have seen and mentioned.

Hard-hitting actions are all right, but hard-hitting actions that are impulsive, that are aimed at winning publicity and at creating a distorted, blown-up image of a party and of an individual, are NOT.

Best wishes for your protecting your idealism in the teeth of brutal reality.

well Joe he is an optimist, a blind one perhaps. Well we have to take the risk, if no body wants to bell the cat and if we find fault in every thing nothing will change.

Either it will become worse or better. If it becomes better we let them run the show if not we will kick them out in next elections. If we fail we will become wiser.

 

[RISING SUN]

You may be wrong, misguided, influenced by interpretations that take reality and distort it utterly, but you still have the ability, in our poor, faltering democracy, to hold your opinion, and not to have to explain it or to apologise for it to anyone. That liberty is now under threat; it is being eroded in a thousand ways. And that erosion is far worse than any improvement that you have seen and mentioned.

Hard-hitting actions are all right, but hard-hitting actions that are impulsive, that are aimed at winning publicity and at creating a distorted, blown-up image of a party and of an individual, are NOT.

Best wishes for your protecting your idealism in the teeth of brutal reality.

I don't believe in idealism sir. We humans are called "being" for a purpose. I never claim to be right or wrong. If you were inferring from my post that I claimed/suggested BJP as a blown up image of a party or Atal ji as a blown up individual, then I am afraid, you didn't understand the perspective I was putting. Example:- Back in the days roads were poorer than 3rd class in my native place Varanasi, by 2002 we had not only access to but seen it by our very own eyes that if government has those on the helm who could give right push to development, we could also see the highways in far hinterlands away from cities. That is what I saw them when Delhi to Kolkata highway was being built first time without much of corruption or without delays on the level which were otherwise seen everywhere. That was the thing which changed my thinking that there is nothing impossible. I also understand your another point where you have mentioned that attack of freedom of speech. If you refer to attacks by government athority, I will not be able to support that, however if you refer to the guidance less mob mentality which has gripped us since last 2 decades (at least I have known from that much time period, before that I had not the knowledge to take a stand). Then obviously yes, I will be on your side. My own father in law is politician from NCP and I see whenever he sends any massages which both true and untrue, how mobs of people jump on him, some even giving advice to take extreme steps. That danger if you are referring to, them yes I am supportive of this. But these mobs don't represent niether India nor BJP nor their very owns. Than you.

True some of the reforms are for long term gains. Was there advantage take of it ? may be. Every political party does that.

Implementation GST or demonetization was not up acceptable levels but again these are being done across the country. Such a big roll out would certainly have niggles or serious issues which might affect the system. But we need to fix it and move ahead.
Even if the congress govt had implemented GST the issues would have been there. BJP govt atleast gave a shot.

Irony would be that if the BJP govt loses the next election, it would be laggards congress or third front who would reap the gains in coming years.


well Joe he is an optimist, a blind one perhaps. Well we have to take the risk, if no body wants to bell the cat and if we find fault in every thing nothing will change.

Either it will become worse or better. If it becomes better we let them run the show if not we will kick them out in next elections. If we fail we will become wiser.

Kindly don't make misinformed claims, if you have some, you can always raise your queries and it will be duly reverted. Thank you.

 

[Joe Shearer]

I don't believe in idealism sir. We humans are called "being" for a purpose. I never claim to be right or wrong. If you were inferring from my post that I claimed/suggested BJP as a blown up image of a party or Atal ji as a blown up individual, then I am afraid, you didn't understand the perspective I was putting. Example:- Back in the days roads were poorer than 3rd class in my native place Varanasi, by 2002 we had not only access to but seen it by our very own eyes that if government has those on the helm who could give right push to development, we could also see the highways in far hinterlands away from cities. That is what I saw them when Delhi to Kolkata highway was being built first time without much of corruption or without delays on the level which were otherwise seen everywhere. That was the thing which changed my thinking that there is nothing impossible. I also understand your another point where you have mentioned that attack of freedom of speech. If you refer to attacks by government athority, I will not be able to support that, however if you refer to the guidance less mob mentality which has gripped us since last 2 decades (at least I have known from that much time period, before that I had not the knowledge to take a stand). Then obviously yes, I will be on your side. My own father in law is politician from NCP and I see whenever he sends any massages which both true and untrue, how mobs of people jump on him, some even giving advice to take extreme steps. That danger if you are referring to, them yes I am supportive of this. But these mobs don't represent niether India nor BJP nor their very owns. Than you.


Kindly don't make misinformed claims, if you have some, you can always raise your queries and it will be duly reverted. Thank you.

Calm down, mahashay. Neither you nor I is about to make a difference to our country It is just that we manage to fling out our opinions with breathless nonchalance. At the end, these are just self-expression.

 

[RISING SUN]

Calm down, mahashay. Neither you nor I is about to make a difference to our country It is just that we manage to fling out our opinions with breathless nonchalance. At the end, these are just self-expression.

I never get agitated sir, except during senseless killings. Rest times I just tag along to read in every forums and threads. I need to learn a lot to have more knowledgeable opinion. Thank you.

 

[Joe Shearer]

I never get agitated sir, except during senseless killings. Rest times I just tag along to read in every forums and threads. I need to learn a lot to have more knowledgeable opinion. Thank you.

Yeah, right.

After 3,000 messages and 5 years on the forum, you are just tagging along to read in every forum and thread. And you still have to learn a lot.

Got it.

 

[RISING SUN]

Yeah, right.

After 3,000 messages and 5 years on the forum, you are just tagging along to read in every forum and thread. And you still have to learn a lot.

Got it.

If numbers would have been a yardstick to judge a person's ability, this world would have been so much easier to deal with. I am 27 years old, most probably same as old as your children. I started following PDF by 2007 while joining college and joined A PDF in 2012 after completing PG. I have never hidden that here. There is whole world out here from whom I can learn lot of things be it Far east, South Eastern Asia, Australia, south Asia, Central Asia, middle East, Africa, Europe & Russia, America. Endless opportunity to learn. So many diverse people! I may not agree with every point of view but that that doesn't mean it stops me from learning others, maybe observations how people conduct under pressure or how to present one's opinion resolutely politely. It helps. Thank you.

 

[Joe Shearer]

If numbers would have been a yardstick to judge a person's ability, this world would have been so much easier to deal with. I am 27 years old, most probably same as old as your children. I started following PDF by 2007 while joining college and joined A PDF in 2012 after completing PG. I have never hidden that here. There is whole world out here from whom I can learn lot of things be it Far east, South Eastern Asia, Australia, south Asia, Central Asia, middle East, Africa, Europe & Russia, America. Endless opportunity to learn. So many diverse people! I may not agree with every point of view but that that doesn't mean it stops me from learning others, maybe observations how people conduct under pressure or how to present one's opinion resolutely politely. It helps. Thank you.

LOL.

Much younger than my child. She is 37 now.

What exactly was the provocation for this confessional statement?