When we
should be discussing Bull run on Dalal Street, the narrative is cow slaughter
and beef. When we should be discussing and debating RBI Governor Raghuram Rajan’s
views on the global slowdown , we are discussing and debating Yogi Adityanath
and his demand for arming Hindus in Bishada village, 24 miles off Delhi in
Dadri in northern state of Uttar Pradesh.
By the way,
Dadri has one of the well run power plants owned by the NTPC, but Dadri has
come to be identified with mob killing an innocent who , they suspected ate
beef. This is not the Start-Up India and Stand Up India that PM Narendra Modi
tried to hard sell in Silicon Valley a few days ago.
Also, this
is not the kind of India, that Finance Minister Arun Jaitley is hard selling in
the World Bank-IMF annual meeting at Lima, Peru where the focus is on the
problems confronting the global economy, which is expected to grow at a poor
pace of 3.1 per cent this year and 3.6 per cent in 2016.
True, among
the BRICS , India stands out as yet because Russia has run into both political
and economic problems with the West over Ukraine and now Syria. Brazil is
battling domestic unrest, slowdown and political issues while China is giving tremors
to the world economy, which has become so dependent on Yuan and Xi Jinping that
their woes trouble rest of us, as much as they trouble them at home.
There are a
few reasons, why India looks to be in much better shape. One, India is a net
importing country spending well over USD
100-150 billion on crude oil import, depending on the
prices and other precious metals. With crash like situation in the commodity
prices , India’s import bill has been considerably reduced, even though exports
too are on a shaky wicket. Two, with a world class central bank governor in
Raghuram Rajan, the country’s current account situation looks much healthy at less
than one per cent of the GDP. Despite pressure on currencies
of other Emerging economies, INR has
stayed steady without causing any big issue for importers, while giving some
comfort zone to the exporters.
But the
trouble for India lies with the domestic political scenario, that at present
looks murky. It is expected to remain so, at least till Bihar elections,
crucial for Prime Minister Modi, are out of the way.
The
so-called fringe elements , are a no-stopper. Ironically, some of them include
ministers in the Modi Council besides Sadhvi Prachi types. Unless, it is part
of the overall scheme , the BJP leadership and the Prime Minister must asset
their ways and stop the initiatives being wrested from Bull run to Cow slaughter. Or else, bears would haunt the markets while
we fight over Ghulam Ali concert in Mumbai and Shiv Sainiks having their way to
stall the event.
Pics: FB pages of Rajan, Yogi
Pic: courtesy-National Housing Bank
NEWS OF USE
Small borrowers for housing loan will have to shell more personal share
Small borrowers for housing loan will have to shell more personal share
Individuals opting for bank loans up to Rs 30 lakhs , can borrow to the extent of 80 per cent of the value of the residential properties , according to new norms fixed by the Reserve Bank of India.
Earlier, those borrowing up to Rs 20 lakhs could depend on the banks right up to 90 per cent of the value of the properties.
The RBI has notified the new Loan to Value (LTV) norms along with fixing new risks weight. Pic: courtesy-National Housing Bank
