Jaitley Damaged Indian Banking, Institutions and Credibility
October31, 2018 (C) Ravinder Singh email@example.com
One thing in Viral Acharya lecture I liked the most is that even in RBI – membership of technocrats is CRITICAL for effective management of Banking – in 2011 at an interaction with Dy Gov RBI I had ‘Urged RBI to Induct Professional Experts in Efficiently Funding Industry’. Campaigned every Industry must have R&D Center or Department & even Government Departments including PMs & CMs must have CHIEF TECHNICAL OFFICER.
[There are good reasons why countries … delegate monetary policy decisions to technocrats appointed for their expertise. They can take the long view. They can resist the temptation to manipulate monetary conditions for short-term gain. Privileging long-term stability, as history has shown, is positive for economic performance. And it is on this performance that elected leaders, rightly or wrongly, are judged.]
Real TECHNOCRATS and Inventors has the ability to Make Worst Devices & Projects Work without any financial expenditure like I restored ‘Water Supply in 30m at MB Road Project and against requirement of 600 KL delivered 2800 KL before Morarji Desai’s.’
India could have saved Rs.20,00,000 Cr in Telecom sector – I had repeatedly written about it by Providing FIBER Connection to homes, offices and businesses and connecting all devices through WIFI and use Mobiles only when Travelling.
Viral Acharya had rightly observed that –
Arun Jaitley was Playing T-20 Match in Finance Ministry supporting WILD & WEIRD ideas and Friends in Industry or Business than Competent and Better Qualified.
90% of Railways, Highways, Power Projects to Cost Rs.50,00,000 Cr Were Unwanted.
Ø Never Followed Rules, Stable Policies and DISTURBED Economic Equilibrium.
Ø Bankrupt or Unviable Companies Were Allowed to Takeover Even Worse Companies.
Ø Reduced Interest Rates led to ‘REFINANCING OF BAD LOANS’ DEPRIVED CREDIT TO NEW COMPANIES COMING WITH NEW TECHNOLOGIES.
Ø CREDIT TO INDUSTRY WAS STAGNANT – SERVICES & PERSONNAL LOANS BOOMED.
Ø Raided Opponents & Small defaulters than top 100.
Announcing MEGA PROJECTS without Detail Project Report [DPR] and Study – most may never come up or didn’t yield even 10% of projected returns.
Running TALGO trains or now Train 18 Fast Trains on Existing Tracks and routes than REPLACING OLD ROLLING STOCK.
[Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution;’]
Real Technocrats CAN LIMIT DAMAGES – Restore Health of Economy.
INVENTING INDIA THINK TANK – INNOVATIVE TECHNOLOGIES & PROJECTS
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