Tuesday, February 28, 2012

Realisation of Fault in Implementation of Policy of Reformation

Now at least after two decades say after 21 years , government has realized that fault in implementation of policy of reformation and liberalization has led to large scale fraud, scam and financial crisis. 

Corporate Affairs Minister M Veerappa Moily has at least shown courage to accept this bitter truth. How long he will get the blessing of Manmohan Singh, Pranab Mukherjee or Mr. Chidambram , God knows.Mr. Moily clearly admitted in press media yesterday that the policy of reformation and liberalisation were implemented in the year 1991 without adequate preparation for the same.

But the fact that there is now at least realization of fault in the corridor of government is itself praiseworthy and commendable. This  is really  a matter which gives pleasure. 

God knows who will compensate common men and the Nation as a whole who suffered the consequences of faulty implementation of policy of liberalisation and who were constrained  to bear the brunt of unprecedented price rise and inflation and rising tax burden due to various scams,rising black money and escalation in corruption i all offices?

Defective policy and defective implementation of policy of liberalization and privatization and reformation has led to unprecedented rise in prices and inflationary pressure. Fiscal deficit has gone beyond control.GDP growth has been consistently coming down.IIP figures are becoming disheartening. Now even government is not in a position to provide subsidy for farmers or fuels and neither in a position to  infuse capital in sick banks.

Der se Aye Durust Aye.

Left parties took 30 years in learning the usefulness and benefit of liberalization in the state of West Bengal and caused the state to become the most undeveloped state. And Congress Party took 21 years to understand the fault in implementation of policy of reformation, globalization, privatization  and liberalization and caused several scams involving thousands and lacs of crores of rupees to take place.

It is worthwhile to mention here that banks were nationalised in the year 1969 by Indira Gandhi , the then Congress Party leader and Prime Minister. After 21 years Congress Party realised the fault of bank's nationalisation and adopted banking reformation in the year 1991.

Again in a few days or a few months, i.e. after again 21 years of adoption of policy of banking reformation,  the same Congress Government will definitely and without any doubt realise that the policy of banking reformation has caused unprecedented rise in volume and value of Non Performing Assets in banks. 

It is a bitter truth which Mr. Moily dared tell the media that the policies of reformation and liberalisation were implemented without adequate preparation .

I would like to add here that it is always the corrupt and inefficient  politicians, incapable and  corrupt ministers and inexperienced , flatterers and corrupt bankers who contributed most in the failure of all good policies framed by group of intelligent and talented persons of the country.

Indian is the first in making best planning but the worst in its execution. 

Bangalore: India would have been able to avoid corporate frauds and scams in high places had it put in place regulatory mechanisms and certain policies, along with the introduction of liberalisation regime in 1991, Corporate Affairs Minister M Veerappa Moily has said.
The then Finance Minister Manmohan Singh had to "pronounce" liberalisation polices in 1991 as it was "inevitable" and "compulsory" as New Delhi had to pledge gold with Bank of England, Moily said.
"But any of such (liberalisation) measures always should go along with other preparations," Moily told a seminar on "the future of corporates in India," organised by television channels ETV Kannada and ETV Urdu here last night.
Since India had not put in place "that kind of a mechanism" along with the liberalisation policies, growth has happened without restrictions. While growth is good, it has many other components like inclusivity, regulations and it has to be sustainable, he said.
"If you want...
Reforms sans regulations led to frauds, scams: Moily
Press Trust Of India
Bangalore, February 28, 2012

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