Dear FM, I graduated around the same time when UPA
came into power first time, in 2004.Despite belonging to middle class strata of
society and from a tier-3 city with no higher education or qualified degree I raised
the ladder of financial market world as commodity & currency trader. Even I
manage to get work in some of the great cities of our country and even abroad
and earning well enough to spend and enjoy my life at leisure. I even survive
the financial crisis of 2008-09, but thanks to your various steps taken in last
two years and
apathy towards FCRA bill and commodity market specific (read your
never ending love towards ‘P’ note driven equity market) careers of many become
cropper in the last few years. But I am not here to discuss on those issues,
after all we are very small constituency for taken as a vote influence. But your
vote of account does not romance during this valentine month with me even after
sops.
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| Image Courtesy : Google |
I have a few points
to make which I discuss later in brief here point by point. But before that I
must applaud you for all the juggling of numbers and mockery of statistics in
broad daylight and able to pretend selling comb in bald houses.
A)
In your interim budget you propose excise duty cut in automobiles sector
specially in small segment car by 4% .i.e roughly 10-17k rupees discount in
that segment, we all know the automobile sector specifically small car segment
is bleeding and facing its toughest time in last decade but mere 4% cut in this
segment while giving larger sop to SUV market to 6%,which is anyway growing far
more than other segment, is a complete wash hog in my view, people like me are
not buying cars because inflation eating up my household budgets, job uncertainty
does not pursue me for opting car loans and thanks to govt borrowing, interest
rate, EMI remain a constant factor in slumping car sales, take this on face why
would I go to buy car for a mere discount of some few more thousands rupees
where my concern lies more to do with other things. Dear FM you need to fix
other things first before you ask me to buy car.
B)
You are bailing out Air India but have no future plan for our shrinking
public transport system facility. Subsides numbers are so exotic that I prefer
to leave it for economist to tell you the reality. However Rs.2, 600 cr subsidy
as moratorium on student loan is not what exactly me, my colleague or my brother will be
looking for, on contrary fact is jobs shrinking as hell as degrees are being
produced in our shattered education system, instead of doing that Dear FM if
you could help those students to get a fairly paid job, than they will take
care of principal and interest themselves, also again this is discrimination
against those who paid the same on time. Dear FM fact is UPA 1 & 2 failed
to fill the gap of degrees and job offer in a huge numbers.
C)
By reducing 2% excise duty on consumer and capital goods you are laughing
on our inflation hitting household budgets misery, but yes by doing so you have
reduce the prospect of filling fiscal deficit gap for next govt, when food
inflation and rising cost of living is a day to day threat to existence for
many, buying AC will be least on the priority. And smartly you handout dole of
cheap mobile handset by few bucks, but your recent auction bill(to foot your extravagant
spending on flagship schemes) will definitely increase my mobile bill by more
than 10-15% as per various reports in media and my own estimation. So who is
putting cherry on a half-baked cake?
D)
Dear FM, you specifically mentioned that your mother and faculty at Harvard
taught hard work, but sir, no one taught us, but we are forced to do hard work
in our daily chorus to remain exist in these tough times. Thanks to financial
crisis sir, the hot money in name of QE and various stimulus packages from developed
countries keep your FX reserve full so that you can take credit for all the
goodies in parliament and make mockery of hard work initiatives. The fact is
Dear FM, $15B rise in FX reserve is nothing but just adding more debt on your
books, as recently by FCNRA bond programme RBI raised $35B and fill the bag
which caught naked after FED announce to take back its ‘QE Hot money’ from
emerging markets, as you must be remembering how tough the year was for our
domestic currency. You pat yourself for manufacturing and export sales rise
with huge numbers, but you must admit this one tiny fact that a small country
formed in 1971 is exporting far more garments in the volume of the world. The
reality is rupee depreciation just ensures some healthy competition in pricing
for them and discount billing ensures they increase their volume. However, you
did very little to discourage import in various sectors except hitting hard on
Gold & curbing currency trading to inflate your currency, CAD comes down heavily
because many imports become impractical to do business, our Gold import curbed
by whopping 77% YoY basis and yet Mr.FM you and your govt must be appreciated
for all the good numbers and steps you have taken in the last ten years to revive
economic growth and ensure large scale ‘development’.
Thanks, but no
thanks your cake in the last hours of your inning is stinking for me, I did
better prefer for new cookies in coming time.
P.S – Neither I am Amartya
Sen or Jean Dreze, or even an economist to say, I was just a small trader who
is waiting for next govt in hopes of employment opportunity by real reforms.
I end my painful
letter to you of this simple quote, hope you may like this.
“Get your facts first, and then you can distort them as
much as you please.” –Mark Twain
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