New Govt should start functioning on business environment
immediately instead of doing all irrelevant topics of article 370,VEDIC
EDUCATION AND SPREADING RSS IDEOLOGY . Regular Rupee depreciation
is really a cause for concern in Indian economy though not bad as
it helps all exporters to gain in profits including 100 billion dollar IT
industries and also Gold and silver prices remain on inflationary trend
.Though Gold at Rs 29000 per 10 gram caused huge uncertainty to
millions of workers who work in this sectors and already thousands of Jewelry
shops closed due to no buyers .So dont go overboard on politics of blame game
against congress on Rupee depreciation as Rupee is now traded globally and
depends on Global economy .Nothing to worry and there is no politics of BJP or
Congress in it as it is purely economics and can be easily control by RBI by
remaining in low interest regime .Today you see there are 80% residential and
mall space are vacant due to no takers and it has created huge more than 10
Lakh crore dead money and thousands of Builders are suffering of bad debts and
already some of them committed suicides also .Imagine the effect of millions of
workers working in Property sectors .So this is purely politically motivated
inaction by RBI Governor by not taking any proper action and no Govt can
take any action against such recalcitrant RBI Governor who purposely not taking
proper remedial action like USA Banking Chief BEN BERNANKE did because RBI is a
constitutional body like CAG .It is strange that these constitutional bodies
doing politics on economy rather solving problems in economy .Govt never
interfere any RBI action as they are independent body.
Yes it is fact that Rupee depreciation is effecting
Import products like OIL ,Pharma and electronic sectors and Govt has no control
on Global price as India import 70% oil requirement from foreign sore and this
also can be negated by finding alternative source of energy need in India like
Bio fuel ,solar and electric vehicle .We need innovation continuously to make a
vibrant economy of India but never to criticize or doing politically motivated
inaction by not doing any solution to the problem at the moment .
GOVT need to rescue this dead money situation as fast as
possible by taking some path breaking measures
1. Give IT relief upto 5 lakh of principal and interest
on EMI on Home Loan
2. Bring back low interest rate regime to logical 4% for
Home Loan to clear all dead money as a one time measure
3. Bank must give liberal loan based on strict Identity card
and to stand behind the logical defaulters of EMI with subsidy and differed
long term repayment mode .
4. Builders ,promoters must get cheap loans from bank at
the rate of 0.02 % for 3 years repayment and 0.2% for 10 years repayment and 1
% on more than 10 years repayment
make it for just one time stimulus packages for coming 10
years .Matter must be taken on sympathetic and human approach otherwise India
will land up to severe recession very soon
5. Make one time measure of giving tax sops of all these
400 billion dollar black money by giving legal status for those person who are
volunteer disclose of such money with no punishment and investment of 80% of
such money by putting in Govt bonds or self investment and 20% will remain as
cash deposit to Govt treasury for withdrawal after 20 years with no interest
cost
6. Bring back low tax regime for Salaried and Businessmen
and cover more no of people in such low tax regime
7. Immediately implement GST for agri products as 2
% and non agri products as 8% uniformly for entire India with 70 : 30 ratio for
state and central earning system instead of present high tax regime as high as
45% for any products move from one place to other
Finally the most debated but seems to be real solution of
containing Rupee stability is Govt can buy back Gold at present rate as India
has largest holding of Gold in the world individually and in religious places
estimated to be more than 25 lakh crore Rupees .This will help all who are
suffering huge debt in all the sectors to pay back the money to the lenders
easily and become debt free in shortest possible time .This huge money
generated to people will help Banks to get more money as deposit which in turn
can be loaned to all sectors who are in urgent need of money to invest . This
is the only way to tame dollar as short term one time measure .
If new Govt really interested to solve all the evils of
Indian economy then they can think of above solution.
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