DESPARDES — The world’s largest (secular) democracy — once among the fastest growing large economies — appears to be in a situation.
While some members of global jury may be still out there on what Indian Prime Minister Narendra Modi did what he did in August in Kashmir, and what he is doing in his country that affects the region and thw world — to divert attention from an economic tailspin as some independent observers think, data are raking up otherwise ominously.
On Wednesday, India announced plans for a third lunar mission, months after its last one crash landed on the Moon’s surface.
Still, the moonshot news did not hit home in the country’s populace whose mosaic of minorities tongue-and-grooved with the Hindu majority carry a gripe post recently announced laws that made headlines — they have been called contentious and discriminatory and against the Muslims.
And while everyone seems to be debating the India-Pakistan chill, the Modi 370-Kashmir moves, Babri masjid- Ayodya verdict, CAA, NCR, etc., we may have missed to notice what’s happening in the Indian economy’s frontyard and backyard– much to the dismay of international players and thought-leaders.
These accumulating data appear as Red Herrings — they could not only destabilize India’s financial and economic frontyard and backyard but its social fabric woven with nearly 250m Muslims and 3000m Dalits — these two huge minority communities in 1.3bn population stand potentially marginalized by the recently announced Citizenship Amendment Act (CAA) and the National Citizen’s Register (NCR).
The fact that the two communities by and large are at the bottom of the totem pole makes things look grimmer.
Here are some recent data which taken as a whole is disturbing for the region too. ??
- Vodafone is in loss of ₹50,000 Crore
- Airtel is in loss of ₹23,000 Crore
- BSNL is in loss of ₹14,000 Crore
- MTNL is in loss of ₹755 Crore
- BPCL is in loss of ₹750 Crore
- SAIL is in loss of ₹286 Crore
- AIR India is in loss of ₹4600 Crore
- Spice Jet is in loss of ₹463 Crore
- Indigo is in loss of ₹1062 Crore
- BHEL is in loss of ₹219 Crore
- India Post is in loss of ₹15,000 Crore
- GMR Infra is in loss of ₹561 Crore
- YES Bank is in loss of ₹600 Crore
- Union Bank is in loss of ₹1190 Crore
- PNB Bank is in loss of ₹4750 Crore
- Axis Bank is in loss of ₹112 Crore
Adding up these losses signify a huge toll on India’s fiscal condition. Apart from the above, here are some more which are adding to the developing situation. ???
- Jet Airways closed
- Air India in Rs 7600 crore loss
- BSNL 54,000 may cut more jobs
- No money to pay salary for HAL employees
- 1 million to be laid off in Auto Industry
- 12.76 lakhs houses unsold in 30 major cities
- Aircel and Docomo is dead
- JP Group finished
- Most profitable company in India – ONGC is now making losses
- 36 largest debtors missing from country.
- Rs 2.4 lakh crores loan waive off to a few corporates
- Nealry all banks incurring huge losses
- External debt on country 500+ Billion Dollars
- Railways on sale
- Rent Heritages including Red Fort
- Largest car maker Maruti cuts production
- Rs 55000 crores car inventory lying at factories, with no buyers.
- Builders all over stressed. Some committing suicide, no buyers. Construction stopped due Materials cost rise (GST at 18% to 28%)
- OFB under corporatization affecting over 1.5 lac employee & families.
- Millions unemployed due to Demonetization
- Highest unemployment in 45 years.
- 5 airports sold to Adani.
- Highest domestic stagflation.
- Record High Networth Individuals (HNI) leaving India
- Videocon bankrupt.
- Tata Docomo perishes
- CCD founder VG Siddhartha commits suicide due to huge debt.
- Reputed Biscuits Companies like Parle-G on the verge of terminating it’s employees
…Many nationalized banks have merged, many branches have literally closed, huge numbers of ATM’s Rooms have been set down.
With the above scenario, who are making profits?
- Reliance Jio is in profit of ₹990 Crore
- Adani is in profit of ₹102 Crore
- BJP is in profit of ₹1034 Crore + unknown amounts of money which we will never know because it’s possibly hidden.
Ironically, all of the above — mainly rising debt and falling tax revenues as well as high unemployment — are not being discussed or highlighted as major issues by Indian media.
India’s debt – among the highest in emerging markets – must be reduced,” the IMF said in its report issued last week.
It called for ‘urgent’ action, as Moody’s in November downgraded India’s credit rating from ‘stable’ to ‘negative’.