Tuesday, May 22, 2012

Austerity Vs Economy

Finance minister Pranab Mukherjee on Wednesday said he would impose new austerity measures, howsoever unpopular they may be, to address India's fiscal problems and spur growth.

But the Truth is Different -

The ‘tour expenses’ of the Union council of ministers in the current financial year (2011-12 ) has surprisingly shot up 10 times, from a budgeted estimate of Rs 46.95 crore to Rs 499.9 crore in the revised estimates.

President Pratibha Patil's foreign travel has cost the public exchequer a whopping Rs. 205 crore on her foreign visits, surpassing the record of all her predecessors. Patil has undertaken 12 foreign trips covering 22 countries across four continents. A further sum of nearly Rs. 36 crore has been incurred by the Ministry of External Affairs on accommodation, local travel, daily allowance and "miscellaneous" expenses, according to the information provided by the ministry.
Patil has so far visited Brazil, Mexico, Chile, Bhutan, Vietnam, Indonesia, Spain, Poland, Russia, Tajikistan, the UK, Cyprus, China, Laos, Cambodia, the UAE, Syria, Mauritius, South Korea, Switzerland and Austria spending a total of 79 days abroad.

Lok Sabha Speaker Meira Kumar travelled abroad 29 times in 35 months incurring a total expenditure of nearly Rs 10 crore. Total expenses on these visits were Rs 9.89 crore. She also gave gifts worth Rs 11.66 lakh to her hosts.

Hence - the So Called Austerity Measure as said by Pranab Mukherjee is not Only Happening in Central Govt, its spread thought Out India in all States too. See How the Indians Money Paid as Tax is Wasted.

J.Jayalalithaa celebrated a year in office as chief minister of Tamil Nadu with ads on the front page of many English dailies Spend nearly Rs.25 Crore.

Several million rupees are spent on print media ads on the birth and death anniversaries of national leaders. It is tough to understand how India can afford to spend taxpayers’ money this way when there is dire need of reforms as growth languishes near 3-year lows, current account deficit rises and the rupee sinks.

So there is no Bar between a President or Chief Minister of State or a Cabinet Minister - in Spreading such a So Called Austerity Measures.

Les See some of the Upcoming Foreign Tours by our Cabinet Minsters :-

1) Urban Development Minister Kamal Nath is travelling to Tokyo this week, as part of the CII delegation to celebrate 60 years of diplomatic relations between India and Japan.

2) Environment Minister Jayanthi Natarajan is travelling to Rio De Janeiro for the Earth Summit, scheduled from June 20 to June 22.

3) HRD and Telecom Minister Kapil Sibal is scheduled to visit the US for a week next month — a trip on which he will combine work related to both his ministries.

4) Civil Aviation Minister Ajit Singh is headed to the USA to take possession of the Dreamliner aircraft.

5) Commerce Minister Anand Sharma will be travelling to Brussels in June for the EU-India negotiations on FTA.

6) Agriculture Minister Sharad Pawar will be visiting New Zealand and England in the next few weeks.

7) Petroleum Minister Jaipal Reddy is slated to go to Turkmenistan in connection with the signing of the TAPI pipeline agreement


The Upmove form 4789 to 4937 is 5 wave structure shows the corrective upmove started and a Fall today is sw(2) with a irregular abc as given on chart. The 2nd wave should be deeper in nature as the first wave retraced fast from 4789 to 4889. So No doubt we shall Move up if the Friday Low 4789 is Not broken from here. Tomorrow Support at 4837 from where Nifty should Bounce to break the Crucial Resistance 4970.

Till Fridays Low is not taken out - Short Traders Must stay Cautious. Hope Nifty can make a "U" turn any time and Surprise the Bears.

Lets See! Cheers!!!