Monday, January 14, 2013

Crisis on the threshold

     Central government, the other day, had declared that the biggest threat to the Indian economy is its uncontrolled gold importing.  Financial ministry, by this time, began its bid to fight this menace.  But some statistics, released in the last days, give a significant indication that the country is moving quickly towards a financial crisis.  


Financial ministry and planning commission, however, kept this menace hidden, putting forth several justifications.  This hide and seek play will lead the country to serious problems.  
     According to the statistics of government, the industrial production growth rate of November has plunged down to a point of below zero. Besides, the exporting rate also has slipped down.  In October 2012, industrial production growth rate was 8.3% and before one year, in November 2011, it was 6%.  It is from this level, this year, the production growth has fallen down to below zero.
     Exporting rate also, eight months in a row, noted descending. It shows 1.6% deficit comparing last year. Statistics released by government itself give the threat indications more dangerous than that of gold importing.   
     In the meantime, finance ministry and central government, instead of seeking pragmatic steps  to overcome the crisis, are indirectly trying to justify the steep plunge in the industrial production growth as well as the deficit in foreign trading. The root cause for the present whirlpool is the failure of implementing effective steps to recover from the crises that formed since the global recession began in 2008.  The minus rate of industrial production growth, however, significantly shows that the recession, by the time, has started corroding Indian economy too.

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