Honourable President,
Wish you,your family and Office personnel, a very happy Diwali.I am sure, you would have performed the Durga Puja,along with your family and community,so dear to the people belonging to your State,with happiness and satisfaction. Please accept my congratulations,on the victory of your son,in the Bengal Assembly Polls.I wish him a very bright future.His victory is in part,due to your popularity,as TMC did not contest against him.
Now coming to my Grievance,Honourable President,India is in crossroads,and I was shocked to read the following,in today's The Hindu:-
http://www.thehindubusinessline.com/industry-and-economy/finmin-hints-at-easing-investment-rules-for-pension-funds-insurance-firms/article4081697.ece
It is proposed,among others to:-
1.To introduce "new products" such as:-
i)Municipal Bonds
ii)Covered Bonds
iii) Credit Default Swaps
I request these be NOT ALLOWED at all,anytime,now or in the future.
Many Municipalities have been bankrupted in the USA,Italy and France to name only a few,using these.These Municipalities ave sued the banks concerned.Please use the following link:-
http://www.dailyfinance.com/2012/07/19/warren-buffett-muni-bond-default-crisis-warning/
Now, coming to the HUGE, proposed INVESTMENT in Infrastructure,I would like to request,that this be postponed for the following reasons,except the Power Sector.
1.CAD of India is very high,so also the Fiscal Deficit.
These two have to be brought down before investing huge amounts,in any area,let alone the so-called,Infrastructure.
2.Divestment out of PSUs have to be stopped,IMMEDIATELY,as during an emergency,the PSUs may serve as a cushion and reserve.
3.The Global Economy is expected to be in recession,till 2020, as per experts.So no point is served,in investing so heavily,except the Power sector.as mentioned earlier.For example,Angela Merkel,has mentioned that the Eurozone will take 5 years to recover,economically.
Please use the following link:-
http://veerar-merryblogging.blogspot.in/2012/11/the-final-step-to-bankrupt-india-is.html
I finish with the following:-
i)Covered Bonds,Municipal Bonds and CDS be NOT allowed now or ANYTIME in Future.Many Municipalities have been BANKRUPTED misusing the Derivatives.In this context,I would like to remind you,of the Rs 25 LAKH CRORES,loss by, India Inc in 2007/8.The Banks concerned were let off with petty penalties.
India cannot afford such HUGE LOSSES,which is almost double of the Total Budgeted Expenditure for this Fiscal
ii)The spending in Infrastructure be limited to ONLY the POWER SECTOR,for now.
iii)Other sectors may be favoured for Investment,depending on the Global Economy's ability to recover,which is far away,at least ill 2020.
iv)CAD and Fiscal Deficit be brought down before thinking of any huge investment.
a)STOP the STIMULI(subsidies to the RICH)
b)Stop the "under-recoveries' claimed by the OMCs.
I WOULD LIKE THAT THE GOI COMES POUT WITH A "WHITE PAPER" ON THE UNDER-RECOVERIES CLAIMED BY THE OMCs,for TRANSPARENCY.
v)Divestment out of PSUs be STOPPED.These family Silver may be kept as a CUSHION,against any unexpected occurrences,as the 2008 crash.
I hope you,Honourable President, would,save India from going BANKRUPT with WRONG POLICIES.
Thanking You,
Yours truly,
K.V.Sadasivan
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