Reuter's website has this brilliant piece of Orwellian Doublethink.
It pontificates that the Government of India (GoI) isn't helping the country's central bank, the Reserve Bank of India (RBI) in controlling runaway inflation. This is probably true given that while the RBI tries to tighen the fiscal belt, the GoI's single-minded focus (besides increasing the net worth of individual MPs) seems to be in maintaining the asinine 8% to 9% economic growth figure while the average Indian family frets over the price of rice, onion and cooking gas.
But the line that got my attention opines that the GoI's "foot-dragging on reform and foreign investment contributes towards keeping food price inflation high."
The highly imaginative author of the article however fails to mention exact how he or she arrived at the convoluted logic that higher profits for foreign investors means lower food price for Indians!
Even in actual fact, the GoI is shovelling financial deregulation through parliament; running through buckets of ink signing Free Trade Agreements (FTAs); and taking a crowbar to the backdoor of the nation's agro industry and food security. In short, India's present government seems hell-bent on burning down the economic defences of the nation.
The aim seems to be to throw the unprepared, unprotected Indian economy into bed with rapacious, unscrupulous multinational vampires. It will be a short, unsightly struggle - and then it'll all be over.
Still, it looks like one logically challenged economics pundit/journalist thinks the GoI has not done enough damage - not acquiesced quite enough.
Your move, Manmohan.
I hate brand love. - Call me naive, but after more than 33 years in the business, I am nevertheless consistently astounded by the amount of bullshit our industry can churn out....
1 day ago