Tuesday, October 8, 2013

If Indians try to read and understand the Bible independant of the West..............

If Asians, especially Indians read and try to understand the Bible, independent of the West, what are the likely results.? Will it suffer the fate of Buddhism ?

Here is a book review, which appeared in todays (08/10/2013) of The Hindu. The Book title is “The Bible and
Asia, From the Pre-Christian Era to the Post-colonial Age: R.S.Sugritharajah;  and Published by the HARVARD UNIVERSITY  PRESS, Massachusetts. $ 29.95.

We have no reason to doubt the reviewer Shri K.R.A Narasiah.

In this review I am primarily interested in the condition of India before the machine age and colonialization. In India, of that age, work/labour/karma/production- were organized on the basis of the ‘Karma Theory’. And India was prosperous and rich. The sentences highlighted in green give credence to such a view. India  was the sink of  world’s  gold and silver bullion. Indian manufactures, made using simple tools and ‘contraptions’ were sought across the world. And consequently India was rich. (Apart from this book, statistics are available on the net proving the fact that India was a rich country, and the situation prevalent at that time made this richness distributive.).

The sentences marked in yellow, suggests to us, that our approach to our own culture and religion were negatively influenced by a comprador class, who had contributed to shaping the official education in India. These academicians, gave us wrong ideas about ourselves. And it is still continuing !!! To win the hearts and minds back, now is a Herculean task.
The sentences marked in Red , shows the direct intrusion of  the religion of India, in the Bible. Two possibilities exist for the Indian presence in the Bible. In those ancient days, when the intellect had not waned, knowledge & ideas were never written down, but transmitted orally. This tradition had continued for a long time, but then there was a slow deterioration in communication, the waning of the intellect being a primary cause. When knowledge had to traverse a far distance from the epicenter(India) it got distorted. Alternately we may also consider, that all over the globe, Vedic religion/knowledge  was prevalent, and it slowly started receding  from the various parts, with a trace existing only in India, due to the efforts of the Brahmins in preserving the same .  Supplementary to what is in the book-review, are two blog-postings which show the Indian influence in the Bible.

Prosperity of a country and its religion are important, because many consider it interrelated. Before the advent of machines, it had been going good for India.  Now ? Should we abandon our ancestral religion ? According to the Protestants, God chooses those, whom  he  favours with riches. http://msradha.blogspot.in/2013/06/the-protestant-work-ethic-and-spirit-of.html But many failed to see the corollary to this predisposition by God. Maybe God himself failed to anticipate what is coming. God’s place has been usurped by riches.

 The Bible according to Asia - Book review  by K.R.A. Narasiah

When the Periplus of the Erythraean Sea was written in the mid-first century, the West thought all beyond the Mediterranean was Red Sea. Likewise geographically it was difficult to describe Asia as a continent. The author starts from here and points out that the first group that took the Bible to the East was that of the Nestorian or the Church of the East. Asia was a different region as per Jews’ noting and by the time of New Testament the geography is seen differently. While earlier Asia was portrayed as a place of riches, in the portrayal of the New Testament, Asia is not so appealing. In fact, colonialism created a collaborating comprador class, which subjected itself to the Westerners and conveyed a different meaning to both the people and religion of the West.

The book highlights the three features of this pre-colonial reception of the Bible in the East. First, the Bible did not come from a superior civilisation; the people that brought it were mostly on the fringes of the society and the East was already part of a superior civilisation. Secondly the Bible remained un-translated and therefore not understood. Thirdly, it was not the aggressive instrument as handled by the colonialists, who came much later.

Hinduism & Buddhism
In the seven chapters of the book, the author Sugirtharajah, Emeritus Professor of Biblical Hermeneutics at the University of Birmingham, takes the reader through various stages of the reception of the Bible by the societies of the East. He notes that the Christian writings were affected by Merchandise and Asian Fiction, and material contributed by the important people of the countries practising Hinduism and Buddhism. He also deals with intellectual-converted Christians and their reaction to Bible.

The book on the whole makes an interesting study, not just of the religion but of the people who were in direct contact through religious practices, of other regions and their reactions. He asserts, “No culture is pure; it draws on a variety of sources. Such a hermeneutical to-and-fro does not allow one religious tradition to have final say or claim monopoly of a thought or story.”

John Zephaniah Holwell of the East India Company who acted as a temporary Governor of Bengal, was one of the survivors of the Black Hole of Calcutta, and is quoted by the author. In Howell’s Interesting Historical Events. . it is stated that the ancient religion of Brahma was the most ancient and consequently most pure of religions. In fact Holwell appears to have claimed his Chartah Bhade Shastah could act as a catalyst to reform Christianity
.
Books of Joshuas, Judges, Samuel and Kings date several centuries before Christ, and from their time to the first century, India was seen as a rich country with fascinating people and material. In fact some of the fables and personalities from the religious books of India have found their way into the scriptures. Later it became a fertile ground for evangelisation long before colonialism made it a prime target for conversion.

The author deals with the subject dispassionately, and with a remarkable detachment; nowhere he seems to have taken sides with the people he is dealing with, a point which makes the book an excellent read.

The author notes, in the Hebrew literature, one of the seven princes of Persia and Media is called Carshena that could be Krishna of the Hindus. The author feels that the possibility of the presence of Hindu deities cannot be ruled out if the geopolitical condition of the time is considered. That shows that there was not only exchange of merchandise but deities themselves, says the author. He convincingly argues that the extension of Persian Empire to India and the presence of a Hindu colony in West Asia point to the possibility of mixture of the deities long before the common era as in Syria the Vedic Gods were mentioned. The recently discovered inscriptions in Quaseir al-Qadim, near the Red Sea in Brahmi characters refer to two Tamil names. That there was a strong presence of Indians in the area is proved. Several stories told in the Genesis denote the influence of India.

The findings by the University of Southampton during excavations between 1999 and 2003 at Quaseir al Qadim proved this place to be Myos Hormos as mentioned in the Periplus and together with its sister port Bernice articulated trade between Rome and India, especially Muziris .

Tamil influence
In the Book of Kings, mention is made of Ophir and since some Sanskrit names occur in the text, according to Max Muller, Ophir could have been a seaport in India. Ptolemy places it in the mouth of the Indus. Again mention of Almugwood could according to the author be sandalwood from south India. The trade from India to Rome was much more than from Rome to India.

History records that Roman historian Pliny lamented how India was draining Rome of Gold. During the reign of Augustus Romans finding it difficult to pay the Indians tried to send counterfeit coins to India; but as Srinivasa Iyengar notes, “Tamils proved to be too shrewd, for the silly experiment was not repeated.”

Sugirtharajah says that there is a possibility that the Song of Solomon could have been influenced by Tamil poetry Ahananuru. He quotes Chaim Rabin, an Israeli professor of Hebrew and Semitic languages saying it was “written … by someone … and there became acquainted with Tamil poetry.”

In Chapter three, the views of three Asians, Raja Rammohun Roy, J. C. Kumarappa and Hong Xiuquan are analysed. Roy was proficient not only in Sanskrit, but in Persian, Arabic and in Biblical languages. The Baptist missionary who confronted him Joshua Marshman was no match for him. The author concludes that while Marshman was asserting the power of the conqueror, Roy’s was well founded logically.

The importance, the author says, is in the cultural context — the colonial milieu in which the controversy took place. Similarly the confrontation between J. C. Kumarappa a Christian himself and the English Anglican bishop of Calcutta Foss Westcott, in the context of Gandhian movement, makes for excellent reading.

This book is a stimulating work; it explores the complex relationship between the Bible of the colonialists and the conquered. It goes far beyond the conventional studies provided so far, which were mostly one-sided and looked from the colonial point of view. In this work he packs a lot of information such as the complex relationship between the Bible and the colonial enterprise examining in depth some areas that have been overlooked in earlier studies.

The author concludes with a firm conviction that Asian biblical interpretation has been informed by this ‘West’ and has evolved in dialogue with it. Asian biblical interpreters should break away from such a stranglehold now, however, and should initiate and broker new conversations that encourage people to look at scripture anew and transform their understanding.
( K.R.A. Narasiah is a marine engineer who writes fiction and historical works )


Monday, October 7, 2013

Why Western Civilization is Satanic/Centrifugal ? - An example involving children !!!

Below is an article  which appeared in yesterday’s (06/10/2013) Open Page of the Hindu.( with some inputs of mine in italics/coloured).

Modern (Western) Medical profession comprehensively ( inclusive of all  supportive functions like equipments(machines) and pharmacy and other infrastructure like hospitals)  is supposed to be ‘noble’ (daivee) and life-caring & Life-giving .(a step above God with respect to benignity)  . That is how  it is projected in these modern times, especially with its obsession toward  promoting organ donation, arresting death. But behind this veneer of service and care, it is plain self-gratification/seeking  of the players involved. They will not even spare children, who are entirely  defenseless and without a clue.

“Inventing diseases to sell drugs
I have known of many tricks of the trade of the pharmaceutical lobby but not this one till very recently although I had a hunch that this could be there. At the same time, I am happy that there are people with some conscience(small inner voice) pricking them before death at least. Of late, when one opens any newspaper or journal there are articles on a recent disease in children by name ADHD (Attention Deficit Hyperactivity Disorder) and our paediatricians bend over backwards to make the diagnosis and start our children on dangerous chemical drugs at that tender age.
Now comes the bombshell. American psychiatrist, Dr. Leon Eisenberg (87), made a statement to a German magazine, Der Spiegel , a couple of months before his death that ADHD is a fictitious disease which they put together for the benefit of drug companies in the new disease classification in the American Psychiatry Association’s DSM ( Diagnostic and Statistical Manual of Mental Diseases ).

In his book, Inventing Diseases, Professor Jerg Blech, another German, gives a graphic description of hypertension having been discovered as a disease needing drug treatment through the German plan ofWell Man clinics in nice air-conditioned vans, with beautiful nurses, parked around Church squares and shopping malls to give people a free check-up, a dangerous activity when one feels healthy and happy.

Any one that walks in becomes a patient. Actually, it was Leon Eisenberg who once asked his new brilliant resident who is a patient? Pat came the reply: A man/woman who sees any doctor becomes a patient! What rattled Leon further was the answer to his second query: When does that person become normal again? “Rarely ever, if ever, was the answer.” Maybe, this is the reason that pricked his conscience.(small inner voice)

There is no proof or test to find out exactly what chemicals are “out of balance” in the brain for ADHD or any other disorder. Most of those drugs are unnecessary as they are known to provoke suicide and homicide. “Since that DMS conference in 1968, Dr. Eisenberg's contribution to mental disease by invention and committee consensus has resulted in drugging millions of children from preschool age through high school. It is currently estimated that up to 20 % of children from nursery school and kindergarten through high school and in foster homes have been prescribed Ritalin. Commonly prescribed for kids “diagnosed” or better still, labelled with ADHD, Ritalin was tested a little over a decade ago by the Brookhaven National Laboratory (BNL). The BNL study determined that Ritalin is pharmacologically similar to cocaine with perhaps even worse brain damaging potential,” writes Mike Adams in his recent blog.

Dr. Irwin Savodnik, Assistant Clinical Professor of Psychiatry at the UCLA School of Medicine, was of the opinion that “the very vocabulary of psychiatry is now defined at all levels by the pharmaceutical industry.” This racket has been going on ever since and has been able to get even health insurance to cover their dark deeds.

Vaccination is another fertile ground for the industry where most of what it sells has dubious value. Lead researcher, Dr. Diane Harper, who was instrumental in creating Gardasil, and cervarix, admitted back in 2009 that the vaccines were essentially useless and more dangerous than the very conditions they were hailed as preventing and treating? A 2009 article published by CBS News, in fact, which is still available online, reveals the truth about these vaccines. (“You will at once then see that  nine-tenths of the activities that are today going on throughout the world and which are engrossing our attention would fall into disuse." EXCERPT FROM A SPEECH AT TRIVANDRUM, 17 September 1927 Taken from  The Penguin GANDHI  Reader ,Edited by : RUDRANGSHU MUKHERJEE Page: 210)

One particular quote, which was pulled out, using the Wayback Machine, reveals that both Gardasil and Cervarix do nothing to prevent cervical cancer, which is their primary claim to fame. “The rate of serious adverse events [from Gardasil] is on a par with the death rate of cervical cancer,” admitted Dr. Harper at that time, refuting a pro-Gardasil piece published by Slate. “Gardasil has been associated with at least as many serious adverse events as there are deaths from cervical cancer developing each year.”

Dr. Harper dropped a bombshell when she told reporters that the public health benefit of getting vaccinated with Gardasil “is nothing,” adding the vaccine has led to “no reduction in cervical cancers.” She quickly withdrew her statements saying the media has distorted her story, almost on the lines of Indian politicians!

Dr. Harper went on to admit that deaths from Gardasil had been underreported by the U.S. Center for Disease Control and Prevention (CDC), which has given the illusion that the vaccine is somehow safe. The vast majority of HPV infections resolve themselves on their own within a year and nearly all of them within two years. She also admitted that an extremely small number of people experience symptoms from infection. Millions of young girls and now even boys, some as young as nine years old, have received the vaccine since 2006. Some of what she said then is still on line.
Recently, Dr. Puliyal from New Delhi, an expert in this field, exposed the myth of another childhood vaccine, the pentavalent vaccine. But that does not seem to stir the conscience (small inner voice) of our greedy powers that be! (Greed (lobha) is asuric, leading to gross/tainted/dark karma- Gita Chapter 16). When I just retired as Vice-Chancellor of Manipal University in 2003, the Deputy Commissioner of Udupi district wanted me to retract an article of mine on polio dangers for malnourished children, which information had, by then, even entered the British Pharmacopoeia. As I refused to do that, he made my colleagues in the university release a paper statement that “I had forgotten my medicine and people should not give heed to my article as the whole university was fully with the government in vaccinating even the malnourished children!” They obliged him, I cannot but pity those statements and our commitment to truth in medical science.

We can go on and on till the cows come home on the fraud in medical research but I highly recommend the following article in the Atlantic Magazine of November 20th, 2010 by Davis Freedman on the important topic: Lies, Damned Lies and Medical Research . The article is a result of a long interview with Professor John PA Ioannidis of Stanford University, who has been pioneering the work to expose these frauds successfully. He is a much respected member of the American medical scene. “Honesty is the best policy when there is money in it.” — Mark Twain.
( The writer is a cardiologist
and former Vice-Chancellor of Manipal University. His email: hegdebm@gmail.com )”
Link: http://www.thehindu.com/todays-paper/tp-features/tp-openpage/inventing-diseases-to-sell-drugs/article5205680.ece

Sunday, October 6, 2013

Karma - Nine-tenths of our activities are Useless.

 Our seers have experienced that there is an omniscient , omnipotent reality beyond our outward sensory experiences (centrifugal), and its first stirring (spandan which is karma/movement)) in itself due to its energy (sakthi/maya),brings  forth all the material things that  we see and experience with our senses. In our ignorant state (ajnan, avidya) we feel separated from that reality and without basis think that 'it' is manipulating us , but with knowledge and penance, first we know its actual reality, gain control over ourselves and finally come to the realization that our existence is NOT apart from that reality. This later process will be gradual, requiring many births, but while this change is happening infinitesimally, our outlook towards the world also changes.


In the BEGINNING of the Gita Chapter 2, Sloka 14, Krishna tells Arjuna to bear with all  negative things(experiences) in life. At times one experiences negative tidings, at other times its polar opposite, sometimes heat, at other times cold, sometimes gain, other times loss. One is desirable of the positive experiences, which necessarily will be accompanied by its opposite, and  Krishna uses the word 'Thithikshsa' w.r.t bearing  the negative effects. This thithiksha is one of the preliminary steps , to make distinct and clear that 'small inner voice' in the inner recesses of the 'hridaya' (heart/mind) of one and all. ('Small inner voice' courtesy Gandhiji). If this voice is heeded to , and get strengthened  day by day, divine-wealth (daivee-sampath), will be accumulated, on the contrary if one ignores this voice and snuffs it out in due course, he will gather demonic-wealth (asuree-sampathee). These terms daivee and asuri  are from Chapter 16 of the Gita, and they do not connote any racist or ethnic terms defining Arya & Dravida, which had been used for political gains by men living on asuric wealth .Both daivee and asuree wealth are the qualities that determine our karmas. Therefore initially there is this tie/conflict in the inner-self. Individuals make the society, nation etc. Thus ultimately open conflict between these polar opposites become inevitable. One such modern event is our 'independence struggle'.

'God knows everything  and is perfect', -This knowledge our seers  have experienced becoming one with that reality (which is a degree above than Iswara/God), and such knowledge (a part of which is given above, as per my understanding) they willingly parted for posterity, explaining it in imperfect language. 

Since all have emanated from a source/reality, bereft of karma, we can be at ease/peace and happy only if we are  able to return back to the source. (Like going back home). It also follows that 'more-karma', produces centrifugal effects in that it throws as away from that source. Materials/matter itself is the result of Karma, which causes or adds to the centrifugal momentum. Our realization of this immutable and eternal law of life, make us the Centripetal East. In contrast to  Cenrifugal West. (Courtsey Gandhiji) Daivee vs Asuree. Godly vs Satanic. These are all the dual-terms used by Gandhiji. Gandhiji had explicitly said that Western Civilization is Satanic.

The small inner voice , (conscience) gets stifled  in the pursuit of wealth & profits.(mammon).Wealth in the  mundane sense is materialistic, and materialistic pursuits, ie karma aimed for that purpose, makes feebler that 'small' inner voice. Modern knowledge in all fields is aimed at profit-making ,and so we see the receding of that inner-voice, making all karma gross. Gross karma is the result of believing that materialistic pursuits(wealth) and the sensory pleasures and power that bring forth in its wake, are the real aims of life. Gratification of the senses by all measures is considered the truth of life and without limits. To err it is said is human , so Humanizing our activities, whatever be our profession will be limiting. Instead if we reverse out orientation from centrifugal to centripetal, we would raise ourselves from being human to divine, which holds great potential.

"Of all the animal creation of God, man is the only animal who has been created in order that he may know his Maker. Man’s aim in life is not therefore  to add from day to day to his material prospects and to his material possessions, but his predominant calling is from day to day to come nearer to his own Maker, and from this definition it was that the rishis of the old discovered this law of our being. You will realise that if all of us follow this law of varna we would limit our material ambition, and our energy would be set free for exploring those vast fields whereby and wherethrough we can know God. You will at once then see that  nine-tenths of the activities that are today going on throughout the world and which are engrossing our attention would fall into disuse." EXCERPT FROM A SPEECH AT TRIVANDRUM, 17 September 1927 Taken from  The Penguin GANDHI  Reader ,Edited by : RUDRANGSHU MUKHERJEEPage: 210

Gandhiji had the vision and temerity to say that nine-tenths of our karma(activities) are useless. Just that single fact of  Climate Change due to human activities , is sufficient  to drive home this point.

      

Wednesday, October 2, 2013

TEN THOUSAND COMMANDMENTS FOR WHITE AMERICANS - KARMA CATCHING UP !!!!

Today  is Gandhi-jayanthi.  And Gandhiji reminds  one of the continuity and unbroken flow of Indian Civilization

What is the foundation of our Civilization ?  I may say it with a fair degree of accuracy or should I consider  having hit the ‘bulls-eye’ (?) , when I conclude that, it is our knowledge of Karma /Work/Action /Movement that has  acted us the foundation of our civilization. I wish to distinguish here knowledge per se (ie Brahmam), and the knowledge required for a civilization(samskaram) to come into being.  That our civilization is entirely conceived on the knowledge of Karma is the part I wish to emphasize. Our seers had managed to obtain the ‘blue-print of this universe’ through austerities and penance  in ancient times (pre-historic)and later it was Vyasa who compiled all those knowledge and classified them, because he realized that human intellect was waning. It began showing its incapability of  holding vast swathes of ‘shastric knowledge’ in the form of poetry in  its memory. Thus we consider that Vyasa divided the Vedas into four sections –Rig, Yajur , Sama & Atharva.  But more important than this division into four is its classification(into two) as Karma-kanda & Jnana-Kana. The former relating to action/work, ie actions that are desirable aiming at a singular ultimate objective,  and the later relating to knowledge of that ultimate objective/station. The foundations or  the fundamentals of our civilization can be gleaned from that single text The Gita. (In the case of any civilization, the word foundation is used figuratively. But in the case of a building we consider solid materials like stone, concrete etc as its foundation. But here also,  we may say that the foundation is not physical or material. In these modern times none will dismiss this fact as outlandish,  but as experienced by our seers and also as demonstrated by the practical application of that famous formula E=mc squared, the final fundamental building ‘blocks’  of any solid, is anything other than solid. )

After a gap of about 2500 years,ie. after Adi Shankaracharya, who  had streamlined the scattered knowledge , it was Gandhiji who completely understood about the ramifications of the fundamental(s) of our civilization, in the practical life of our nation and the world.  Of course he did not write any ‘Bhashyams’ (exegesis)  to the Gita, like Shankara, but he took great efforts (not pains) to learn the Gita, and had said that the Gita is not only his mother , but the UNIVERSAL MOTHER.  Quote “ The Gita is the universal Mother. She turns away nobody. Her door is wide open to any one who knocks.” (Harijan, 24/8/1934, p.222)

The Gita is the essence of Upanishads (janana kanda of the Vedas), Brahmavidya (derived from jnana-kanda)  and Yoga-shastra.The first six chapters deal with the individual that has come into being(born) and the karma/actions he is forced to undergo  before his mental preparation (often leading to uncertainity in actions, sadness and depression(despondency) )and how to modify his actions through knowledge, discipline and other means. The Gita clearly states that this cosmos is the result of Karma/action, and ultimate happiness ie bliss experienced in the liberated stage,  is  obtained by transcending all actions. This is the actionless state (ie moksha).  But a individual  cannot suddenly switch over to the actionless state due to some reasons. He will have to perform some actions to wear off the tendency towards action. And while doing action (like a conscious machine) to rub-off action, he should not  yearn for the fruits thereof.

More than anyone-else during his time, Gandhiji had  greater understanding of the wisdom in the Gita. And that had shaped his attitude towards politics, economics and management. Consider his attitude towards machines. He wished  destruction of power driven machinery and mills. (Young India 1921) Not only that , consider his take on credit/debt. This should be of particular interest to all , after hearing that US Govt has ‘shut-down’, ‘downed its shutters’ like a commercial institution.  “ The credit  which is becoming the money power of the world has little moral basis and is not a synonym for Trust or Faith, which are purely moral qualities……..that the greater  the rascal  the greater  the credit he enjoys with banks.” (US enjoying so much credit  with China, Japan and Saudi). “The credit system has encircled this beautiful  globe of ours like a serpent’s coil, and if we do not mind, it bids fair to crush us out of breath………… The deadly coil  has made possible the devastating spectacle in Europe, which we are helplessly looking on.” (Speeches & Writings of Mahatma Gandhi, (4th edn.) pp. 356-63 )Of course , credit as well as machinery, are not specifically dealt with in the Gita, but it surely falls under Karma, because Karma is done either through mind, sensory organs (an eg through tongue-speech) and body. (or its combination)  The Gita has expounded the theory of karma so comprehensively, that nothing in the cosmos, can escape its fold. The idea or imagination (sankalpa) of credit and machinery  itself  are karmas.

Gandhiji had studied basic science and maths, and had not taken advance lessons in heat and thermodynamics. But he expressed views  like that of a person knowing entropy, which is a topic in thermodynamics. About Modern Civilization which has made life very complicated his thoughts were “ After 18 years of study devoted to the consideration  of the question, I have come to the conclusion that  instead of  there being a change for the better, there has been a change for the worse.” (The Collected Works of Mahatma Gandhi, Vol. X, pp.279-80). The resultant of the collective action(karma) of people of the world was negative , during the 18 years of  ‘study’ done by  Gandhiji. The representatives of various nations constituting the  Intergovermental Panel on Climate Change (IPCC)  recently declared unanimously that human activity/karma is responsible for the experienced climate change from its normal pattern, and that it  poses a threat to lives and livelihood of many. That is the net result of all human karma is negative.

The Gita  in unequivocal terms, declares this fact in Chapter 18, Sloka 48. It states that all karmas/actions  have negative consequences.  In connection with this sloka, supplementing the same or there is even the possibility that independently of the same, there is a sloka in Manusmrithy , applying this real fact to a primary human activity. “ People think that agriculture is something wholesome. Yet it is an occupation condemned by good people; the plow with an iron tip lacerates the ground as well as creatures living in it” – Manu’s Code of Law , Chapter 10:84.

Lot of calumny had been heaped on Manus’s Code of Law , in modern India, but anyone studying the same will realize that our wise sages had tried to regulate the karma/action/ work/ movement  of members constituting society, so that ultimately they proceed  in the ‘centripetal’ direction. That is,  the natural and legitimate destination  of all(men, women etc) being the SOURCE, without leaving none, all should be directed towards that source. This well conceived plan suffused with good intentions could not be understood by the modern mind, who were entirely misled by the theory of hard-work.  Hard-work was associated with Godliness,(Protestantism) and men like Benjamin Franklin popularized the ‘virtue’ of hard work. “REMEMBER that time is money. He that can earn ten shillings a day by his labour, and goes abroad , or sits idle one half of that day, though he spends but sixpence during  his diversion or idleness, ought  not  to reckon that the only expence; he has really spent, or rather thrown away, five shillings besides.” From  ‘A Good Conscience, Advice to a Young Tradesman’ , Written in 1748 by Benjamin Franklin. We should take note that Franklin’s period corresponded to the beginning of the Industrial Revolution, which ultimately resulted in the decimation of Indian manufactures, which were sought world-wide.

Gandhiji was concerned that power driven machines will increase production (as well as wastage) , thereby throwing people out of work. Well this has happened. He said due to introduction of machines, wealth will be concentrated in the hands of few, because capital is needed for machinery and associated infrastructure and raw-materials. This also  has come true, if we consider  the HNW (High Net Worth) Individuals. There is another face to this picture. Though machines have saved labour leading to unemployment, those who work with machines have to work more hours during these times. Computers have replaced many employees in banks. But those working in the bank on these machines has got their work-load increased. Machines  have thus introduced modern slavery. This slavery is of two kinds. Voluntary and Involuntary. The former denotes addiction to gadgets, games, movies etc. Thus as per our shastras, many thrown out of work due to power driven machinery are not able to do karma. Thus they are unable to wear out the karma-vasanas (or karma) , which is necessary for  liberation. And those working with machines, unwittingly are increasing  the karma,and its negative effects. In addition to spoiling the environment and thus violating other beings,  they also are denying themselves exit from the cycles of birth and death.

It seems, the Karma Theory has wound its way in the initial chapter of the Bible. Are not the images of the  tree of knowledge and the act of eating its fruit, karma related? Is not the story of The Tower of Babel , related to Karma?

TEN THOUSAND COMMANDMENTS
Now coming to the Title of this Mail.  “Ten Thousand Commandments”  is the name given to an annual report published by both the Cato Institute  and the Competitive Enterprise Institute, and its author is Clyde Wayne Crews Jr. http://www.tenthousandcommandments.com/p/cost-of-regulation-past-10000.html
He informs that “The exact cost of federal regulations can never be known, Federal environmental, safety, health and economic  regulations cost hundreds of billions of dollars every year-on top of official federal outlays.” An observation from a 2005 report “ Regulatory costs exceed estimated 2004 individual income taxes of $765 billion, and are far greater than corporate income taxes of $169 billion”.  Bossing people around (karma) costs lots of money. Excessive karma, has made America into an Empire of Debt.  Excessive karma is resorted to by Chinese workers to supply America with loans and goods. Which they (Chinese)may never recover.

Even Bertrand Russell had declared in 1930, that excessive work is responsible for the woes of this world. (See his essay in Praise of Idleness). Similarly in India we are affected by  the adverse consequences of the culture of  ‘excess of work’  represented by liberalization and globalization and new management thinking.  We may just take one or two aspects. As told earlier, most employees are doing slave work. Most are not comfortable with their work.  Then the new work culture has made people ambitious & greedy. The corruption cases has increased exponentially. Imagine the direct revenue loss to the Govt due to this  pillage by politicians and bureaucrats hand-in-glove with corporates. Further imagine the money that will have to spent for investigating these crimes. Further add to this the costs and time spent by courts, policemen, witnesses ,the money spent  for shuttling these  criminals around to take evidence etc. And if  all the scamsters are convicted and sent to jail, new prisons has to be built and also imagine the cost of maintaining these criminals. Unless we take heed to Karma Theory and regulate karma, we all will be suffocated to death, because of the burden brought about by excessive karma.

I end with the following words from Gandhiji  “I am not aiming  at destroying railways or hospitals, though I would certainly welcome  their natural destruction. Neither railways nor hospitals  are a test of a high  and pure civilization.  At best they are a necessary evil.  Neither adds one inch to the moral stature of a nation.  Nor am I aiming at a permanent destruction of law courts, much as I regard it as a ‘consummation devoutly to be wished’. Still less am I trying to destroy all machinery and mills.  It requires a higher simplicity  and renunciation than the people are today prepared for” (Young India Jan 1921)


Saturday, September 28, 2013

CASTE – MISSIONARIES, CONVERSIONS & SOME INTERESTING INSIGHTS.


ABBE J.A DUBOIS  had been in India, as a missionary under the guidance of the Missions Etrangeres, Paris, from 1792 to 1823. He was ordained in the diocese of Viviers in 1792, at the  age of twentyseven, and left  France in the same year. On reaching India in 1792 he was attached to the Pondicherry Mission; and for the first few years he seems to have laboured in what are now the Southern Districts of the Madras Presidency.



The Abbe in a letter dated Aug 7, 1815 to W.J.Esq Mysore, states that Christianity of the Catholic  persuasion  was first introduced into India a little more than threehundred years ago; at the epoch of the Portugese invasions. ie. early 1500’s. One of the first missionaries was the famous St.Francis Xavier, a Spanish  Jesuit, known under the appellation of the Apostle of India .The Abbe says  that Xavier  ‘is said to have made  many thousand converts,’ which includes the ‘caste of fishermen at Cape Comorin’.After  him, ‘jesuits  were sent from every catholic country to India, to forward the interests of the gospel’.

The Abbe says that these Jesuits ‘insinuated’ themselves into the Hindu society , and ‘made a great number of converts  among ALL CASTES of Hindoos. The Abbe claims that he had seen ‘authentic lists’ made up about seventy years ago, ie lists compiled around 1745, showing the number of native Christians region-wise. In the Marawa region it is about 30,000, in the Madura region  above 1,00,000, in the Carnatic 80,000, and in Mysore 35,000. He informs the readers that by 1815, ‘hardly a third of this number is to be found in these districts respectively’.He further states that (quote)‘ I have heard that the number of converts was still much more  considerable  on the other coast, from Goa to Cape Comorin; but of these I never saw authentic lists.’ From the figures provided by the Abbe, after the first wave of conversions beginning with the  early part of  year 1500, though the Missionaries could win over a sizeable number of converts, all such natives who got converted  subsequently apostatized  and went back to their old faith. Thus the FIRST PHASE of Missionary Enterprise from 1500 to 1800 ended in abject failure.

A note about the word ‘insinuation’. In another letter written on 16th Nov. 1816, the Abbe has mentioned that like the Jesuit missionaries before him , he himself adopted the tactic of  ‘insinuating’ himself amongst the Hindus. (p.87, 130)“An insinuation is a sly way of saying something, usually something insulting. It can also be a way of worming your way into a group or situation. "You're dumb!" is an insult. An insinuation is different: it's a way of indirectly saying something. Insinuation evolved from the Latin insinuationem, meaning "entrance through a narrow way.” So an insinuation is like an insult that sneaks in the back door. Mentioning that your cousin could try harder in school could be an insinuation that your cousin’s lazy. Another kind of insinuation is when someone, often through flattery, gets herself accepted by others. Both kinds of insinuations are sneaky.” https://www.vocabulary.com/dictionary/insinuation

In spite of the worming his way into the society of Hindus, and winning their confidence, he could make only a few INFERIOR converts. Amongst the Hindus in S.India , he was like
a Trojan horse. (Trojan horse -( b ) fig. a person, device, etc., deliberately set to bring about an enemy's downfall or to undermine from within.-Oxford Dict.) But, ultimately  his efforts got thwarted, and he came to the conclusion that it is futile attempting to convert the Hindus, and those who got converted and embraced Christianity, had done so not because of any conviction regarding the tenets of that religion, but did so out of ‘material and marriage’ considerations, and such individuals were mostly Pariahs or the scum of society. The Abbe’s own confessional  words are given in the following quote.

  Quote from the book "Gold, Sport, and Coffee Planting in Mysore ":- “The Abbé Dubois makes the following remarks: "During the long period I have lived in India, in the capacity of a missionary, I have made with the assistance of a native missionary, in all between two and three hundred converts of both sexes. Of this number two-thirds were Pariahs or beggars, and the rest were composed of Sûdras, vagrants, and outcasts of several tribes, who, being without resource, turned Christians in order to form new connections, chiefly for the purpose of marriage, or with some other interested views. Among them are  to be found some also who believed themselves to be possessed by the devil, and who turned Christians after having been assured that on their  receiving baptism the unclean spirits would leave them, never to return; and I will declare it, with shame and confusion, that I do not remember any one who may be said to have embraced Christianity from conviction, and through quite disinterested motives. Among these new converts many apostatized, and relapsed into Paganism, finding that the Christian religion did not afford them the temporal advantages they had looked for in embracing it; and I am verily  ashamed, that the resolution I have taken to declare the whole truth on this subject forces me to make the humiliating avowal, that those who continued Christians are the very worst among my flock."—DR. ALLEN'S India, p. 522.
EXCERPT FROM
Robert H. Elliot. “Gold, Sport, and Coffee Planting in Mysore.” iBooks.
This material may be protected by copyright.


Robert H.Elliot had  cited  the above paragraph (as a footnote), in the chapter titled ‘Caste’ of his book  ‘Gold, Sport, and Coffee Planting in Mysore.”. He informs us that it appeared in Dr.Allen’s book ,India. Originally these words of Abbe is from his book “Letters on the State of Christianity  in India”  first published at London in 1823. (p.134) . (This resource at present is freely available on the net.)

These men, ie.the missionaries, who consider themselves as  agents of God, if we care to notice, are not of pure heart and they do not profess any unconditional love. The word ‘insinuation’ used  by the Abbe, numerous times in his writings and correspondences , constantly reminds us of this fact.


Wednesday, September 4, 2013

ECONOMIC CRISIS - Are we just dispensable pawns for US Financial Institutions & stone- hearted leaders?

The following article , 'WITHDRAWAL SYMPTOMS TO A DOLLAR ADDICTION (copied below) which has appeared in today's The Hindu newspaper, reveals many facts of in-sincere governance, that reflects adversely on the so called 'leaders' of the G-20 nations. These leaders are the 'elected representatives' of the people from the respective nations.Did they have the long-term welfare of the people uppermost in their minds or only the thought of short-term political gains in their hometurfs, while they took  collective decison for a 'fiscal booster' in the year 2008 ?

The facts revealed by this article 

(1) The fulcrum or the fundamental premise, on which the current economic crisis hinges, is "US shows  recovery" after the "2008 financial meltdown'. Actually US recovering must be Gospel for us in this globalised economy, as it will also bring us good tidings in this net-worked world. But unfortunately the ground experience is stressfull for the majority citizens of
this country.

(2) This positive sign, of  the slight movement upwards in US economy, now  wakes the conscience(of authorities  ?)  which triggers the realisation that expansion of credit by printing currency cannot be an eternal remedy. Therefore 'The Federal Reserve begins to taper excess liquidity as a consequence' (of US showing recovery). This  results  in the following action:- 'US Federal Reserve  withdrawing its $85-billion-a -month liquidity support to the domestic economy over the next year'. The US Fed had 'declared this statement in May indicating withdrawl of  liquidity in near future.' We the ordinary citizens will never know whether these words will be followed up with action. And just this announcement has sent the markets in a tizzy.


(3) The current economic crisis is actually rooted to the '2008 financial meltdown'. At that time, the causes of the crisis was  the 'expansion of credit', which boomeranged starting with the housing bubble in US. And that crisis thereafter spread across the world.


(4) Now it seems, that the solution to the 2008 crisis, was still more expansion of credit. Read the following passage from the article." Deputy Chairperson of the Planning Commission Montek Ahluwalia says after the economic crisis in 2008 the focus largely remained on boosting the global economy through fiscal expansion. There was consensus among all G-20 economies to go for a fiscal booster. "


(5) We are made to wonder how our PM , Dr. Manmohan Singh, who is  considered to be an 'economist of repute and credibility' , could be a party to such "unconventional monetary policies" ?What had compelled him to be a party to such decision taking ? Did he succumb to

US Pressure or bandwagon effect? Or did he think of giving a steroid shot to the Indian economy, that will brighten the prospects of his Govt. continuing in power? In any case he was not 'faithful and true' to the subject (economy) he studied and practised !! This is the least that could be said about this hideous affair impacting on many lives across the world.

(6) There was consensus amongst the G-20 leaders for the 'fiscal booster' which was unconventional. This is likely to have happened after Presiden George W Bush's  talk on the subject. "President George W. Bush told the first G-20 meeting at Washington, after the 2008 financial meltdown, that the emerging economies will have to play a big role as engines of world growth."  After deciding to boost the economy through fiscal expansion, which is most likely a US idea,  'there was hardly any formal discussion on coordinating the monetary policies at that time'.- Now in 2013, it looks like we had walked into a trap (honey-trap) laid by the Americans.


(7) The expansion of credit/liquidity  by the Americans is questionable .That is why it is called 'unconventional monetary policy'. Look how they have done it . "The U.S. then resorted to the most unprecedented injection of liquidity in its history as the central bank balance sheet expanded from about $870 billion before the crisis to $3 trillion today. The additional $2 trillion freshly printed dollars were pumped in three phases, described as QE1, QE2 and QE3. This was done largely because the U.S. economy was not showing any signs of reducing its unemployment rate since the peak of the crisis."


(8) The US it seems waited for 50 months after the peak of the crisis. ie the 2008 financial meltdown. That means it waited for 4 years and two months after 2008, hoping the situation will improve. Then only it embarked on printing dollars, as per the article in The Hindu. Quote
from the article " In all past episodes of depression/recessions, the U.S. economy had bounced back to its pre-crisis employment within 12 to 24 months. This time things did not improve significantly even after 50 months. This resulted in the highly “unconventional monetary policy” which is coming back to haunt the emerging economies." This suggests that it started printing dollars for 'the fiscal booster' only in 2012. ? How credible are these facts presented here. ? Did the dollar inflows into India and other emerging economies , start only in 2012?  Considering that a decision was taken in 2008 to boost the global economy through fiscal expansion!!!

(9) The emerging economies that are impacted negatively due to Fed's actions are Indonesia, Turkey, South Africa, India, Brazil and Malaysia. China & Japan are not in this list,(being in the same region), and these two countries are lenders to the US Govt.


After reading the article, one becomes doubtful of US intentions and actions and the following questions pop-up in the mind.


(a) US economy is only 'showing' recovery. Is this recovery really going to effected by sucking off the wealth from the above countries including India, whose currency has depreciated , to whom US can sell dearly and buy cheaply. Is not this the conceited plan of US in effecting a recovery.? 


(b) At this point in time why US wants to  strike Syria, when its 'acolyte' ie UK is not going along with it ?The previous wars in Iraq and Libya had boosed the economic prospects of US companies.!! If US is itching for an attack on Syria, is it that its economy had NOT really shown any signs of recovery. In this age of 'futures' trading, is US announcing the results beforehand, before actions are taken on the ground. 


(c)  As per Noam Chomsky, the Really Existing Capitalist Democracy existing in US is a

plutocracy. And more than 70% of its population are kept out of any decision making after the elections. Actually the same is happening in parliamentary democracies everywhere. So are all these  decisions and the events based on that ,to benefit the rich and poweful in all nations, at the cost of the poor. ?

What the PM said in Parliament about   the Indian economy . (The Hindu, 31/08/13, Page 12, National ,http://www.thehindu.com/todays-paper/tp-national/pm-need-of-the-hour-is-more-difficult-reforms/article5077814.ece)

(1)   Exports :- “On the export side, “weak demand in our major markets has kept our exports from growing.” Exports were further hit by a collapse in iron ore exports. Taken together, these factors made “our current account deficit unsustainably large,” he said.
(2)   Imports :- “Prior to 2010-11, the current account deficit was more modest and financing it was not difficult. Since then, there had been a deterioration, mainly on account of huge imports of gold, and a higher cost of crude imports and recently, of coal.”
(3)   Intraneous  factors : - “Not only had the rupee been hit because of a large current account deficit, part of it was a needed adjustment as inflation in India had been much higher than in advanced economies. Therefore it was natural that there had to be a correction in the exchange rate to account for this difference.”
(4)   Blessing in disguise :-“ “To some extent, depreciation can be good for the economy as this will help to increase our export competitiveness and discourage imports,”
(5)   Extraneous factors :- “The sharp and sudden depreciation of the rupee, he said, was due to unexpected factors such as the situation in Syria and the prospect of the U.S. Federal Reserve tapering its policy of quantitative easing as the U.S. economy was recovering. This led to a reversal of capital flows which was now sharply pulling down not just the rupee but also the Brazilian Real, the Turkish Lira, the Indonesian Rupiah, the South African Rand and many other currencies.” (Is the U.S economy really recovering ? Are they not jumping the gun, thinking of better prospects (only ephemeral) after military intervention in Syria ?Really Existing Capitalist Democracy in America is a plutocracy. Few people take the decisions there, serving own interest)
(6)   Remedies :- “Clearly we need to reduce our appetite for gold, economise on the use of petroleum products and take steps to increase our exports.” (There was another time when India was the dump-yard for bullions of silver and gold. The economy was not (made) complex at that time, foreigners paid for  our manufactures in gold and silver.- How are we to economise  the use of petroleum products, since we have moved  away from an agricultural economy to an automobile economy. ?- Exports are likely to improve since Indian goods will now be cheaper, “provided” there is world-wide demand )
(7)   Warning of  treatment  based on Milton Fried man’s Shock Doctrine :-“ While admitting that there were several problems facing the economy and investor sentiment was affected, he said the country would face “short-term shocks” but expressed confidence that growth in the current fiscal would rise to 5.5 per cent, up from a decade’s low of 5 per cent in 2012-13”.
(8)   Provided further data for public consumption, engendering in us cognitive dissonance ““It is important to recognise that the fundamentals of the Indian economy continue to be strong. India’s overall public-debt to GDP ratio has been on a declining trend from 73.2 per cent of GDP in 2006-07 to 66 per cent in 2012-13. Similarly, India’s external debt is only 21.2 per cent of GDP, and while short-term debt has risen, it stands at 5.2 per cent of GDP. Our forex reserves stand at $ 278 bn, and are more than sufficient to meet India’s external financing requirements.” - If the fundamentals of the economy continue to be strong, the chronic problems we are facing should never have arisen !!!! Now we the people are thoroughly confused !

For the PM  'the prospect of the U.S. Federal Reserve tapering its policy of quantitative easing as the U.S. economy was recovering' is only just one causes for the current crisis.  Whereas the article  by Mr.Venu underpins that  Fed Policy is solely responsible for the crisis.

Will the people by and large have full knowledge about this crisis? Is economics a proper science, able to predict effects  from causes. That is, if a given set of initial conditions are provided,will economists be able to determine the final outcome/s. If this be affirmative, how will we judge the actions of the G-20 leaders. 

Whatever it is, we the ordinary people are short-changed by govts., financial institutions and uncaring and unsympathetic leaders. And there is no reason for hope.



Op-ED Article of 01/09/2013

Withdrawal symptoms to a dollar addiction - M.K.Venu


The G-20 summit in St. Petersburg, Russia, that begins on September 5 will probably show greater urgency in tackling emerging risks to sustainable global growth. It will call for much closer cooperation between the developed and developing worlds, as also among emerging economies, in dealing with the “catastrophic consequences” of the United States Federal Reserve withdrawing its $85-billion-a-month liquidity support to the domestic economy over the next year. Cumulatively, the U.S. has pumped an additional $2 trillion of freshly printed greenback since the 2008 global meltdown to support its banking system and the economy at large.

The prospect of the withdrawal of some of these dollars from the global system has sent shivers down the backs of many emerging economies, including India. The rapid currency depreciation in many of these countries, such as Indonesia, Turkey, South Africa, India, Brazil and Malaysia these past few months, especially after the Fed’s statement in May indicating withdrawal of liquidity in the near future, was discussed at the G-20 Finance Ministers’ mid-July meeting in Moscow. Finance Minister P. Chidambaram had spoken to U.S. officials at the Moscow meeting and expressed concern at the negative impact of the Fed’s actions on the emerging economies.

India's concerns
India has already flagged the issue by stating how “unconventional monetary policies” followed by the U.S. and EU have ended up creating new risks in the system. Deputy Chairperson of the Planning Commission Montek Ahluwalia says after the economic crisis in 2008 the focus largely remained on boosting the global economy through fiscal expansion. There was consensus among all G-20 economies to go for a fiscal booster. There was hardly any formal discussion on coordinating the monetary policies at that time. The U.S. then resorted to the most unprecedented injection of liquidity in its history as the central bank balance sheet expanded from about $870 billion before the crisis to $3 trillion today. The additional $2 trillion freshly printed dollars were pumped in three phases, described as QE1, QE2 and QE3. This was done largely because the U.S. economy was not showing any signs of reducing its unemployment rate since the peak of the crisis. In all past episodes of depression/recessions, the U.S. economy had bounced back to its pre-crisis employment within 12 to 24 months. This time things did not improve significantly even after 50 months. This resulted in the highly “unconventional monetary policy” which is coming back to haunt the emerging economies.

According to Dr. Arvind Virmani, who represented India as Executive Director at the IMF in the post-crisis period, “We at the IMF did express concern that the massive quantitative easing by the United States was particularly going into some eight emerging economies, India being one. The liquidity boost also led to a big increase in oil and commodity prices which also contributed to high inflation in emerging economies.” Dr. Virmani agrees managing such massive inflows, and now possible outflows, is a big challenge for developing economies like India.

One of the key concerns of the G-20 meet in St. Petersburg will be how emerging economies can manage the outflow of dollars that is bound to occur as the U.S. shows recovery and the Federal Reserve begins to taper excess liquidity as a consequence.

Indeed, beyond a point U.S. monetary policy cannot address global concerns. The U.S. will necessarily look inward until there is some visible improvement in its own employment data. In fact, one of the criticisms of the G-20 forum was that it had become just a talk-shop after the first two meetings in 2009 in Washington and Pittsburgh. The first two meetings showed urgency among countries to work together in a coordinated manner because the economic crisis was at its peak. Recall how President George W. Bush told the first G-20 meeting at Washington, after the 2008 financial meltdown, that the emerging economies will have to play a big role as engines of world growth. At that time America looked most vulnerable. But today some of the emerging economies seem more vulnerable with their currencies crashing.

The possibility of a substantial tapering of the dollar deluge of the past is making developing economies think hard about innovative solutions. They will also have to come up with unconventional alternatives like bilateral and regional currency swaps to tide over short term liquidity problems. For instance, there are reports that BRICS countries may reach a quick consensus on the sidelines of the G-20 summit and work out the modalities of the proposed $100 billion Currency Reserve Fund(CSF) to tide over short-term liquidity problems. This was decided in principle at the BRICS summit at Durban, South Africa earlier this year. China has apparently agreed to contribute to nearly 50 per cent of this fund. India, on its part, is trying to save up on its dollar liability by preparing to discuss local currency trading with its non-U.S. trade partners. It is going back to Iran for rupee denominated oil purchases. India must be pragmatic and not get ideologically constrained in this hour.

venu.mk@thehindu.co.in

Emerging economies that are feeling the pain as the U.S. winds down its liquidity injection must use the G-20 summit that begins today to formulate a pragmatic response


PM: need of the hour is more difficult reforms 

(Report in The Hindu dtd 31/08/2013)

GARGI PARSAI“Rupee decline a shock but we’ll address problem through other steps”



“We need to reduce our appetite for gold, economise onthe use of petroleum products and increase exports, ” Prime Minister Manmohan Singh tells the Rajya Sabha on Friday.— PHOTO: PTI/ TV GRAB
“We need to reduce our appetite for gold, economise onthe use of petroleum products and increase exports, ” Prime Minister Manmohan Singh tells the Rajya Sabha on Friday.— PHOTO: PTI/ TV GRAB

Prime Minister Manmohan Singh on Friday said the sudden decline in the value of the rupee was a “shock” but the government would address this problem through “other measures,” not by reversing the process of reforms or through capital controls.
Making identical statements in both Houses of Parliament, Dr. Singh sought a political consensus for carrying out “more difficult reforms” such as reduction of subsidies, insurance and pension sector reforms, eliminating bureaucratic red tape and implementing the Goods and Services Tax. Reforms such as GST were essential to restore growth and required States to come to an agreement.
The sharp and sudden depreciation of the rupee, he said, was due to unexpected factors such as the situation in Syria and the prospect of the U.S. Federal Reserve tapering its policy of quantitative easing as the U.S. economy was recovering. This led to a reversal of capital flows which was now sharply pulling down not just the rupee but also the Brazilian Real, the Turkish Lira, the Indonesian Rupiah, the South African Rand and many other currencies.
Prior to 2010-11, the current account deficit was more modest and financing it was not difficult. Since then, there had been a deterioration, mainly on account of huge imports of gold, and a higher cost of crude imports and recently, of coal. On the export side, “weak demand in our major markets has kept our exports from growing.” Exports were further hit by a collapse in iron ore exports. Taken together, these factors made “our current account deficit unsustainably large,” he said.
“Clearly we need to reduce our appetite for gold, economise on the use of petroleum products and take steps to increase our exports.”
Not only had the rupee been hit because of a large current account deficit, part of it was a needed adjustment as inflation in India had been much higher than in advanced economies. Therefore it was natural that there had to be a correction in the exchange rate to account for this difference.
“To some extent, depreciation can be good for the economy as this will help to increase our export competitiveness and discourage imports,” the Prime Minister said.
While admitting that there were several problems facing the economy and investor sentiment was affected, he said the country would face “short-term shocks” but expressed confidence that growth in the current fiscal would rise to 5.5 per cent, up from a decade’s low of 5 per cent in 2012-13.
“It is important to recognise that the fundamentals of the Indian economy continue to be strong. India’s overall public-debt to GDP ratio has been on a declining trend from 73.2 per cent of GDP in 2006-07 to 66 per cent in 2012-13. Similarly, India’s external debt is only 21.2 per cent of GDP, and while short-term debt has risen, it stands at 5.2 per cent of GDP. Our forex reserves stand at $ 278 bn, and are more than sufficient to meet India’s external financing requirements.”
The Prime Minister’s statement in the Rajya Sabha was marked by sharp exchanges between him and Leader of the Opposition Arun Jaitley after Dr. Singh charged the BJP with stalling crucial reforms Bills by repeatedly disturbing proceedings. In the Lok Sabha, several Opposition members staged a walkout, dissatisfied with his statement. (Original link http://www.thehindu.com/todays-paper/tp-national/pm-need-of-the-hour-is-more-difficult-reforms/article5077814.ece