$10 billion, if that is less alarming then lets convert it to INR ~55,000 crores!! how does that sound? Well this is the amount India has agreed to fund to the Euro crisis, wow! generosity to the highest levels. Its amazing that when we are bleeding internally; and the is pushed to common man by increasing the service tax, additional VAT, basic amenities like petrol, groceries, medicine, electricity have gone rocket high denting a big role to the pocket of the common man. It is indeed great news that we are cash rich and could swiftly lend $10 billion to our neighboring country, I am certainly not against this generous act by our country, but are we in a position to let go this huge a amount?
There are number of burning issues within our country that should have been addressed a year ago, more the delay the issues are growing larger and larger, if we have this kind of a cushion then why not reduce taxes, bring down the prices of petrol and basic commodities, so at least the common man gets benefited to some extent. gone are those days wherein he had a decent savings per month after all expenses, today's scenario is perennial loan availed every month to cater to the expenses. Our GDP and per capita income is pathetic, citizens below the poverty line is increasing at a faster rate, bank lending rates are up, the scenario is worse with almost all industry verticals. And very gently our politicos would say "it is because of EuroZone we are facing all these issues", am not sure to what extent this crisis implies to our country.
I would be glad if a sizable portion of this amount is taken for internal spending and the rest for "generous lending"
JAI HIND
