Re: [Goanet] India’s slowdown

[Gabriel de Figueiredo]

As far as I'm concerned, there never was an Incredible India in the true sense 
of the word.  What is incredible, though, is that people continue to live in 
the chaos that is India. It appears that few aspire to improve their lot - 
ideas seem to get stymied at the start, either due to the incredible red tape, 
or the "grease" that is required to get the wheels moving.  Result: Why bother? 
It is only when such budding entrepreneurs move out of India that they really 
shine. 
 
Then you have the immense distrust of the fellow human being in India. Why is 
this, I don't know. Maybe Indians are born with it. Goans were trusting of one 
another at one time, a trait that has quite disappeared today. 
 
In any case, the recent boom was because of technology that was really run 
by Western interests. These interests are now looking after their own backsides 
due to the GFC, and the first to suffer are the overseas contractors. 
 
Indians are, by education, theorists, as very little technical and practical 
education seems to be imparted. Unless the education authorities introduce a 
year of practical work in the industry in the line of their University study, 
the engineers that these seats of learning are churning out will only be 
pen-pushers and get others least qualified to get the job done. As an example, 
solar-powered street lights with over-hanging tree-branches, as installed at 
Manipal Hospital - how these lamps will function only the "engineer" will know. 
Another example are the concrete blocks placed on top of storm-water drains, 
placed proud of the road. How the rain-water will rise up these blocks and get 
into the holes thence to the drain I don't know - capillary action perhaps? 
:-)  I have noticed that very few places have these blocks placed at the 
sensible level, which means that someone did take the precaution of taking the 
height of the blocks into
 consideration when the drains were built.
 
Gabriel. 
 


>
>From: Gabe Menezes 
>To: "Goa's premiere mailing list, estb. 1994!"  
>Sent: Friday, 8 June 2012 6:49 PM
>Subject: [Goanet] India’s slowdown
>
>Farewell to Incredible India Bereft of leaders, an Asian giant is destined
>for a period of lower growth. The human cost will be immense
>
>

Re: [Goanet] India’s slowdown

[George Pinto]

A slower growth rate for India, may mean good news for Goa with slower 
"development" (less mining, less mega-projects, less casinos). Although the 
article says a slower growth rate means fewer people coming out of poverty, 
keep in mind, India's recent boom did not lift 300 million people in poverty 
living on less than $1 a day - growth just passed them by and seems to have 
benefited only the middle-class and rich.

Additionally, I don't know if the 5.3% growth rate in the article below is 
correct since I don't know if the number is manipulated. When I say numbers are 
manipulated, my theory is generally when governments announce good news, the 
number should be halved, when they announce bad news, the numbers should be 
doubled. So a 5.3% growth rate is really closer to 2.65%. Say they announced a 
6% unemployment rate, then the real number is closer to 12%.

Take China for example, who audits their "official" 8% growth rate number? Some 
Communist party bosses decide that is the number. If the Chinese economists 
disagree, they can expect prison time and if lucky will be alive in prison and 
not a become an (involuntary) organ donor.  What is unfortunate is that 
investors around the world, including large institutions make investment 
decisions based on these numbers. I have been to many meetings where government 
numbers are repeated without anyone questioning their authenticity.

My take-away: always be skeptical of government numbers including USA govt. 
which has more transparency than most but is still subject to "photoshop 
accounting".

--- On Fri, 6/8/12, Gabe Menezes  wrote:

> Farewell to Incredible India Bereft of leaders, an Asian giant is
> destined for a period of lower growth. The human cost will be immense
> 
> Jun 9th 2012 | from the print edition
> 
> IN A world economy as troubled as today’s, news that India’s growth rate
> has fallen to 5.3% may not seem important. But the rate is the lowest in
> seven years, and the sputtering of India’s economic miracle carries
> social costs that could surpass the pain in the euro zone.