Dear Mr. Prime Minister,
The way our currency is continuously falling, it reminds me the days of post First World War global economic downturn and crushing world economies, especially the Germen economy. He was Adolf Hitler who brought back his nation in front of world within 10 years.
Our import stood at US $ 485 billion during FY 2011-12 while export was at US $ 300 billion, a sharp deficit of US $ 185 billion of foreign exchange. We had to spend about US $ 170 billion for importing oil. Moreover, we reduced oil import from Iran where we have to pay in Rupees which saves our foreign exchange. Once upon a time, Iran was the second largest oil supplier to us after Saudi Arabia, dropped to sixth place. Following American instructions, we fallen prey and stopped oil imports from that neighbour, now we are permitted to buy oil from this neighbouring country till December this year only. It is not good for a sovereign country like India if US is deciding about its foreign trade. As you know, oil import is the most component of India’s current account deficit.
Dear Mr. Prime Minister, you are an Economist, studied from Cambridge, you better know how to get back Indian economy on track. However, it is painful for us to see country’s falling economy in your leadership.
If you are not capable to get back India’s economy on track, just leave your office or follow the following measures, suggested by me who does not have any degree or formal education in economics stream.
Take bold measures, either cut imports except industrial requirement or allow FDI in ‘Navratna’ and ‘Mahratna’ PSUs and take export friendly decisions.
It will increase foreign exchange inflow and decrease the outflow. As a result economy will be back into track and Rupee will get back its lost respect. Otherwise get ready to see national bankruptcy. The country won’t forgive you.
At last, but not the least, this is our country and you are just a care taker. If you cannot comply your duties, please, please, please… quite your job...
A hopeful common citizen of India,