Wednesday, July 02, 2008
Congress Takes India from Hero to Zero
India's economic growth has started to plunge. The showboaters in the Congress Party, including that peacock in a turban who likes to preen on the international stage, have been doing more boasting than actual reforming. So naturally, the economy is starting to reel under the pain of the recent oil hikes. I think "economist" Manmohan is to economic reforms what Bono is to African aid.
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5 comments:
San,
While it is true that this loser MM Shikandi Singh has been a terrible PM, BW likes to dump on India. In fact I have yet to see a positive story on India in BW. Our growth has not faltered (yet). Stock market crashes are a global phenomenon. Chinese stocks have lost about 42% in 2008.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8_ZJx99XUj4&refer=
http://www.msnbc.msn.com/id/23579763/
Chinese Inflation has flirted with double digits. These are global issues due to high oil prices and a US slowdown. But don't expect the scum at BW to point this out. So i would take BW's BS with a BIG dose of salt.
hokiepride
I agree with you except that I noticed that of late BW has been anti china too. I subscribe to the print edition of BW and am reading quite a lot of negative news about china also.
Where else but in The Economist's cross-Atlantic cousin - BusinessWeek? Rags of a tatter flock together. Fortune's writing is terrible - the worst of kitschy 1930s American style, and is devoted to hero-worship. BW is a superficial rag. Read Forbes for substance, even if you disagree.
More anti china news in today's WSJ
WSJ, June 30, 2008, front page.....
"China's Export Machine Threatened by Rising Costs"
subtitle: "Orders Drop, Shops Idles in Sweater City; Losing Wal-Mart"
by James T. Areddy
big article, big bad news for China.
graphic shows "Price spiral, year-to-year change in the US price of
imports from China"
and it shows decreases about one percent every
year from 2005 to 2007, then the price increases
in almost a straight line, so its zero percent at about March, 2007,
then about 3% by the end of 2007, then now it is 4.5% and still going
up in a straight line.
The article continues on page A9 with another graphic that shows
distribution of concerns by Chinese companies where their problems
are:
Yuan appreciation....29.6%
Inflation.............. 25.9%
Poor employee retention...18.5%
Wage increases........ 14.8%
Slow product launches.....3.7%
Recall of Chinese products...3.7%
Hostile US, EU trade policies...3.7%
Article has many refernces to layoffs in China, workshops closing,
factories idling.
I think their critique is legitimate. When it comes to economic policy, the Congress Party is like the grasshopper from The Ant and the Grasshopper story. They fritter away the hard-won gains painstakingly made by the previous party.
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