Sir, i fail to understand the logic in reducing custom duty on steel from 5% to 0%. i presume, this way the goverment will only be helping the overseas steel manufacturers.what i would like to suggest is why could we not reduce the exice duty from 16 to 8% that would not only reduce the prices in India but would also help the Indian industries to fight the competation from the Chines flood.
VIENNA -- Former Federal Reserve Chairman Alan Greenspan and the government of President George W. Bush were to blame for the U.S. financial crisis, Nobel laureate economist Joseph Stiglitz said in a magazine interview.
"This man (Greenspan) has unfortunately made a lot of mistakes," said former World Bank chief economist Stiglitz, according to a preview of the interview to be published on Monday in profil magazine.
"His first one was to support all the tax cuts which were introduced under Bush -- they didn't stimulate the economy very much ... This task was then transferred more towards monetary policy, though then (Greenspan) created a flood of credits with low interest rates," Stiglitz was quoted as saying. Earlier in April, Greenspan said in an interview with CNBC television that the U.S. economy was in recession and defended his chairmanship of the U.S. central bank against charges that his policy missteps had laid the groundwork for the crisis.
He said decisions during his charge had been rationally constructed based on evidence at the time.
Stiglitz said Bush's government was also to blame.
"I reproach them, that the economy was not as resilient as it could have been due to the ongoing tax cuts and the huge costs incurred by the war in Iraq," he was quoted as saying.
He said it was a myth that Europe could decouple itself from the United States.
"Especially the weak dollar will continue to hit the European economy hard,
The author shows his short-sightedness..he forgets that competition will always exist but doesn't mean that competitors take away all of your market share...probably India will lose some of its market share on lower-end services, but that's not where the gold is, it is at the higher-end services and Indian companies are slowly making inroads into that segment......new competition will always come that doesn't mean that they will be successful.
there goes our last main claim to progress, if it firms start nearsourcing , its gonna make life miserable for millions of indians as they will be left in the cold with no jobs and a expensive lifestyle to maintain , man things are just going downhill
RE:outfoxed
by jagdeep on Apr 27, 2008 07:43 PM Permalink
yeah all it work will shift from india in 4-5 yrs. almost 15 lakh people will be jobless in IT
WE Nri's are part responsible for the inflation,millions of nri indians are contributing towards a better India ,by monetary ways,but have the government has done anything about it . we need to change ourselves to improve others in this corrupted world. Nri
RE:cost of living
by Common Indian on Apr 28, 2008 01:04 AM Permalink
It is true that Indian government is corrupt. But it is not true that NRIs are responsible for India growth. Indian people are working hard. e.g. Software engineers are working for 60-70 hours a week as compared to their counterparts 40 hours. NRI's normally contribute when they see profits or they are trying to support their relatives in India. So they are not totally responsible for growth of India and not for Inflation in India.......
