On his recent visit to Dallas, BJP MP Dr. Subramanian Swamy, commented on the state of Indian economy. He agreed that economy is doing bad and it needs boost. He proposed eliminating income tax and reducing the rate of interest rate from 14% to 9% to help Indian economy. When asked about election prospects of Modi government, Dr. Swamy said that Modi government will win based on Hindutva agenda and no evidence of corruption. Please watch complete interview with Subramanian Swamy in the link below.
It should be a reminder for Modi government that his historic election victory in 2014 elections was due to state of Indian economy and his promise to revamp the economy and make it work for every Indian citizen. Well, Mr. Modi has failed in last 3 years as the economy has gone from bad to worse under his 3 year tenure. The businesses are facing closure and all the government policies are hurting rather than helping the small businesses in India.
Prior to 2014, Narendra Modi was very vocal about the dangers of Foreign Direct Investment (FDI) and he was right in many ways. However, After becoming the prime minister, he became a supporter of same policies that he once opposed. The video below shows evidence of Prime Minister Modi’s hypocrisy ( In Fact, It is clear that Modi had forecasted his own defeat ). And If Dr. Swamy does not understand Corporatocracy is also corruption, he should not call himself an economist. Hence, Modi government is Proven to be just as corrupt as other governments of India. In fact, Corporatocracy is worst form of corruption when all the laws are passed in favor of the wealthy few…and it is no surprise that as India’s economy has started to falter under Modi, the wealth of richest 100 Indians has grown by 26%. This was forecasted by Pd. Kumar Ketkar when he published a review of MASS CAPITALISM.
Now, Let me explain common sense macroeconomics, which I have pretty much elaborated in my 4 books that I have published and based on it, I am forecasting a defeat of Narendra Modi in 2019 elections due to the state of Indian economy. With regards to Foreign Direct Investment (FDI), I had quoted in an article in February 2015, when Modi government was in its extended honeymoon period of historic election victory.
As quoted from my article published in February 2015,
So if the MNCs pay lower wages while extracting high productivity from India’s labor force, consumer borrowing will soar. Much of this borrowing will be in terms of loans obtained on credit cards, with the borrowers paying as much as 40% annual interest rate to Indian banks. Thus, the benefits from the FDI inflows are not as clear cut as is traditionally claimed. Such investments do promote manufacturing, but they also contribute to budget deficits and consumer debt.
Unlike Modi, I have atleast been consistent in my analysis throughout my work. Hence, I am very pessimistic about the 100% FDI and its ability to raise the standard of living of Indian citizens. India is headed towards an economic depression under Modi governance. And even Hindus in India cannot eat HINDUISM. They need food, they need good jobs and they need better standard of living. As Modi fails in delivering all these to his electorate, the next 2 years cannot be some miracle for Modi government. It would take a lot of time to cure the damage that has been done to Indian economy in last 3 years. Hence, I really don’t see any chance for re-election of Modi government.
I am forecasting a collapse of Indian economy and a revolutionary election in 2019.
With regards to Dr. Subramanian Swamy, I would have asked him one BLUNT question which I hope he could answer.
Q. When you questioned the patriotism of Raghuram Rajan ( who was doing wonderful job as governor of RBI) because he has US green card and also got him to resign in a cheap way from the government, why do politicians like you come to US and lecture NRIs in USA and raise money from us? Majority of us have a US green card and politicians like you think that we are not patriotic enough to serve the country. So, why even ask for any monetary help from us?
Apek Mulay is a Business and Technology Consultant at Mulay’s Consultancy Services. He is author of several books including Mass Capitalism: A Blueprint for Economic Revival, Sustaining Moore’s Law: Uncertainty Leading to a Certainty of IoT Revolution, How Information Revolution remade the Business and the Economy: A Roadmap for Progress of Semiconductor Industry and New Macroeconomics. He pursued undergraduate studies in Electronics Engineering (EE) at the University of Mumbai, India and has completed master’s degree in EE at Texas Tech University, Lubbock, TX. Mulay is presently pursuing his second Master’s degree in Business Analytics at The University of Texas at Dallas. Mulay authored a patent ‘Surface Imaging with Materials Identified by Colors’ during his employment in Advanced CMOS technology development team at Texas Instruments Inc. He has chaired technical sessions at International Symposium for Testing and Failure Analysis (ISTFA) in 2009, 2010 and 2016. USCIS approved his US permanent residency under the category of foreign nationals with extraordinary abilities in science and technologies even though he did not pursue a PhD degree in engineering or economics. He has been cited as an ‘Engineer-cum-Economist’ by superstar economist Professor Ravi Batra in his 2015 Volume ‘End Unemployment Now: How to Eliminate Poverty, Debt and Joblessness despite Congress’. He has appeared on National Radio shows, made Cover Stories in several Industry magazines, authored articles for newspapers as well as several reputed blogs & industry publications. He has also been invited on several Television shows (because of his accurate macroeconomic forecasts) for his ideas about Mass Capitalism. He is also a social entrepreneur and an investing partner in an e-commerce business http://calcuttahandicraft.in/ which he started to envision his ideas based on collaboration that he explains in his book Mass Capitalism. His blog is www.ApekMulay.com