Respected Prime Minister

Dear Prime MinisterAre your all efforts aimed to provide relief to richest person of the nation or to increase vote bank of your party to save the sinking boat of UPA?
When crude oil price in international market went up you raised prices of petrol, diesel and ATS fuel. Now when oil prices has come down sharply you did not reduce prices of petrol and diesel but reduced prices to ATS fuel to give relief to Kingfisher and other airlines. But it is painful that airlines in the first stage 9when crude oil price was rising) increased airfare but did not reduce airfare in the later stage. You are silent spectator when general mass suffer but become active when big businessmen suffer.
You thought it wise to remain silent when real estate developers and land owners were relentlessly increasing prices of house and land till the price went up by at least three times in five years. Builders cement & iron dealers earned huge profits. Hundreds of new projects for construction of flats, commercial houses, mall, hotels etc started in all towns by builders even going beyond their capacity. Even banks blindly extended credit to such builders. You raised risk weightage on the advances made by banks to real estate sector only in the recent past to safeguard banks.
But now when global crisis has adversely effected the sentiment of the market you did not hesitate to give relief to real estate builders, press banks for extending credit to builders and even reduced risk weightage from 150% to 100%.. You are least bothered when buyers of flats have to pay exorbitant high prices. Again you are helping to big giants at the cost of petty workers and small businessman who somehow or other manage to buy a house by his savings and banks loan.
When crude oil price was going higher and higher you justified two digit inflation rate. You increased CRR to check inflation and absorbed liquidity (to such a big extent) that banks started facing problem in lending. But now oil price are 24 months low, CRR ,Repo rate and SLR has been reduced to historic low , still prices of essential goods has not comes down. Inflation figure has come down due to fall in metal and oil sector but people at large are weeping and unable to afford high price goods and services of common use. Traders are not ready to satisfy with reasonable profit margin because they are habituated to extort higher and higher profit from poor consumers..
Prices of all essential goods and services (. like vegetables, pulses , eatable oil, house rent) used by general mass has been increasing and you claim that inflation has come down. Survival of general mass do not depend on the prices of car, high price flats in Metros, big hotels, big bazaars, mobiles and computers but on common eatable and common low price houses or rented houses. You never bothered for that.
You removed restriction on PN notes for FII but they are still withdrawing money from stock market and share value is falling without brake.
Inspite of your all efforts to provide liquidity in the system , banks are not ready to help manufacturers , farmers, and other service providers .But you advise banks to help MF, real estate sector, builders , NBFC, all sinking boat. Are you bent upon hidden exposing bankcrupcy of the bank?
You advise banks to reduce interest rate they are not ready. You advise builders to reduce rates of houses and flats but builders are not ready to reduce their profit margin which they are accustomed to. You advise hotel owners to cut room rent to increase demand but you do not have time to think for common service men who are paying exorbitant rent for their normal living. Your free market policy appears to have gone punctured in the hands of profit maker businessmen. You are unable to control yourself and trying to control prices by order and not leaving the market to decide the price as per market dynamics of demand and supply.
Bad assets are increasing in banks and redemption pressure in MF is alarmingly increasing. Investors are going away from stock market. IPO’s are not coming from new companies because people are no more interested to invest in IPO. Scope of savings and investment is slowing down.
Banks are not in a position to provide relief to corporates because they are slowly losing trust and health of existing advance portfolio is critically sick, Banks are facing liquidity crisis, caused less by FII withdrawal but more by non-repayment of existing loan by borrowers. Banks are scarcity of fund because they have already lent more than they are supposed to as per traditional norms. It is to be noted here that banks traditional CD ratio used to be 60% keeping in view all environmental hurdles in mind. Now a days CD ratio of most of the banks has gone up to 75%..To add fuel to fire FM is ready to provide more liquidity by cutting CRR and even reducing SLR and reducing Repo rate and putting pressure on banks to lend more .If bitter health of banks is truly checked up I think banks have already lost major part of their capital, not to speak of Capital Adequacy Ratio norms of Basle II .
To add fuel to fire, situation is worsening day by day in banks and stock market.
After all what has happened in the stock market that all your efforts to cure the sickness failed and on the contrary sickness is growing day by day. You have to come forward daily on TV to console public that Stock market is well monitored and timely action taken to stop unwarranted speculative actions. You have been always saying banks are safe and well regulated but banks are telling that they need bailout package.
As a consequence of unrestricted inclination for globalization, ill conceived policies and mal administration, health of entire financial sector and also that of corporate sector is critical. Retrenchment of labour force and closure of industries,cutting down production,all are inevitable. Sgns of slowdown in the economy and that of recession are visible .Unemployment is increasing dangerously. When youths are without job, crime will also increase which will cause social unrest and turmoil.
Economical, Social, financial and moral health all are at stake..Even politically speaking, neither you nor your party is safe.What will happen to common people in near future? Only God knows.You are so much greedy of post of Prime Minister that you completely forgot the promises made for general mass through your party manifesto but you are ready to rejoin with left parties who left no stone unturned to humiliate you on the issue of nuclear deal.
You advise Sri Lankan Government to ensure safety of Tamils in SriLanka but you are unable to safeguard North Indians in Maharashtra despite the fact that in both the places, state as also at center, government is headed by Congress Party.
You are afraid of threats of resignation given by Mr. Karunanidhi but not so much perturbed by the similar threat of Lalu and Paswan on the issue of North Indians. Is it a fact that Lalu and Paswan are playing foul game to remove Nithis from Bihar?
Investigation in hundreds of terror attacks is going unnoticed and going without any outcome but the ongoing proceeding in Malegaon Blast is being broadcasted by the media without any restriction.
Are you really happy with your performance when the general mass is suffering of steep price rise in all daily-use commodities, frequent terror attacks, falling stock markets, ailing banks, increase in corruption, increase in crime and so on....
Danendra JainGanaraj choumuhaniagartala22nd November 2008
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Obama and Financial crisis

Obama will prove to be Lal Bahdur for USA. But are Americans really happy to see a non-white person sitting at the top post of the country?If yes why stock market has gone sharply down after the victory of Obama?If the fall is due to critical financial position he inherited from Mr. Bush, will the situation not further deteriorate because now neither Mr. Bush nor Mr. Obama will take serious action to cure the financial cancer killing US and the entire world fastly?If financial position of USA goes beyond control, can our country remain decoupled from US for long?Don’t you feel that our FM and PM have also failed to stop liquidity crisis in banks?If yes what will be the fate of public money, particularly small investors who have kept money in the banks?In the age of reformation, FM is advising banks• for rate cut,• for more and more lending at lower and lower rate specially when banks are offering higher and higher rates on deposits to cope with liquidity crisis they are facing,• for writing off bad loans,• for transfer of bad loans to Asset Reconstruction Companies ( what will be the fate of such ARC’s -only God knows), • for financing to Mutual funds to save them from liquidity crisis • and which in turn jeopardize the health of bank itself and so on …………….. • How far such advises are consistent with the policy of freedom granted to banks under the framework of reformation?Last but not the least, will it be possible for Mr. Manmohan Singh of India as also for Mr. Obama of USA to make Nuclear deal so much fruitful that the present financial crisis will be resolved without giving much agony to their citizens?If Obama or Chidambram really take care of their citizens they will have to move away from capitalism and move towards socialism.