Light pillar is the cause of the darkness.

Inflation has gone up from 6.89% in March to 7.23% in April, the rupee is 53.92 to the dollar in spite of RBI selling dollars and the foreign exchange reserves are down to less than $293 billion. In desperation the RBI has asked local exporters to convert half their foreign exchange holdings to rupees within 15 days and has allowed banks to offer higher interest on Non Resident Accounts. Banks are now offering 9.5% on NRE accounts offering wonderful opportunities for arbitrage to foreigners and Non Resident Indians. They can borrow at almost 0% in the US and earn 9.5% tax free in India. These accounts are fully repatriable and can be taken out at any time so the RBI is signalling that the rupee is going to depreciate further and banks will have to pay less in future. Banks profit by lending at rates higher than their borrowing costs but, in its wisdom, the RBI has reduced interest rates in India by a whacking 50 basis points, from 8.5% to 8%. So will the banks pay 9.5% to NRIs and then lend at 9% to borrowers in India? One of the main reason for this dismal state of the economy is rising fiscal deficit. Instead to reducing its spending the government has committed Rs 400 billion to bail out the moribund Air India. This money would be much better used to pay off the debts of companies, such as GMR, which renovated airports and then reducing all taxes, from fuel to airport tax, on passengers. That will bring down ticket prices encouraging millions of more people to fly. Airlines will become profitable, more tourists will come to India as travel becomes easier and more comfortable, bringing in more foreign exchange, and businesses will flourish leading to a jump in tax revenues. So why is the government wasting money on an airline where pilots have been on strike for the last 8 days? Because politicians and civil servants get to fly for free with family and friends. When the former Aviation Minister, Praful Patel's daughter wanted to fly to Mauritius with her in-laws there were not enough seats in business class. So Air India laid on a larger plane and more than 50 seats remained vacant on both legs of the flight. However, politicians have been celebrating the 60th anniversary of the parliament by confirming that parliament is supreme and no mob can pass laws. Why are they so angry and who are they abusing as a " mob "? They are angry with us, the citizens of India, for supporting Anna Hazare's campaign for a strong Lok Pal to find and punish criminal politicians and civil servants. Lok Sabha Speaker, Meira Kumar has said," Parliament is the light pillar of democracy." Sorry, but winning elections with thugs and black money and then looting the exchequer is definitely not " democracy ". This " light pillar " is sucking all the energy out of us a leaving us in pitch darkness. No sharam, no izzat.