Tilting at windmills.

In his effort to revive " animal spirits " in the economy our Dear Leader has taken personal charge of the Finance Ministry. So what is his prescription for the rapidly diving economy? In order to boost " one time " clearance for energy and infrastructure projects a Project Clearance Board will be set up on the lines of the Foreign Investment Promotion Board. There will certainly be lots of meetings with delicious lunches and dinners but will anything move without paying huge bribes to politicians and civil servants? Foreign investment has come to a shuddering stop because of the stupid and vindictive GAAR passed in this year's budget which seeks to levy retrospective tax on deals of up to 60 years past and gives coercive powers to tax fellows. In the eleventh 5 year plan from 2007-8 to 2011-12, that is during the reign of the Dear Leader, only 32,762MW of electricity was commissioned as against a target of 62,374MW, barely half. Some 42,932km of highways were awarded till 2010-11 at a cost of Rs 50.72 billion of which 1781km were actually built. Till 2011-12 contracts of 60,396km of highways were awarded of which 2248km were built. As of April 2011 there were 101 discoveries of oil and gas, only 6 could start production. MSN. com, 16 July. There are some 4000 oil wells in the Gulf of Mexico alone and, with increased shale oil and gas production in both the US and Canada, the US will probably stop importing oil from the middle east by 2015. What is really incomprehensible is why we cannot follow the same policies as other countries. China is a repressive state where the government does whatever it likes but the US, Britain, Norway, Canada and Brazil are all democracies. Yet they are able to develop their natural resources almost immediately while we take years and then the price escalation makes it prohibitive for citizens. What is the need for building highways financed by toll when 42000km can built with only Rs 50 billion. Debt of Air India alone is Rs 500 billion and accumulated losses in excess of Rs 290 billion. Top 4 pilots of Air India earn more than Rs 10 million/year, 15 employees earn between Rs 9-10 million/year while 65 earn more than Rs 8 million per year. A total of 335 employees are earning between Rs 6-10 million. HT 11 July. And yet these blood suckers have been on strike for over 3 months for better pay. The only reason precious taxpayer money is being wasted on this cesspit is because, it being controlled by the government, politicians, civil servants and their families can fly everywhere free in first class. Private airlines are being killed with taxes so that they do not take away all the passengers. If Air India is shut down and private airlines allowed to operate freely we would have a thriving airline sector and enough money to build 400,000km of roads without tolls. Imagine how the economy would boom.