Friday, February 24, 2023

Starched, sanitised and detoxified.

"Nouriel Roubini, a professor emeritus of Stern School of Business, New York University - who earned the nickname 'Dr Doom' after famously predicting the 2008 US subprime crisis - recently said India could realise a growth rate of 7% or even higher over the medium term with the right policy interventions, and its economy would likely expand at faster pace than China over the next decade." ET. "It (India) has the largest population (which is still growing), and with a per capita GDP that is just one-quarter that of China's, its economy has enormous scope for productivity gains," wrote Prof Roubini. But, "India has moved to an economic model where a few 'national champions' - effectively large private oligopolistic conglomerates - control significant parts of the old economy." As a result "these conglomerates have have been able to capture policymaking to benefit themselves," so that "it is changing the government's 'Make in India' program into a counterproductive, protectionist scheme."  "Adani Group, whose stock exchange valuation outperformed Mukesh Ambani's Reliance and Ratan Tata's TCS, has lost over Rs 12 lakh crore (Rs 12 trillion) in a month since the Hindenburg report alleging 'brazen stock manipulation and accounting fraud' was published." HT. "The saga has shone a light on the relationship between India's business and political elite, bringing into question whether India, faced with accusations of crony capitalism, can become global economic juggernaut like its nearest Asian competitor, China." Time. "Now, after all the chaos and controversy, a bot and a human-run account have surfaced online to track the movement of Adani Jets." India Times. "Since starting yesterday, many posts have been uploaded to the page. The account started with tracking the 'Modi X Adani plane VT-APL' which is a Challenger 605 plane." Meanwhile, "Gross domestic product (GDP) growth in the last quarter slipped to an annual 4.6%, according to the median forecast of 42 economists." ET. "The monthly survey also showed growth in Asia's third-largest economy was expected to slow further to 4.4% in the current quarter, lower than 6.5% official government estimate published on Jan. 31." "George Soros, 92, said in a speech...that Prime Minister Narendra Modi will be weakened as a politician due to the financial troubles Gautam Adani finds himself in." DNA. "The UK government has strongly defended the BBC and its editorial freedom in Parliament after the (Indian) Income-Tax Department's survey operations on the UK-headquartered media corporation's New Delhi and Mumbai offices." NDTV. "In the run-up to the polls in 2014, when Modi was 'made ready' for 'national politics', one of the planet's largest and costliest PR exercises was undertaken, after which a starched, sanitised, detoxified Modi emerged from an apparent political vacuum and enchanted a disenchanted polity.' DH. Modi is surrounded by his phalanx of stormtroopers, dependent on him for their fortunes, and ready to attack anyone daring to taint their anointed prophet. They know that a loss of power will surely lead to settling of accounts and will therefore commit any atrocity to defend their master. But, for how long? The stopwatch has started.

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