Sunday, November 19, 2023

All because we helped the world.

"India has reportedly reached a historic milestone on Sunday, November 19, when its GDP surpassed the $4-trillion mark for the first time. Though there is no official word on this." "An unverified screengrab from the live tracking of GDP feed for all countries based on International Monetary Fund (IMF) data is being widely shared on social media." BT. There must be dollars floating around because, "Indians have become the largest real estate investors in the Dubai property market" "up from No 2 in the first quarter when Britishers led the field - in the purchase of new homes for end-user demand or investors seeking better yields and Golden Visa eligibility." ET. Cheap oil from Russia has helped. "India's imports from Russia rose by a whopping 64% during the April-October this fiscal amid the country's growing thirst for crude." "Data shows that Russia, which accounted for just 1% of India's oil basket, now fulfills nearly 40% of its fuel needs." TOI. "India's External Affairs Minister S Jaishankar...said that he expects a 'thank you' for India's role in managing global inflation." "The minister elaborated that India's approach to oil purchases prevented a surge in global prices, which in turn prevented a potential competition with Europe in the market." By buying Russian oil India has helped the world. That is chutzpah indeed. Ukraine may not agree. "After Russia's invasion, most men aged 18-60 were banned from leaving," but "Nearly 20,000 men have fled Ukraine since the beginning of the war to avoid being drafted." BBC. "Some have swum dangerous rivers to leave the country. Others have simply walked out under cover of darkness." Indians, it seems, are also not impressed with $4 trillion. "Voters have learnt to look for what they can get today, not jam tomorrow, and seem to choose parties that offer the most generous packages," and hence politicians promise "Loan write offs, higher-than-market procurement prices for grain, free foodgrain for the majority of consumers, job reservations for new caste categories, unsustainable pension programs, an ever-growing list of freebies and subsidies, and (increasingly) cash handouts," wrote TN Ninan. The ruling party, the BJP, is most generous on freebies. "Free ration, free education, LPG subsidy: BJP releases manifesto for Madhya Pradesh assembly elections." ET. It also promises to set up elite education institutions in engineering and medicine. However, parents are not waiting. "Last year, the number of Indian students taking admission abroad exceeded 750,000, marking a remarkable 50% increase from 2021," and "the surge is mainly attributed to students from Tier 2 and Tier 3 cities," wrote V Ramgopal Rao. Prime Minister Narendra Modi promised free food grains to over 800 million people for the next 5 years. India Today. If the vast majority of people need free handouts to survive, who has pocketed the $4 trillion? Answers double encrypted please.

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