RUINS IN THE INDIAN ECONOMIC EMPIRE

There have not been many days in the year we wake up to read the newspaper that the inflation in the country has touched an historic high. But in the last few years, the news has become the most common thing an avid news reader has come across daily. Is it important for a common man or in simple terms, a citizen of the country to have a concern about this issue? The answer is definitely YES. It may be the simplest thing in words to see the numbers of inflation flying high, but nobody cares to understand that it in turn affects the common man by the increase in the prices of basic commodities like petrol, milk, vegetables, rice, etc. Over the years, this situation has touched a point of normalcy to an extent that hardly anyone cares about the burning issue. Not until July 2012 happened. Wondering what, the first three months of this financial year 2012-2013 has witnessed the heaviest decrease in the percentage of industrial production in more than 15 years. This decline in the manufacturing is mainly due to the sudden decrease in the production of small scale industries due to less or lack of small scale investments, capitalists and withdrawal of shareholders. Fitch Ratings an agency monitoring the world economy in independent terms has voiced its concern over India has said that there is a good chance for the country to downgrade the Sovereign Rating in the next 12 to 24 months. The enormity of the situation is well read by this report. Sovereign Rating is a stamp over economical authority based on which a country's stability over its own financial conditions is established. This agency has sent a serious note to the financial authorities of our country that over the next 2 years, India will witness a threat to its Sovereign Rating as the economic slump is growing a tad too fast. Irresistibly in the last quarter of 2011-12, our GDP growth rate touched a reasonable 5.3%. But after driven by a slump in manufacturing, the most recent data showed factory output declining sharply by 1.8% in June. Thus it is making the situation -probably for the financial establishments- out of control. Even in his Independence Day speech yesterday, Dr.Manmohan Singh highlighted the economic instability over national security issues. Such was the extent of this economic 'disaster' that the Prime Minister moved the key points on Assam domestic violence to the backstage. Every Indian's responsibility is to have confidence in the country and its establishments. If the small scale capitalists and shareholders fail to invest, the situation definitely is unimaginable. The national banks which have prime responsibility of regulating money and bringing out brave decision to outwit the 'black magic' surrounding our economy is the 'need of the hour'. Both the national security issues and the growing 'economic breakdown' are important to be tackled. An empire is built using hard rocks. Even the slightest of damage is a serious concern. But now even the biggest crack in the sidewalls seems to be common. Let the concern arise! Wish the empire lives! Believe the tradition upholds. Be sure, the legacy continues!