Economy On Crash Course- Poor Exports Performance ©
Dear Friends,
When Manmohan Singh comes up with stupid ideas of SEZ, Reservations & Women's Protection Bill etc there are very compelling circumstances. None of you would have anticipated GOI "Fudging" the data to fool people of India. Economy without export led growth is most vulnerable with imports shooting up and exports stagnating, it is the remittances of NRIs and BPOs that are holding back economic crash.
India's economy is crashing for India in order to please blood-sucking families promoted from the ranks of commission by corrupt government to industrial enterprises have bled the country's resources to enrich themselves than advancing skills and creating innovative and globally competitive products.
SEZ is world's biggest loot program. The following chart gives india's export performance. It will shock you to discover that the manufacturing exports for entire year were just $19b only.
And this $19b is produced in few months in just a factory like say Intel. This poor exports performance of Manmohan Singh over 45 years since getting "Bogus PhD" brings only shame for people of India.
There is huge talent of qualified and well-trained engineers in US and other developed countries but it was treachery of our industrial families who conspired to keep them out of India's development activities.
I have compiled the data of first three months of current year and compared it to the last three months of last financial year.
Government is talking of 30%-40% of growth is all manipulation of data by the commerce ministry. There is actual decline in exports by over $2b in three months.
Even if we assume 7% or 8% growth but there is substantial inflation and price increase of critical inputs.
I have obtained all the data from DGFT site. The press statement of October25, 2006 in the end give figures of exports. The figure for September month is 10,302 which is almost same as average of last three months of last financial year. Since industries function on fixed schedules and shifts we can take it as big loss. Commodity prices given in MoF statement indicate substantial increase in industrial raw materials and there is about 5% inflation also thus the production in terms quantity has substantially declined. .
In the enclosed there is export of Cotton worth $630m last year up from $94m which points failure of our industry to convert this important raw material in to garments.
When we a PM with bogus qualification and commission agent background these developments are not unusual.
Ravinder Singh, October27, 2006
(Figures in million dollars)
| S.N. | Items | April-June 2006 | Jan-Mar. 2006 | April-Mar 2005-6 | April-Dec. 2005 |
| 1 | Agriculture Allied | 1983 | 2294 | 7407 | 5113 |
| 2 | Ores & Minerals | 1613 | 2209 | 6189 | 3980 |
| 3 | Leather | 618 | 696 | 2625 | 1929 |
| 4 | Garments & Tex. | 4068 | 4405 | 15204 | 10799 |
| 5 | Chemical Pharma | 4166 | 4726 | 15514 | 10788 |
| 6 | Manufacturing | 5964 | 5920 | 19168 | 13288 |
| 7 | Electronics | 652 | 738 | 2243 | 1505 |
| 8 | Petroleum | 4269 | 3421 | 11514 | 8093 |
| 9 | Grand Total | 29038 | 30497 | 102725 | 72228 |
Chart at the end of press release of October25, 2006
| DEPARTMENT OF COMMERCE ECONOMIC DIVISION | ||||
| IMPORTS & EXPORTS : (PROVISIONAL) (US $ Million) | ||||
| | September | April-September | ||
| | Provisional | Provisionally Revised** | Provisional | Provisionally Revised** |
| EXPORTS | ||||
| 2005-2006* | 7296.54 | 8450.33 | 43223.52 | 48286.5 |
| 2006-2007 | 10302.01 | | 59325.42 | |
| %Growth | 41.19 | 21.91 | 37.25 | 22.86 |
| IMPORTS | ||||
| 2005-2006* | 10486.53 | 12529.79 | 63550.35 | 70549.46 |
| 2006-2007 | 15632.53 | | 83926.76 | |
| %Growth | 49.07 | 24.76 | 32.06 | 18.96 |
| TRADE BALANCE | ||||
| 2005-2006* | -3189.99 | -4079.46 | -20326.83 | -22262.96 |
| 2006-2007 | -5330.52 | | -24601.34 | |
| *Provisional figures reported in Press Note for September 2005. | ||||
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