Dear Governor,
My hands are trembling as I am typing. Heart beats might have crossed 200 per minute. I see only darkness everywhere. The television set in front of me shows people running for their lives. It is another terrorist attack in a shopping mall. They were asked questions about religion. Those who could not answer were shot -at point blank. Morons are out once again to save their religion! In fact only morons are there to protect religions or to be more precise, only morons are following religions! The television is showing news about another bomb blast in Pakistan. The death toll is more than eighty people. Death, destruction and horror. Is there any place safe in this earth? Religions have made this earth a dangerous place to live in.
Are you wondering that why do I tell this to you! Of course, you may not be affected by such calamities because you are always surrounded by black cats. When a bomb goes off in a street or a communal violence occurs, it is the common man who suffers the most. Even in Musaffarnagar, most of the victims were poor people. For their religions that can give nothing in return, they killed and died. They would have hardly had a good house to live in. They could be daily wage earners. if a day's work is stopped, they could not get their wage. Still, they are dragged into this madness and blood is shed to save the religions and Gods. No God will come to their rescue. Gods are calmly spending their time in the well decorated places of worship!
Logic has no place, dear Governor, where fear takes over the brain. I have been typing something irrelevant to you. I am worried, I am concerned. I am helpless. It has happened in our country and it can happen anytime and anywhere again.
Mr Governor, I shall come to the point. You hiked the RRR yet again. I know nothing about RRR but I very well know my bank would have increased the rate of interest on my home loan the moment you announced the increase. You, like the pundits in economics used jargon abundantly to hand out the shocker. My ever-at-service bank increases the interest rate on home loans whenever the RRR goes up. Five years back, it started with 8.5% interest rate and now it has reached 12 percent and raring to go up.
There was a boom in the real estate five to seven years back. Those days, the experts in economics predicted a lot about golden era in economy. They said, it was the right time to invest in real estate and the bank rates are set to go down to encourage home sector. They predicted so many other things on inflation, performance of Indian Rupee against USD, Balance of Payment, Trade Deficit, the list is very long. The picture these pundits drew had so many roses in it. Now, I think the same experts are at pains to explain the reasons why their predictions went wrong. This is how exactly a meteorologists predicts about rain! Please note, dear Governor, I had paid nearly two lacs rupees towards income tax and the interest paid on home loan was around 1.5 lacs last year . The eye popping salary and the perks you enjoy contain a fraction of my sweat too.
When you took over the reins a few days back, the elitist English media was celebrating. They called you the poster boy. They showed us another poster boy some 20 years back. He too, like you, was a Governor. He was touted as the Messiah of economic reforms. The media also told us that in another 20 years from the incarnation of this Saviour, India's fortunes will turn the corner and proceed straight to a prosperous world.
You gave the inaugural speech. The English media almost compared it with that of JFK's. They said it was electrifying. They said, a star has risen in the horizon. Another Saviour has at last reached! Immediately after your speech, the SENSEX soared. Rupee gained and so many miracles happened. By the way, what is this Sensex? How are common men affected by the ups and downs of this? I have no idea, for, I do not follow the Sensex. Of course, I see so many articles in the magazines about sex! It is a trend now to mention something about sex on the cover sheet of any type of magazines in our country.
Since the advent of the economic reforms, the pundits 'guided'the neo-rich citizens of the country to go for Systematic Investment Plans, Equity Linked Insurance Policies and other 'money making' devices. Some tie wearing, fluently English speaking business executives targeted me too. They explained to me the virtues of these products. They waxed eloquent about the economy. They said, it is booming and the future of investment is in such products. I could not understand a word of what these people said, but I was in a hurry to invest. I was given a few papers to sign. These papers were application forms that were not filled up. The business executives did this job by themselves in their anxiousness to serve me. They were ready to do anything - till I signed on the dotted lines. Cheque signed and handed over to the executive. There ended the customer service. I was politely informed by some of these executives at a later date that he/she was no longer working with that particular set up.
That is a fact. It is time we sat back and stared thinking aloud about what the elitist-triggered reforms brought about to the common man of the country. As a section of the society made rapid strides in their lives due to the changes, the other side of the coin had been always reflecting the degradation of moral values. No need to care for this, because money makes us overlook this dark side. My only question is, should we need a Governor to govern an institution that has nothing to offer to the man who contributes a fraction of his remuneration and the man on the street who is affected the most because of the all around price rise
Well said Natesan. Now and then they rise the Reverse Repo Rate and some time decrease too. Sensex going up and down. But all my interest is whats the price of Onion & Potato everyday and these RRR or Sensex how going to affect this. But when the Prime Minister himself is not able to do anything to reduce commodity price and to increase poor people standard of life what a reserve bank governor can do? Aiyyo paavam avaru. vitturunga.
ReplyDeleteDear Natesan
ReplyDeleteFrankly, I was at a loss reading the title! I The first three paras gave no clue as to what u were pointing to.
Then the economist jargon threw some light. But thereafter you are hard hitting. The facts glare on our faces and it is blinding. Every morning you don't know what's waiting for you. The grocer sells as if he is doing you a favour. The rupee is steadier and as the day progresses you hear 'humpty dumpty rupee had a great fall'.
The bottomline is- Don't invest now, don't borrow, bury your dreamhome, be happy with what you have now. And don't forget to insure yourself. Only that's what you can do for your family.
Happy Blogging
Ratish.