Food Security bill--Will Shatter our Economy? - Professionals - Finance - TIK Share
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Food Security bill--Will Shatter our Economy?


Ganesh babu k

2013-08-27

1) With passing of FSB bill, Rupee falls, so does the stock Market - for obvious reasons. They say only 22% are poor but they want FSB for 67% of population. It's estimated that the FSB will cost us over 3% of GDP (i.e. over Rs. 350,000 crores)

2) The govt which can't store food now wants to guarantee Food Security ? Three years back this same UPA govt. declared it's not possible to provide free food to poor

3) We could have created over 2 million decent jobs with the same amount of money. But Now due to FSB, taxes and inflation will rise.

4) Rupee value will decline much further and given the fiscal deficit generated, it will leave our economy at the mercy of IMF and World Bank.

5) In all probability the benefits of FSB will go to millions of illegal immigrants from Bangladesh and Myanmar and other designated 'vote banks' who wont need to work for money or earn for food.

6) Add this to direct cash transfer scheme and in effect, government is paying selfish groups in return for their votes. Something they have done for quite a long time now. Only this time the money doesn't come from their swiss acoounts- it comes from your savings accounts and national debt.
 
 
Inviting others to comment on this!!!!!!!!

CA Pulkit Sharma

2013-08-27

Very rightly said.

The effect of this food security bill will be very negative for country's economy.

I think the issue was discussed in here too.

Any how it seems to be more of a Vote Security bill than Food security bill.

The bill will drain the goverment funds. Any how the half of the money will never reach the eligible candidates.

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Rahul Rai

2013-08-27

3 years before goverment said no food for poors, but now they have. May be because elections are coming.

Democracy has ruined the Indian economy. Indian economy is in same state as was in 1992.

It took 12 year to revive the economy and again the economy is on verge of burst.

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Stock Guru

2013-08-27

Very nice topic. Was waiting for one like this.

I believe its all political decision and polics can never lead to success. UPA is doing what is better for them and not country.

When UPA first came to power, goverment had extra funds in its treasury and now goverment is having debt of trillion dollers.

NDA goverment kept the economy strong and never took a decision to attract voter, but UPA has different policies. Last time it was Narega and this time its Food security Bill.

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Babulal Shiradana

2013-08-27

Very true, Great post and ritely said. Good job Ganesh.

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Ganesh babu k

2013-08-27

Food security bill is nothing but a bribe to the voters.


We the people have been complaining about corruption for too long, but we must know that it starts and ends with us and the choices we make.

 

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CA Pulkit Sharma

2013-08-28

"Food security bill is nothing but a bribe to the voters.


We the people have been complaining about corruption for too long, but we must know that it starts and ends with us and the choices we make."

 

Agreed with Ganesh. But problem is educated voters dont vote, and others can be fooled by our goverment. And recent statement by Aanand Sharma says 500tons of gold to be kept as security to raise funds. This what Indian goverment doing.

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Ganesh babu k

2013-08-28

As per government, FOOD SECURITY BILL is for 65% of public who are poor/bpl.
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(The REAL PICTURE revealed and accepted now by the government who claimed enormous development and told big stories about India's growth).
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Does it means -
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65% Indian public come under the category of BEGGARS as their food is dependent on the mercy of donors.
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The likely result in future :
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The 65% of public will never try to earn food for themselves.
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Due to "faulty" provisions;
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the RUPEE may slide to 80 "against" Dollar and Petrol may also touch 80.
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Be prepared.!!!!!!!.....

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Ganesh babu k

2013-08-28

@pulkit Sharma

The government did all the things to harass the public living in URBAN AREAS because its focus was to get votes from the RURAL AREAS without facing any arguments of educated people..

For 65% i.e. 78 cr. of the population who is poor including BPL

****(accepted by the Government♥);

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If 65% are under BPL,, It seems Balance 35% who stays above BPL is Corrupted Politicians&Govt officers
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Those People will remain poor and also Some people try to come down to BPL
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Now GDP has no relevance for which good discussion and actions are said to be taken.

.

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How can Manmohan can claim that he is Great Economist is the question left to him only??

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CA Pulkit Sharma

2013-08-28

@ Ganesh

impressed with the analysis made by you and specially "The 65% of public will never try to earn food for themselves."

Man if you are getting grains at 1Rs. per KG, why will you work.

And i read interesting post relating to Socialistic approach.

The government did all the things to harass the public living in URBAN AREAS because its focus was to get votes from the RURAL AREAS without facing any arguments of educated people..

Agree with the point, 70% of Indian population is in rural areas and most of them would be coming under BPL. Also URBAN population understand atleast little economics.

And regarding Manmohan Singh, i would say he was a beaurocrate and Indian beaurocrates are of the lowest standard.

And Manmohan Singh is no exception. You can go to any goverment department, you will see that most undeserving candidates are selected in Goverment offices.

 

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Ganesh babu k

2013-08-29

Yes,

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Food security bill passed. "Food" for the Poor, "Security" for the congress and "Bill" for the tax payers.

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Bada Mouth

2013-08-29

the best quote i feel on this forum till date

"Food security bill passed. "Food" for the Poor, "Security" for the congress and "Bill" for the tax payers"

By ganesh Babu

 

impressed with your talent to play with words.

 

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Rahul Rai

2013-08-29

Democracy is never suited for a country which is filled with peoples without any logical thinking.

In India its a race to go somewhere, but no one knows where they are heading.

Simply running behind a leader of same cast, running behind a rich person. And all these without realising that person they are running behind are killing their future.

 

Thanks Ganesh Babu to bring such a burning topic on this forum. A good post indeed.

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Sagarika Pandey

2013-09-07

I also agree whatsoever I read other user's comment regarding this topic and I agree with most of them. It may be a bribe to the voters for upcoming election but I've a little sight of hope that whatsoever data represents for UPA benefits I think if this bill is implented honestly at the ground level (whichever is nearly impossible), it certainly result in a brighter side. But the main question which comes in my mind that how any system will judge who is applicable to be a beneficiary under this bill in case where most of our citizens have no such authorized document to show but they need more than them who has documents to produce to prove he is a beneficiary one under this scheme.

In brief, I just want to be honest implentation of this scheme if by any reason once it comes into existance.

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Ganesh babu k

2013-09-10

Yes,, I Do Support Food Security Bill...

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If Government of India Assure Begger Free Country in India with this Bill...I Mean No Begger should stands Near, Temples,Busstations,railway Stations and where ever it may be!!!!!

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Rahul Rai

2014-12-31

Any update on this, whether its implemented and what is the impact on economic growth or fiscal deficit?

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