Is India heading towards worst economic collapse?

Corruption is mounting pressure on India’s economy. There is a significant economic slowdown posted by poor industrial output during the last couple of months. On 11th June, International Rating agency Standard & Poor’s (S&P) has warned that India could become the first nation from BRIC countries to lose investment grade rating. And the recent downturn could be due to the poor economy policy of the coalition UPA Government at the centre.

We should not forget that Standard & Poor’s (S&P) had also cut its outlook on India’s sovereign rating of `BBB’ to negative from stable in April, 2011. And that not long ago, S&P had upgraded India to investment grade BBB rating in January 2007 after India posted more than nine per cent growth in the last 4 years. So, if these politicians have welcomed previous rating up-gradation in 2007, why they are not accepting in 2012.
So, what is wrong with Indian economy. All over world, people look towards India for any outlook that India is supposed to present to smaller countries for sustainable growth and development. But what is happening to one of the strong pillar of BRIC nations? Other BRIC nations like Brazil, Russia and China enjoys a higher rating of S&P at present than India. Why S&P has to come with a special report this time on BRIC nation’s economy titled `Will India Be The First BRIC Fallen Angel?’

The common people of India do not know how the Government is planning to revive the economy or what is the road-map for the next one year. However, there is a deep concern among citizens about  the depraving level of corruption among various tiers of governments in the country. As usual, the politicians have summarily rejected report of S&P. But intellectuals of India are taking this report very seriously.  We have the also the recent reports coming from the World Bank that they have cut growth forecast for India from 7.5% to 6.9%.
Chairman of Wipro Technologies Mr Ajeem Premji has recently commented that we are virtually living without a leader in the country.  This is what an eminent businessman has to say about our prime minister. Infosys founder and well-known name in Software industry Mr N R Narayan Murthy has also joined the debate by raising the issue of policy paralysis at the centre and many pending matters before the cabinet which eventually affecting the growth.

If citizens of any country is facing challenges of poverty, inflation and non-development, they will directly blame government. And India is also not different. Baba Ramdeo is leading a crusade against black money stacked outside India in foreign banks. Anna Hazare is leading another protest of rampant corruption in public life and asking government to bring tough law to control this. Gone are the days when we were pointing fingers to other countries known for their corrupt public officers. We should not forget that when you are pointing a finger towards other person, the rest of your fingers is actually pointing towards you. This has become true in case of India.
Almost everyday, we get the news of a new corruption story through the media. Now, we feel that the rampant corruption is the real reason for inflation and poverty. It has now devastated our economic, political, social and moral structures.  if immediate and drastic action is not taken, S&P will be forced to downgrade India’s investment growth rating. Then the nation will run into the risk of total and irredeemable collapse.  The time has come for all the Indians to join hands together and support the movement of Anna Hazare and Baba Ramdeo. Then only we can halt the collapse of Indian economy.
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