India really shining! It is the best of times.
The Government's monthly Economic Report for November 2007 paints a rosy picture of India 's fiscal conditions, though the Industrial growth had come down slightly.
++ Exports grew by 20.9 per cent in dollar terms during April-October, 2007. Imports increased by 25.3 per cent in April-October, 2007.
++ Forex reserves (excluding Gold and SDRs) stood at $256.43 billion at the end of October, 2007. This is over ten lakhs Crores ! This was just 1.25 lakh crores in 1999 and you know what it was in 1991!
++ In terms of value, Fiscal deficit during April-October, 2007-08 decreased by 5.6 per cent over corresponding period last year; Revenue deficit during April-October, 2007-08 was lower by 14.5 per cent over corresponding period last year.
++ Tax revenue (net to Centre) during April-October, 2007-08 was higher by 25.5 per cent compared with corresponding period 2006-07.
++ 37 Lakh crores of currency is floating around in the hands of the Indian public! (of course this does not include the fake ones)
It was the age of wisdom,
It was the age of foolishness,
It was the epoch of belief,
It was the epoch of incredulity,
It was the season of light,
It was the season of darkness,
It was the spring of hope,
It was the winter of despair.
These are the opening words from “The Tale of Two Cities” by Charles Dickens . Are we in such an age?