Amit Verma pointed out this editorial by Sitaram Yechury of the CPI(M). I have a visceral hatred for these communists, so take what I say with that in mind.
I have never read a more confused babbling of statistical nonsense put together. There is actually a purity of thoughtlessness that is pretty impressive, if it weren’t for the fact that this never elected dude, has a pretty powerful voice in the government.
There is no coherence, or any kind of argument here other than :
America BAD! Globalisation Bad! Business Bad! Poor GOOD! Staying Poor EVEN BETTER!
I was going to do this bit by bit but its just not worth it. Heres a sample of the ‘thinking’ so you dont have to click thru and go through the same 20 mins of trying to follow a non existent argument.
The consequent appreciation of the rupee by over 11 per cent during the last year has seriously affected Indian exports. Textiles, the largest net export earner, has seen a decline of -7.9 per cent in its total revenue and profit margins.
I’m no economist, but if you calculate your profits in rupees, and your contracts are in dollars(Almost all exporters do this) when the dollar becomes cheaper, that is bound to affect your profitability. He also completely neglects the (more important) fact that Textile quotas from the US were abolished a few years ago, and thats led to a decline in Indian Exports. In my opinion this is because of the communists, who will not allow labour regulation reform, which means nobody who can have a factory in China would want to put one in India.
What does he want? Or is he just happy complaining about things without actually doing anything, in the same way they’ve been doing by “supporting” the government from outside?