Practice of printing notes, though in vogue for long time, is being practiced by Indian Government and may soon end up in a situation similar to USA. As per the good governance practice, any printing of notes should be backed by the stock of gold/silver in the government treasury. USA is paying a heavy price today for printing dollars to pay for the Iraq war expenditure.
As per the reports appearing in the press, Indian security presses have printed notes worth over Rs. 1.5 lakh Crore. In addition to this the government has borrowed over Rs. 2,61,972 Crore from market and thousands of Crore of rupees were tapped as advances from various sources. All these funds went to meet expensive election gimmicks such as Farm loan waiver, implementation of 6th Pay Commission recommendations, National Rural Employment Guarantee, election expenses and other government subsidies to various sectors.
India government is heading for a financial bankruptcy similar to Pakistan, and what sort of “Khajana” or Treasury will be handed over to any non-Congress government, if formed after the elections? ALL EMPTY!
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