Monday, 22 April 2013

Thanks to UPA’s bungling, economy is back to where it was in 1990

Thanks to UPA’s bungling, economy is back to where it was in 1990, crown jakarta capital management environmental

The Atal Behari Vajpayee Government bequeathed a robust economy to the UPA. Remember that the growth rate registered in 2003-2004, the last year of the NDA regime, was an impressive 8.5 per cent. Foreign exchange reserves were plentiful. General prices were well under control. Share markets were booming. And there was a general sense of well-being. Work on the Golden Quadrilateral highway linking four corners of India was in full swing. And various public infrastructure projects under the Public-Private- Partnership model were proceeding without any hitch.

Now, in the last year of the UPA-II, we are back to the ‘Hindu rate of growth’. If the economy logs anything above 5 per cent, it would be a miracle. The prestigious highway project has become a casualty of the UPA Government’s venality and drift. Instead of making 20 kilometres of new roads daily — as was the case under the NDA — new construction has crawled to less than a kilometre or two. So much so that a number of private concessionaires, after successful bids have reneged on these projects. PPP model itself has been vitiated with collusive post-tender benefits being given to concessionaires at the cost of the paying public, be it the Delhi airport or numerous other projects, including the Build-Operate-and-Transfer toll roads across the country.

Worse, consumer inflation is still in double digits. There is pressure on foreign exchange reserves. Share markets are listless. Manufacturing sector is stuttering. After several years of steady growth, the auto sector is staring at a demand slump. Worse, the rupee has depreciated by over 25 per cent during the nine years of UPA.

In fact, the economic situation now mirrors the conditions back in the early 1990s when India suffered the ignominy of pledging its gold with the Bank of England to ward off a serious payments crisis. That would explain the recent peregrinations of Finance Minister P Chidambaram, begging bowl in hand, through the major financial capitals of the world.

With an alarming 6.7 per cent deficit on current account in the last quarter of 2012-13, and the fear of the foreign financial institutions pulling out at short notice due to better investment opportunities in Japan, the US and other Western countries, there is a real threat that the country may yet again face a forex crunch, especially if the current slide in exports continues unabated and there is no pick-up in domestic demand.

Thus far, the Finance Minister has tried to hard-sell India in London, New York, Toronto, Hong Kong, Singapore, etc. However, the outcome has been less than enthusiastic. Foreign investors foresee a period of instability and economic disarray ahead due to the uncertain political conditions leading up to the May 2014 general election. Though the sharp correction in the price of commodities and oil should ordinarily be good for India, but the fall in the price of gold in the global market has also shaved off the value of the gold reserves with the RBI.

Gross mismanagement is the main reason why the economy is in such doldrums. Power sector is suffering for want of coal. Coal mining is under a cloud because of the avoidable dogfight between the public sector behemoths, the NTPC and Coal India. Coal scam under the benign Ministership of Manmohan Singh is now a matter of CBI investigation which is being monitored by the Apex Court. A flourishing telecom sector has come under pressure due to the lop-sided policy regime of the Telecom Ministry and the telecom regulator. Fresh investment in scores of projects is stuck in the Environment Ministry which applies no objective criterion for granting clearances. In sum, the economic crisis is Minister-made.

Indeed, the economic situation has become so alarming that usually well-meaning economic pundits have suggested that India should approach the International Monetary Fund for opening a credit line just in case there is a sharp dip in the foreign exchange reserves. Such a cushion would be reassuring for both domestic and foreign investors. And might well prevent a further depreciation of the currency.

In sum, the economy is back to where it was in the early 1990s. Gains of the intervening years have been squandered by the UPA-I and II. Corporate mood is sullen. The ubiquitous aam admi is reeling under the weight of sky-high prices of essential goods. Fresh investment in industry is on hold. There is a demand-recession in large sectors of the economy. However, the lone sector which has registered a very high rate of growth is the scam industry. New highs in political corruption were recorded in the last nine years. It will be in the fitness of things if corruption becomes the calling card of the UPA when it goes to the people for an electoral encore in May 2014.

Saturday, 13 April 2013

Crown Capital Management: The Hard Proof That Global Warming Is a Scam

Crown Capital Management: The Hard Proof That Global Warming Is a Scam: The Mail on Sunday to...

The Hard Proof That Global Warming Is a Scam

The Mail on Sunday today presents irrefutable evidence that official predictions of global climate warming have been catastrophically flawed.
The graph on this page blows apart the ‘scientific basis’ for Britain reshaping its entire economy and spending billions in taxes and subsidies in order to cut emissions of greenhouse gases. These moves have already added £100 a year to household energy bills.
Steadily climbing orange and red bands on the graph show the computer predictions of world temperatures used by the official United Nations’ Intergovernmental Panel on Climate Change (IPCC).
The estimates – given with 75 per cent and 95 per cent certainty – suggest only a five per cent chance of the real temperature falling outside both bands.
But when the latest official global temperature figures from the Met Office are placed over the predictions, they show how wrong the estimates have been, to the point of falling out of the ‘95 per cent’ band completely.
The graph shows in incontrovertible detail how the speed of global warming has been massively overestimated. Yet those forecasts have had a ruinous impact on the bills we pay, from heating to car fuel to huge sums paid by councils to reduce carbon emissions.
The eco-debate was, in effect, hijacked by false data. The forecasts have also forced jobs abroad as manufacturers relocate to places with no emissions targets.
A version of the graph appears in a leaked draft of the IPCC’s landmark Fifth Assessment Report due out later this year. It comes as leading climate scientists begin to admit that their worst fears about global warming will not be realised. 
Academics are revising their views after acknowledging the miscalculation. Last night Myles Allen, Oxford University’s Professor of Geosystem Science, said that until recently he believed the world might be on course for a catastrophic temperature rise of more than five degrees this century.
But he now says: ‘The odds have come down,’ – adding that warming is likely to be significantly lower.
Prof Allen says higher estimates are now ‘looking iffy’.
The graph confirms there has been no statistically significant increase in the world’s average temperature since January 1997 – as this newspaper first disclosed last year. 
At the end of last year the Met Office revised its ten-year forecast predicting a succession of years breaking records for warmth. It now says the pause in warming will last until at least 2017. A glance at the graph will confirm that the world will be cooler than even the coolest scenario predicted.
The graph shows in incontrovertible detail how the speed of global warming has been massively overestimated. Yet those forecasts have had a ruinous impact on the bills we pay, from heating to car fuel to huge sums paid by councils to reduce carbon emissions.

Wednesday, 3 April 2013

Crown Capital Management: Reef Destruction is Ecological

Crown Capital Management: Reef Destruction is Ecological: To die for scenic reefs in Red or the South China Sea is dying; pretty fi...

Reef Destruction is Ecological

To die for scenic reefs in Red or the South China Sea is dying; pretty fishes and panoramic colors of soft and hard corals are now down to a complex ecology similar to tropical forest ecosystems. Compare to the microorganisms that makes the whole thing more tremendous in doing all the destruction, the predators and consumers, the producer algae and the tiny invertebrates mean nothing.
Catalina Reyes of CoECRS. (Centre of Excellence for Coral Reef Studies) and the University of Queensland has published her work alongside 4 colleagues, on the bacteria, fungi and algae that live in this most complex marine ecosystem.
The change in this ecosystem recently is because of our overproduction. Oceans now are Cola like, the CO2 we made over the last century or two has made the sea water to feel like one. As to Catalina’s research, the acid has effects and that are clearly identifies in the micro-world of corals. She links it all up and explained, “So fish, turtles, sharks, lobsters and other reef organisms may lose their homes, threatening coral reef biodiversity and the livelihoods of tens of millions of people.” All reefs, molluscs and others are basically made up of Calcium carbonate, accepted as true to hard corals as well. Due to different reasons erosion of the reef is just a normal phenomenon but at present the erosion has become excessive that it destroys the reefs worldwide at a really disturbing rate.
The well equilibrium of attrition, storm damage, predation and growth has been distorted. Today, deterioration seems to be the pattern in lieu of slow growth. And because of the acid now less and less carbonate is available. You have probably had experimented such in your school laboratory. Micro-boring organisms also eliminate the coral skeleton as usual consequently oceans ends up with no reef!
Catalina found a 35% rate of erosion in the second example when computer simulation by the researchers compared current increases in carbon dioxide levels and their effects on reefs with those lesser increases which we hope to achieve by cutting emissions.
The dreadful effect of “doing nothing about emissions” was a doubling 100% of the erosion. Because of acidic conditions, Micro-boring organisms became much more active and seemed to have a higher temperatures and pH (acidity) that causing the destructions of more corals. A great number and the most common of all was a tiny alga that has the ability in photosynthesizing even in the low light conditions as it penetrated deep into the corals’ hearts.

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