Daijiworld Media Network – Udupi (HB)
Udupi, Sep 10: “Some economic policies of RBI implemented on August 14 last year, has caused economic downfall of the country. The number of capital investments are going down. The purchasing power of the public is down. Production of agriculture and its supplementary activities are slowly declining,” said G A Koteyar, president of Mass India, an NGO at press club, on Monday, September 9.
He said, “The rate of tax has been increasing, people are unemployed, and the grants which are released by government has increased. Cheating cases are increasing in banks. Unwanted government expenses on political representatives is becoming more. The government spending money is not enough for providing basic infrastructure for general public. Moreover, the total population of India is increasing every year.
“The rate of demand and supply is declining according to the market graph. Small scale industries have closed because of economic crisis and shortage of investment.
“There is nothing to do with government subsidy. It leads to economic shortage. The government must take measures to encourage adopting advanced technologies in agriculture activities and industries,” he said.
Veena, member, Mass India, said, “RBI has used Rs 1.76 crore which was supposed to be utilized during emergency period. As many as Rs 3 lac crore is being used for the pension for politicians, who are not regular employees.
“A portion of money is flowing to former ministers' accounts every month. It is a dead investment. Are they really eligible to get pension?
“Some former politicians are enjoying more than one pension. People of India are paying high tax and part of the money is being spent on unwanted pensions. India is a young country as more than half of the population consists youngsters who are unemployed. Hence, the government must take measures to start income generating activities. It should encourage small scale industries. There is a need to focus on fulfilment of demands,” she said.
Mass India members Narasimha Murthy, Rajesh Pereira, and Vishwanath were present at the press meet.