Collapse of Corporate Commission Agents

Collapse of Corporate Commission Agents



I had regularly disclosed the fragility of Indian Corporate led by Tata & Ambani. The rapid decline started with NDA mediocre and idiots taking over power from 1996/8. Take over code designed to protect minor shareholding promoters was most undesirable limiting NRI investment to 1% when GOI ought to have frozen the holdings of Non Inventing commission agent kind of promoters to under 20% or at the original level.



In NDA six years misrule Thug corporate who had 12% equity in limited companies which was much more than their Contribution To Industry as merely “Brokers” who brought imported machinery and technology, even for project report etc consultant were hired all with public money were allowed to raise holdings them to over 50% to now over 90% as in the case of Ambani companies.



With this enhanced control of the Companies they could mobile many times more capital from the spineless and corrupt public sector banks and GOI couldn’t touch them.



NDA didn’t protected intellectual property of millions of Indians on this planet on the advice of so called Bombay Club of “World’s Biggest Dalals”. It also neglected farmers and SMEs. Few families were allowed free access to Public Funds to operate telecom, petroleum, power, mines and minerals, automotive, housing, insurance, banking, airlines, construction everything even if they had no experience and were riding on foreign partners.



Manmohan Singh never had the economic and political skills to tame Corporate when promoters have over 50% equity and are well organized – corporate had corrupted even Supreme Court otherwise how could Ambanis escaped in Call Re-routing cases.



Importing mobile phones from china exchanges from Germany and public funds Corporate acquired 74% equity with practically no contribution other than political brokerage.



Such corporate were destined to be National Liability thriving on public resources. Had India allowed NRIs and foreign companies free hand in such operations with capital inflows India could have saved capital to promote Agro Based industries like cotton textiles and SMEs that have many times greater employment potential and value additions.



Corporate failed India and India didn’t promote SMEs resulting in $30b monthly Imports – mostly goods SMEs could have easily produced.



SEZ was a big scandal master minded by Ambanis to CHEAT Indian farmers. This led to collapse of real estate when Corporate were acquiring lands cheaply and developing SEZ Real Estate when there was No new products were developed for Exports matching the size of SEZs.



When USA sanction $700b bail out package most of it protect public from losses but in India every RBI bail out reduces the losses of Ambanis and Tatas.



I don’t know how many will go for suicide this week.



Ravinder Singh

October10, 2008



http://commerce. nic.in/tradestat s/indiatrade_ press.asp



F. No. 1(5)/2008-EPL
Government of India
Ministry of Commerce and Industry
Department of Commerce
Economic Division
********

New Delhi, The 1st October, 2008

INDIA’S FOREIGN TRADE: AUGUST, 2008.



A. EXPORTS (including re-exports)



Exports during August, 2008 were valued at US $ 16005 million which was 26.9 per cent higher than the level of US $ 12614 million during August, 2007. In rupee terms, exports touched Rs. 68721 crore, which was 33.5 per cent higher than the value of exports during August, 2007. Cumulative value of exports for the period April- August, 2008 was US$ 81225 million (Rs. 342477 crore) as against US$ 60101 million (Rs. 246180 crore) registering a growth of 35.1 per cent in Dollar terms and 39.1 per cent in Rupee terms over the same period last year.



B. IMPORTS



Imports during August, 2008 were valued at US $ 29946 million representing an increase of 51.2 per cent over the level of imports valued at US $ 19805 million in August, 2007. In Rupee terms, imports increased by 59 per cent. Cumulative value of imports for the period April- August, 2008 was US$ 130364 million (Rs. 550123 crore) as against US$ 94664 million (Rs. 387791 crore) registering a growth of 37.7 per cent in Dollar terms and 41.9 per cent in Rupee terms over the same period last year.



C. CRUDE OIL AND NON-OIL IMPORTS:



Oil imports during August, 2008 were valued at US $ 10962 million which was 76.7 per cent higher than oil imports valued at US $ 6202 million in the corresponding period last year. Oil imports during April- August, 2008 were valued at US$ 45967 million which was 59.6 per cent higher than the oil imports of US$ 28798 million in the corresponding period last year.



Non-oil imports during August, 2008 were estimated at US $ 18985 million which was 39.6 per cent higher than non-oil imports of US$ 13603 million in August, 2007. Non-oil imports during April- August, 2008 were valued at US$ 84397 million which was 28.2 per cent higher than the level of such imports valued at US$ 65846 million in April- August, 2007.



D. TRADE BALANCE



The trade deficit for April- August, 2008 was estimated at US $ 49139 million which was higher than the deficit at US $ 34543 million during April- August, 2007.