Friday, October 12, 2012

FOREIGN ASSISTANCE: UNUTILISATION FEES

Indian politicians make us proud again; we pay for unused moneys

The biggest chunk of this unutilised foreign aid (about 37%) was meant for infrastructure development like the urban road development. This fact is even more evident after scrutinising of the performance of the incumbent UPA government when it comes to construction of roads. Agriculture, environment & forestry, power & sanitation account for a further 30% of the same unutilised foreign aid. Ergo, the underutilised foreign assistance seems ironic given India’s present economic condition (India’s forex reserves have come down by $60 billion in 2007-08. Even the fiscal deficit in the current fiscal has been about 6% of GDP against the planned 2.5%; and of course, the GDP’s paining too). India needs huge investments and in quick time. But lousy government attitude is reflected at both the central and state levels, especially in the ‘planned’ lack of cooperation between them. Paying a penalty during these times should be considered nothing less than a criminal offence. Er, why’re we not surprised that no politician is worried about being accused of a criminal offence?


Source : IIPM Editorial, 2012.

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