While the Indians in India and around the world are preparing for India’s 67th Independence Day Celebration, our nation is plagued with serious domestic and external disturbances ahead of the Independence Day this year.
- Falling Indian Rupee
As a Financial Adviser, I cannot think of any other aspect, ahead of the falling rupee value, leading to rampant inflation in India. The Rupee continues to tumble despite various efforts from the RBI and the Indian Government. The rupee was down by 31 paisa to 61.50 in early trade today on the Interbank Foreign Exchange market even as the government announced additional measures to curb sliding domestic currency and the widening current account deficit.
- Formation of Telangana
Formation of Telangana is on the verge, as final pieces of the puzzle are being put together by the political parties vying for their share of votes for the upcoming election. The demands for a separate Bodoland, Gorkhaland and Vidarbha, are more intense than ever before encouraged by the Telengana effect.
- Audacious Scams and Corruption
The list of scams and scandals is ever growing in India, with the recent one being the AgustaWestland’s Chopper Scam. A big portion of the tax revenue of the state is being pocketed by few individuals hurting the growth prospects of the country.
Corruption is another key challenge, that India is facing and urgently needs to check corruption if it wants to improve governance and the poor to benefit from government schemes.
- Rampant Inflation
As if the Inflationary effects of the falling rupee were not adequate, the summer monsoon rains flooding in North East India and the droughts in Maharashtra also played their part in, pushing up the costs of goods like Onion and other agricultural produce.
- Pakistan cease-fire violation
Tall claims by both Indian and Pakistani governments on Peace talks and Cease fire fell flat, as Pakistani insurgents trespassed in the Indian territory in the darkness of the night and killed five soldiers, followed by cease fire violation by Pakistani troops, firing at the 16 Indian forward posts and civilian areas along the Line of Control in Poonch district of Jammu and Kashmir resulting in heavy exchange.
- Chinese Incursion in Laddakh and Arunachal Pradesh
According to Indian Express : “After several recent incursions in Ladakh, China has now flexed its muscles in Arunachal Pradesh, transgressing about 30 km inside Indian territory in Chaglagam sector in Anjaw district. Sources told Express that a People’s Liberation Army (PLA) patrol crossed the border and came face-to-face with an Indian Army patrol.”
“They transgressed into about 30 km in our territory. Both the patrol team showed banners to each other claiming rights. The Indian Army asked the PLA to leave the area and return to their territory. So far both the Army and PLA are staying put at their respective positions in Chaglagam sector,” sources said”
The above mentioned are some of the key challenges India is facing on the eve of its 67th Independence, and it is certainly the responsibility of every Indian Citizen weather residing in India or abroad, in encouraging and maintaining our unity to withstand our country’s greatest test of independence and Democracy in the 21st Century.
While we celebrate the Independence Day by singing patriotic songs and hoisting the National Flag, the essence of Independence lies in putting the interests of the country ahead of ours, and contributing to the growth of the country in whatever small way we all can.
Wishing All Indians, A Very Happy Independence Day.
Also wishing the citizens of Korea, Congo and Liechtenstein, who are celebrating their Independence Day tomorrow.
In Dubai, the Independence Day Celebration and the Flag hoisting are being held on Thursday, 15th August 2013 between 7.30 am to 9.00 am, at the Consulate General of India, Al Hamriya Diplomatic Enclave, Dubai. I am looking forward to go there with my son Yogesh and my colleague Anand.
My goal is to provide residents of UAE; the necessary tools to help them make a wise decisions with their money.