Yet Another Open Letter to Narendra Modi

8 comments Written on May 19th, 2014 by
Categories: General

Dear Mr. Narendrabhai Modi,

You will be pleasantly surprised to note that this is not yet another letter that tells you how to do your job. Not because I don’t want to. Ooh, I do. I tell a lot of people like RBI chairmen and SEBI chiefs how they should work, and I have no pangs or regrets about. But there’s a difference. I tell them that stuff because I am either critical of a policy they adopted, or believe they should address something specific.

In your case, Mr. Modi, I have nothing in either department. You haven’t yet got a policy that I can criticize specifically and offer my suggestions. And you already know that current deficit thing, that fiscal deficit thing, that employment thing, that pakistan thing, that inflation thing, and all these other things on your plate. I won’t bore you with the details today (1); that it seems is the job of the media nowadays, and who am I to step into their exalted shoes.

I’m writing this open letter because it is fashionable to write open letters. Today, to you. Because you’re famous! Maybe the thought process is that if I write a letter to a famous person and he actually reads it and my goodness, mentions it in a speech…that would kinda make my resume a lot stronger than it is.

That’s pretty much the main reason. If you should find this attractive enough to make me finance secretary, I would thank you and then run to the hills because I’d be scared like hell for my country. (What does a finance secretary do anyway? Note down inflation? In shorthand?)

The other reason I’m writing this letter is that I’m seriously surprised you got this many seats. I figured you would win. But not by this much. This should embarrass me, but it doesn’t. Because I don’t believe in predictions, and largely run with the trend. You are the trend and you have trended big time. I didn’t think you would, but you did, and did many technical analysts proud enough to call you a “Breakout from Resistance”. So yeah, that. And Congratulations.

What I would like to see - and I have no idea if you can help me - is a lot less of your importance. You say less government, more governance, so yeah, let’s do that. But here’s this drip:

  • The government owns 70% of the banking system
  • The government owns all of the railways
  • The government owns a behemoth loss making tax payer funded airline
  • The government owns fertilizer companies, oil companies, telephone companies, a TV channel, radio channels, and even stakes in private companies.
  • The government owns too many industries like coal and minerals and liquor distribution.
  • Mumbai and Delhi are 60% of all the deposits in the country. And for good measure, since private parties need to set up where the government is set up.

If the one thing you do is to seriously change this statistic by the time you are done, I promise you this:

I will not write you an open letter again.

Please accept my best wishes. It’s been a long time since the country I live in has inspired me with its vision for a great future. I am told now that this is it. I am told now that you’re the hero. All we need from you is to ensure, by the time you’re done, that we don’t need another one.

Regards,

Deepak Shenoy

P.S. (1) To long time readers: Only for this post, folks. You’re going to suffer my fancy charts for a while.

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About the Author:
http://www.capitalmind.in
The man behind Capital Mind. Deepak is a co-founder at MarketVision, a financial knowledge company. Deepak also provides data research and consulting services, and now lives in Bangalore. Connect with him at deepakshenoy@capitalmind.in.

8 comments “Yet Another Open Letter to Narendra Modi”

Your government is also a monopoly buyer of wheat. For which, surprising for a monopoly buyer, it sets the price. Unfair trade practices, anyone?

lol. had fun reading this.

Hey Deepak, remember me? We met at your office with Kartik.
Anyways, damn good article, a pleasant deviation from the stereotype open letters and makes a lot of sense.
Best,
Ranga

Thanks Ranga! Good to see you here – let’s catch up if you’re game?

We want Deepak Shenoy for FM! ;)

Hey Deepak,
I’m a long time lurker to your website. I’ve always admired your writing for no-nonsense and practical view of things – cutting away all bullshit and mystery which is normally surrounded with all things Finance. And another aspect which makes me a regular reader (and the reason i’m commenting today) is your writing style. So clear and fluid, such lovely framing of words. This article is another example of your outstanding writing.

Thanks for all the good work.

— Rishi

Thanks Rishi! Deeply appreciate your writing in and I hope you turn into a non-lurker!

Did you forget LIC of India in the list of what govt own? But, may be, public is more confident to own those life policies for the reason it is GOI-owned.