Sunday, August 1, 2010
Tajmahal
India: Solid GDP growth, weak public finances
India's fractious politics keeps government debt high. Source: Google Images
In an earlier post, I discussed a theory I developed that democratic countries with divided, often coalition, governments generally produce weaker public finances than countries where two dominant parties alternate in power. India is the posterchild for the former, with government debt at about 80% of GDP, very high for an emerging market economy. In order to keep weak coalitions together, governments must buy off constituencies, at the expense of sound public finances. We shall see if India’s current government led by the Congress Party can deliver on promises to reduce the government debt burden.
India’s weak fiscal position (with government deficits at around 6% of GDP) have constrained its credit ratings to low investment grade. Below find a press release issued today by Fitch in which the rating agency adjusts the rating outlook on India’s sovereign bonds to stable from negative, not due to improved management of government finances, but to stronger GDP growth prospects. The one-off positive impact on government accounts of recent telecoms auctions also helped sovereign creditworthiness.
CSFB published a note today (also below) explaining how output growth is starting to bump up against capacity constraints. Fitch forecasts output growth at a healthy 8.5%, though the Reserve Bank of India might tighten monetary policy, keeping the expansion in check. This is because of another important characteristic of Indian political economy – political sensitivity to inflation. India is a populous country with high levels of poverty, so when inflation creeps up even a point or two, especially for food prices, people starve (or at least become more malnourished). In a place as big as India, this can mean millions more malnourished people. Complicated policy making…
Source:http://risingpowers.foreignpolicyblogs.com/2010/06/14/india-solid-gdp-growth-weak-public-finances/
Auli
Auli is a comparatively recent addition to the tourist map of India. Located in the Chamoli district of Uttarakhand among snow capped mountains, this small town is fast becoming one of the major tourist attractions of Uttarakhand. The main attraction of Auli is skiing. It is considered by many to be the best skiing slope found in Asia. Skiing in India is catching up as a popular winter sport. The vast snow-capped landscape and the perfect slopes flanked by oak and coniferous forests make Auli an ideal destination for skiing enthusiasts. November to March is usually the skiing season in Auli.
The landscape of Auli is a visual treat with the Nanda Devi peak standing tall amongst the mountains facing the snowy slopes. The Hathigauri, Neelkanth, Comet and Eravath mountains present a spectacular panoramic view from Auli. The area offers splendid trekking routes to adventure lovers. A ropeway from Joshimath to Auli is one of the longest in India, extending to 4.15 kilometers. Auli is also the venue for the National Winter games in the months of February and March. Among the other interesting aspects of Auli is the grazing land spread over 6 kilomteres, known as Byugal in the local language. A large number of colorful flowers blossom during the monsoon.
The population of Auli in Uttarakhand is composed of Tibetans belonging to the Bhotiya ethnic group. Hinduism is the chief religion practiced here.
There are many scenic and interesting spots around Auli. Joshimath, also called Jyotirmath is the site of one of the four religious centers established by the Hindu religious saint Adi Shankara. Badrinath, and Hemkunda sahib are among the famous religious centers located close to Auli. The valley of flowers is known for the colorful flowers that blossom there.
Pithoragarh is another important tourist destination near Auli. Pilgrims to Kailash Manasarovar trek through this scenic town. The town of Bageshwar has many historic temples including the Baijnath temple, believed to have been built by the Pandavas. Almora is another important district near Auli. It is famous for many old temples.
Auli is attracting an increasing number of adventure lovers and vacationers each year. Thanks to the promotional efforts of the state Government, this little hill station is already a major contributor to tourism in Uttarakhand.
Touristplacesinindia.com offers all inclusive tour packages for Auli and other places in India. Please contact us for the same
Pithoragarh is another important tourist destination near Auli. Pilgrims to Kailash Manasarovar trek through this scenic town. The town of Bageshwar has many historic temples including the Baijnath temple, believed to have been built by the Pandavas. Almora is another important district near Auli. It is famous for many old temples.
Auli is attracting an increasing number of adventure lovers and vacationers each year. Thanks to the promotional efforts of the state Government, this little hill station is already a major contributor to tourism in Uttarakhand.
Touristplacesinindia.com offers all inclusive tour packages for Auli and other places in India. Please contact us for the same
source:http://www.touristplacesinindia.com/auli/
India Tourist Destinations
Like a rainbow that colours the infinite sky, India paints the world with her magical hues. India is a dream holiday that rewards every traveller with her endless tourist attractions. To explore India is to discover a land gifted with everything that makes up for a perfect travel package.
And if you want to experience the magic of India, we are eager to offer our services. For itinerary planning, travel arrangements, hotel bookings or just tourism information please surf on. It would be our pleasure if you travel and discover India with us. "Trust & Satisfaction" is what we deliver.
source: http://www.touristplacesinindia.com/
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