Too much money can drive people nuts. Perhaps India’s huge reserves – around $300 billion – has exposed the clueless top dogs at M/o Finance and RBI finally concede their inability to deal with a never before situation of surplus. Looks like they are itching to get it out of the way quickly so that they get back to familiar terrains of penury and economic destitution.
Their strategy? To ride on all their inexperience of fund management and set up India’s sovereign wealth fund (swf) to invest in risky energy and financial assets overseas – on the lines of Singapore, Abu Dhabi and even China.
Vinay B Nair of Wharton Center explains why it is a bad idea.
Politicians are famous for economic apathy. But know what it takes for their lot of under-privileged to buy a strip of paracetamol!
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