vina wrote:I am skeptical about that Bloomberg article. Gold doesn't strike me as something we'd leave lying under the ground if it could be extracted, considering its univeral desirability. I think Occam's Razor applies - we really don't have any significant known gold sources.
By your logic, so should we "not" have done the same with oil and gas , but we did exactly that and thanks to the idiotic interference in product pricing history of the Govt of India, we will continue to do so as well. Exact same thing with gold.
Trouble is, India does NOT have the technology and the capability to extract anything below 50 ms or so below the ground, including coal. We have NO deep underground mines (yeah, I know the KGF mines are the deepest man made hole in the earth, but that is historical, not recent).
Jot another win to the Baboon driven system and it's proclivity of shooting our own feet out from ourselves. The entire price fixing on a "return" of capital basis and the consequent command and control and micromanaging of investments, operating decisions and product pricing by Baboons and Mantri in Delhi has been a total disaster , especially in Oil and Gas and also in power. Yeah, the Modi Govt has freed pricing for new "marginal and difficult to reach fields" (whatever that means, again more Baboongiri and litigation ) . But that is really in line with it's strategy of making "headlines" and not doing much in substantive terms. This is more in line with the "tax of 25% for new business and startups" , "no taxes for next 3 years for startups" .. which is kind of inane, when you don't expect any real cash flow from most new business in 3 years anyways. What about the REAL substantive point , of cutting taxes as promised in the 2015 budget to 25% over 5 years and what has been the movement ? You get some waffling noises at best .
Isn't it better to use external sources of gold and pertroleum first before exhausting domestic reserves? And don't be nonsensical, Indian landmass is one of the oldest ones, making it very very unlikely to contain large reserves. I didn't bother reading the rest of your rant.
That's the problem with leftists and congi supporters, talk to them about oranges and they'll bitch about completely irrelevant and then utter something moronic like "cow+marx!!!!", as if that's supposed to mean something. This childish name calling might make you and other leftists think you guys are uber smart and cool, but it generally comes across as awkward and stupid.
Next time, instead of ranting, try replying to Suraj's comment in a more coherent manner. No one is stupid enough to sit on gold reserves, India is low on gold and I won't trust a western hackjob of a newspaper, run by american banker.
I don't know why these western propaganda articles are posted here as if the westerners care about the Indian economy or people or it's future. All they want is profits. They'll blabber whatever gets them the maximum profits.
They are psychopaths of the worst kind, you haven't nothing yet.