How To Reverse Recession And Remove Poverty In India
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There has been very few economic systems which have been tried and tested over the last two centuries at least. Socialist system had failed miserably resulting in disintegration of soviet block. Capitalistic system has survived so far but ultimately it is going to drown all the developed and the developing nations of the world with no solution in sight . Worlds top Nobel prize winners are sitting helpless over the ruins of earth quake created by the capitalistic system. The world renowned economists have only three things to offer namely the INTEREST RATE ,INFLATION RATE AND THE EXCHANGE RATE. They CHANGE THESE RATES frequently BUT WITH ZERO RESULT. I have created a new financial instrument which is interest and tax free system and has tremendous appeal because it works according to human nature and is full of incentives . It removes the interest and at the same time all types of taxes by choice. It is an out of the box solution unknown to economic world. Float interest free bonds with different conditions which are full of incentives so that every person is forced to buy these bonds in bulk as early as possible because the incentives decrease as the time passes. 1. 60 % discount on the sale of goods or services if purchased by bonds and not by Rupees but these bonds will only replace the actual currency in public sector and not in private sector where actual currency will be used . 2. At least 100 % return in less than 30 days if 100,000 thousand Rupees are spent in purchasing these bonds . 3. One hundred billion prize money to be awarded to lucky winners(one hundred thousand winners of one million Rupees ) picked up from these bonds EVERY DAY . 4. Looted or tax evaded money will join the depleted economy by offering 10 million duty free on the option of surrendering 1000 dollars to the state bank of India . (Only for one month)This option applies to goods purchased inside the country where duty applies and to all imported goods but this option will have to be used within one year of date of purchase. The govt declares a tax free country because of tremendous amount of funds generated by these incentives so all kinds of black money will become white and will enter into the economy resulting in tremendous boost to the present economic situation. 5. It is expected that at least few years of budget will be in government coffers in less than 24 hours and much more within a month .By the year end the amount collected by the state will be at least 100 times more than the annual budget. The funds thus collected are not debt and hence not be refunded or paid any interest on these funds . 6. At least 50 Millions employed to sell these bonds not on salary but on commission with a fixed quota per year for each agent . 7. Industry will multiply like mushrooms as there is no duty and no tax. 8. Production cost will be less than half so the cost of living will also decrease tremendously. 9. As the government is not spending any funds to implement this system so hence there is the Zero risk to the economy . 10. Salary of all government servants will be increased to three times which will reduce corruption to a great extent . 11. Seeing is believing but you have to read the book. 12. Million dollar reward is offered to prove my theory wrong. FRCS, PhD PhD. Economics, Finance and Business Administration, USA