State-run Indian oil companies continue to bleed close to $70 billion a year while Indian Government continues to subsidize petroleum products creating hyperinflation in energy and food
Harish Baliga
May 10, 2008

Indian Oil, Bharat Petroleum and Hindustan Petroleum have lost Rs 78,000 crore on fuel sales in 2007-08. If the cruse oil price stays where it is today, the losses will double in the coming fiscal year.

India has followed the communist or socialist policies of China. The Government kept the oil price lowered to gain popularity of the middle class.

These oil companies are Government owned just like in China. Deficit financing and foreign direct investments fund these losses. Indian energy policy is a disaster. The Government and its incompetent ignorant and little informed politicians and bureaucrats have created this bubble in energy and food related commodities.

Indian oligarchs like Tata is selling $2000 cars to Indian middle class. Families that hardly make $150 a month are buying these cars on credit card and personal loans. Now these families have difficulty in putting food on the dinner table as grains, vegetable, fish, eggs, diary prices experience hyper inflation.

India imports 73 per cent of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record 125 dollars per barrel, while rupee touched its 13-month low.

Indian fiscal policies are based on assumptions that India will be able to grab billions of dollars from US and Europe through trading its professional brains (bodies – the modern day cyber slaves or cyber coolies) at a cheaper price to offset all the problems of hyperinflation. Some one is daydreaming. The problem is that the same person is also incompetent, ignorant and little informed caved into the walls of New Delhi.

State-run Indian oil companies continue to bleed close to $70 billion a year while Indian Government continues to subsidize petroleum products creating hyperinflation in energy and food
Harish Baliga
India has followed the communist or socialist policies of China. The Government kept the oil price lowered to gain popularity of the middle class.
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