Well let us understand some numbers. India's population is 100 crores. With a per capita income of Rs 30,000/- the GDP is Rs 30 lakh crores. This is Rs 30 trillion.
(One Trillion = 1000 billion = 1000 times 100 crores = 1 lakh crores).
Phew! Finally got the maths through!
Now, in today's news, the IMF says that sub-prime / financial sector losses are likely to reach one trillion US $.
This is equal to 42 lakh crore Rupees, or, more than the GDP of India.
Who did it ?
A few hundred (or thousand ?) financial sector smart guys, receiving millions of dollars in salary and bonuses, driven by greed have almost managed to destroy the American Financial Sector.
Reforms or retrograde step ?
In India, we want to hand over our Banks and Insurance Companies and Hard earned provident Fund money to these fellows. And this is called 'reforms' ?