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Who Does the Modi Sarkar Really Represent?

The urban middle class, the rural folk and businessmen are all getting restive

 

Prime minister Narendra Modi’s personal popularity as well as the hopes and expectations from him continue to remain extremely high. He has just returned from a triumphant visit to three nations and the fawning adulation of the Indian diaspora. But, as his government gets set to mark a year in office, even his most vociferous supporters must admit to a sense of confusion about the government’s priorities that is conveyed through its actions and the negative narrative of the mainstream media.
 
Modi sarkar’s innings started with three major programmes. The first was JanDhan Yojana, which claims to have opened over 140 million bank accounts for un-banked people. It is expected that over 33 types of subsidies will eventually find their way into the JanDhan accounts, which come with a RuPay Card (with an inbuilt accident insurance cover paid for by the National Payments Corporation of India, so long as the Card is used at least once in 45 days), an overdraft facility of Rs5,000 and life insurance cover. 
 
While JanDhan is touted as a major success, there is no clarity on how many new accounts were actually opened and how many will remain unique after eliminating duplicates. Bankers openly admit to intense pressure and impossible targets set by the finance ministry to report a large number of accounts opened. They admit that intermediaries took the same set of people from one bank to another to enable them to fulfil targets. 
 
Some say that a large number of the defunct no-frills accounts (210 million) that were opened under the diktat of the Reserve Bank of India (RBI) in the past few years have been reactivated. This time around, they have been linked to the core banking system to enable the credit of government subsidies/benefits into them. But that is not enough. In rural India, where bank branches are few and far, transactions can only happen through banking correspondents. 
 
This last-mile linkage between account-holders and the bank is yet to happen. Nobody is clear what shape this will take or the safety and security issues involved. More importantly, account-holders will be able to avail the proclaimed benefits of overdraft, insurance, Aadhaar linkage and RuPay Card only when this linkage happens. Before that, will the prime minister (PM) ask for a detailed audit and honest appraisal of JanDhan accounts and order the cancellation of multiple accounts? JanDhan accounts have been opened with minimal KYC (know your customer) checks and could easily become conduits for laundering black money. 
 
Another important priority for Mr Modi was the Swachh Bharat Abhiyaan (Clean India Mission) which includes toilets for all. After the initial blaze of publicity blitz about its celebrity brand ambassadors, this campaign too has waned. Basic issues of sweeping and garbage disposal, which are the domain of local municipalities (including segregation and recycling), remain neglected in most parts of India. The Digital India Programme is the only major initiative launched by the PM, which is apparently moving with speed and efficiency; but the public knows little about this.
 
Interestingly, while three major initiatives of Narendra Modi sarkar have yet to impact the lives of ordinary people, a series of other actions, or failure to act, is agitating different segments of his support base.  
 
The urban middle class, fed up of dealing with corrupt government, stifling red tape and crumbling infrastructure, was looking for Mr Modi to deliver growth and governance. The rural folk had hoped to see better markets for their produce and jobs. Business and Industry expected less of red tape, better labour laws, a stable tax regime and an end to taxtortion and retrospective actions. Today, there is creeping despair among all these stakeholders about the lack of action and direction.
 
The government would argue that it has set in motion processes that would eventually lead to achche din. But is the hurried launch of new institutions without a proper roadmap and shutting down failed relics the right way? The Planning Commission has transmogrified into Niti Aayog but nobody is quite sure about its role and whether it will fulfil the objective of being lean and effective. Debashis Basu, our editor, explained in his Business Standard column, how Mudra Bank had been hurriedly set up without touching dozens of legacy institutions and schemes that had failed in the very same objectives over the past decades. All of them continue live off taxpayers’ money. 
 
If this were not enough, business is chafing at slow reforms, pursuit of retrospective taxation cases and the apparent intolerance of this government to criticism. Gung-ho foreign institutional investors (FIIs), who had driven the Sensex to all-time highs with a Rs2,80,000-crore net investment in 2014-15, have been badly hit with a massive minimum alternative tax (MAT) claim of Rs40,000 crore. Every expert, including those who have little to do with FIIs, finds the action outrageous; yet, finance minister Arun Jaitley stoutly defended the tax demand with a set of dodgy arguments. Is the government being badly misguided by its bureaucracy? Or, has the Modi government learnt nothing from the unfair targeting of Vodafone by the United Progressive Alliance (UPA) that cost us billions of dollars of foreign investment? 
 
The new, longer income tax return (ITR) form requiring details of foreign travel and personal spending on such trips was withdrawn overnight after it sparked massive outrage over social media. Instead of targeting the most obvious founts of unaccounted money, the government’s Black Money Bill mainly seeks to arrogate more power to tax officials to harass and question people who have assets overseas. Whether it unearths any black money or not, the Bill is certain to unleash a wave of taxtortion. Why does the Modi sarkar continue to be led by the same abominable bureaucracy which has harassed law-abiding Indians for decades while lawbreakers escaped punishment? If the Congress is reduced to just 44 seats in parliament it is because of the massive loot by crony capitalists and a backlash against the government for creating a toxic environment for doing business in India. 
 
Narendra Modi had won people’s hearts and votes by promising to change all this. People were hooked on to slogans like ‘India first’ and ‘minimum government, maximum governance’. He promised to reduce the number of permissions required to set up business; but the bureaucracy is working overtime to do the opposite. 
 
Another mystery about the Modi government’s priorities is the decision to stake both goodwill and reputation on amending the Land Acquisition Bill. Since independence, our public sector companies and government regulators have amassed massive tracts of land and buildings that are extremely valuable today. Many are owned by loss-making institutions sustained by doles from the exchequer. The government could easily encash these assets and use the funds to revive public sector white elephants like Air India.
 
Wherever you are in India, especially in crowded urban centres like Mumbai, Delhi, Pune or Bengaluru, you will notice empty government buildings or large tracts of unused land owned by unknown institutions. Within a one-kilometre radius of our office in Mumbai, we have a training institute in crumbling disrepair on the arterial Veer Savarkar Marg. In a lane opposite it, is a huge Bankers’ Training Centre of RBI lying empty and a little further is the controversial Indu Mills, again in disrepair and ruin. Look around you and you will have plenty to report too. 
 
But Modi sarkar had no time to look; it preferred to amend the Land Acquisition Bill when acquisition by industry has always been iniquitous to landowners and controversial. Did Modi sarkar forget the special economic zones (SEZs) scandal? Why is it unwilling to think out-of-the-box, as it was expected to? 
 
So, the question is: Who is the government working for and why do its priorities seem so muddled?
 
(Sucheta Dalal is the managing editor of Moneylife. She was awarded the Padma Shri in 2006 for her outstanding contribution to journalism. She can be reached at sucheta@moneylife.in)

User

COMMENTS

Alkesh Patel

2 years ago

Just one sentence... there is always huge difference between writing such analysis sitting in the AC office, surfing some (vi)news channels AND the ground reality, that the common man experience. (clue: please look at your own MONEYLIFE POLL, where you have asked the question - How would you rate Modi Govt’s performance over the past 12 months? and the result so far is overwhelming 61% of your own readers say - GOOD.
It is over to you my lord. :-)

coupondesh

2 years ago

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vswami

2 years ago

Rider>

One more HERE :
http://www.jamestaylor.me/master-destiny...

vswami

2 years ago

Any such discussion solely confined and remorsefully limited to the simplistic 'material' side of life is not but destined to go on and on,to eternity,with no righteous conclusion or real solution in sight.

Nonetheless,Sporadic Reaction (to share own individual further thoughts):

No doubt, it is an undeniable 'fact of life', not an ideal 'life principle', to go by one's own individual perception/perspective,to drive oneself to say or believe that anything is
'good' to be emulated or 'bad' to be eschewed,- if not what looks better or the best- for the societal welfare.

And equally undeniable is the fact of life that none of we, the homo sapiens, believes what anyone else says or believes, especially if not just one but more ,- by and large and commonly agreed and unreservedly acknowledged to be equipped hence deserves to be heeded to or at least listened to and given due consideration, before forming one's own opinion and trying to put it across with an unadulterated altruistic outlook on life on earth/humanity of which the one constitutes just a speck/drop in the ocean.

Still,life has to go on; and is sure to continue to go on, as ever before, from time immemorial (named, 'yugas' in scriptures).

If interested to be enlightened, the only way appears to mind to read and try to understand what the renowned and widely honoured handful of 'spiritual gurus' have had to say/been saying; e.g. Zen of gone-by era, and few like Sadhguru Jaggi Vasudev* and Sri Sri, according to own choice and preference.

Welcome to "Edit" and share with the rest, if inspired to thinking and serving the common good.

> For the most plain / confrontational speaking, may care to listen here>

*Become the Master of Your Own Destiny

uttamkumar dubey

2 years ago

Disclaimer :We never want Modi/govt to fail.We criticize for good and this should be Answered honestly by the govt,alongwith Shouries statement.

Just copying the contents from facebook :
FAILURE OF MODI GOVT- Reason: Undoing Congress of 60 years. Laudable? Laughable? Regrettable?
For every failure of Modi Govt, the most common argument offered is "Have to undo what Congress did for 60 years". A lot of Modi bhakts have that argument on the tip of their tongue and now it has been adopted by others too who may not necessarily be bhakts but are swayed by the common discourse. To me, that is the most pedestrian argument ever.
Let us assume that Congress did a lot of scams, which is the most deep-seated grouse and a just one. 2G, 3G, Coal etc. But how does that effect the Governance of the present day Government?
A Government is always about doing things and not 'undoing'. As far as doing is concerned, BJP and Narendra Modi have put every possible promise in what they call the Manifesto which they released on the eve of the first phase of 2014 elections while other parties had released their manifestos well in advance. In addition to that, Narendra Modi made new promises in every rally of his. Let us enlist some of these promises and figure out whether "sixty years of Congress rule (SYOCR)" is actually stopping the Govt from doing the needful as Modi Govt and its bhakts widely claim.
1) The posts of Central Vigilance Commissioner, Central Information Co-missioner and Lokpal haven't been filled up in 8 months while Modi promised transparency.
2) Modi Govt promised to bring back black money. Now let us for once assume that the 15 lakh per person claim was just election rhetoric (Jumla in Amit Shah's words) and that the money will actually go to Government's coffers if it does come back. But the SIT deadline was 31st March 2015, what happened to that?
3) While Rajnath Singh furiously argued in the Parliament that farmers should have the right to refuse through a consent clause during the 2013 UPA land bill, they have very conveniently removed the consent clause in their own land bill.
4) Modi Govt promised increased MSP (Minimum Support Price) for the farmers, have farmers seen any extra MSP? In fact, so many farmers had issues of not getting Urea and the unseasonal rainfall and hail has worsened their woes. No wonder the rate of farmer suicides has shot up and is in fact more than what it was in the Congress regime in the preceding few years. However different state government including BJP's newly appointed Govt in Haryana are giving pittance as compensation for crop damage. Why no increased MSP, where is the compensation for farmers?
5) Why were the heads of so many IITs and IIMs vacant for months together?
6) Why is the growth in the eight core sectors which includes cement, steel, coal etc going down rapidly? It was 6.7% in November 2014, 2.4 in Dec, 1.8 in Jan, 1.4 in Feb and now -0.1 in March. One thing that Modi for sure promised was 'Development'. Do these numbers look like one of a 'Developing' country?
7) While motorcycle sales declined for the 6th straight month in March, sales of tractors were down by 10 per cent but indicating rural distress and distress among lower middle class. Sales of real estate in both residential as well as commercial sectors is down, with Ahmedabad being the worst in sale of commercial real estate. If there's so much development, why do people not have the money to buy things?
8) Narendra Modi promised to get rid of criminals in the Parliament and promised to have a committe to look into these matters within 6 months of coming into power. Where is that committee?
9) Narendra Modi promised OROP (One rank One pension) for the Army, has it been implemented yet? Especially, since he professes his love for the Army till no end. Infact, what his Govt did was to oppose benefits for disabled army men in the Supreme Court. So while Narendra Modi spent 780 crores of Government's money in just advertisements, he apparently has none for either disabled army men or farmers.
10) Arun Jaitley claimed that he'll change the income tax slab to 5 lakhs from the present 2.5 lakhs. That didn't happen, but what happened was a huge reduction of Corporate tax and his statement that "Middle class will take care of themselves".
I can go on enumerating these promises that BJP has made and miserably failed at, but that will take for ever. Now what do any of the aforementioned points have anything to do with 60 years of Congress rule? From growth numbers going down to distress in rural and lower middle class to promises of black money, OROP etc, how would 60 years of Congress rule have any bearing on this?
Fact is that Narendra Modi Government has failed in delivering after getting the kind of mandate they did in 2014 Elections and this "undoing 60 years of Congress rule" is the propaganda they hope the general populace will buy to not catch them by the scruff of their neck.
If Congress volunteers can get over the hyperbole they indulge in through hashtags like ‪#‎RGWithShivji‬ and get over peddling soft hindutva, they'd probably be able to counter such lame propaganda that they have fallen to.
And well for those who disagree with me and are eager to dish out the Congressi label for me, go ahead and do so, because that is the limitation of your intellect.
~Pratik Sinha

Disclaimer :No offence to person live or dead..

REPLY

tikku

In Reply to uttamkumar dubey 2 years ago

Very nicely written comment. I could never do so. But I wanted to say what Mr Dubey did. Modi stands a liar as he won elections on his promises and we now feel cheated. But there are Modi Bhaktas who are ready to give him time--may be 10 -12 years, and refuse to accept the truth. I am a soldier and we the soldiers voted him and see where we stand now?

J Pinto

In Reply to uttamkumar dubey 2 years ago

Pratik I am sure there are a lot of thinkers like you who are not blind bhakts. For some reason the bhakts, through smaller in number are much more active on the web. Let us not interpret their barking as having any bite.

tikku

In Reply to uttamkumar dubey 2 years ago

Things remain ditto--"ka nripa bhaye ka hani ka labh"--.Indian political parties can never work for the poor. There is no personal gain A lots of sacrifice is needed to do good for the poor which not many can do. Basically out mindset of years of slavery has not changed and we want money-money for our own folks sacrificing the interest of others.

Bal Gupta

2 years ago

One single fact has to be understood by all:
Namo may have not come upto the very exacting standards n benchmarks of the Intellectuals of this country.
The aam aadmi may also be feeling that he has not done much for him/her.

But the point is this: Could Manmohan Singh (under seize of the Family) have under similar circumstances done better?

Isn't Governance better now under Namo?
Aren't foreign leaders better connected with Namo?
When was it that MMS interacted one on one with any world leader?
Why does the FIIs find future under Namo brighter than under blighters like RaGa n SoGa?

Why can't these eminent writers see the difference in scam ridden UPA and scam free NDA?
Why can't these writers give a few years to Namo as against 50+ years of mid governance under Congress and UPA?

NaMo batters sell more and there is no dearth of people making hay while the Sun shines.

REPLY

tikku

In Reply to Bal Gupta 2 years ago

Some has to tell me if there is any improvement in governance. I think it has gone worse. Food price control is part of the governance as our country is full of poor people. Dal has become a luxury to the poor today. Rs 60/- was the price then, now it is Rs 100/-. Veg prices too has sored up. Any body any time can lift a girl and rape her, state of corruption at low level. effecting common man in everyday life is same. Why not face the fact instead of showing loyalty to Modi. He also promised one rank one pay to Defence forces and told the soldiers in Siachin that it has been granted. It was a blatant lie to win the vote of the jawans. Where is the OROP? I cannot see it even far away. Two of my mates have died without seeing OROP recently and I too doubt if I can see the day. I liked Modi initially but now Many wish to see his back as early as possible--and a large chunk are the retirees from defence forces. The ones still in service cannot speak freely.

J Pinto

2 years ago

Readers must not loose sight of the facts:

Government is for, of and by the RSS which is at the top of a Sangh Parivar. There are strong fundamentalist and militant elements which seek to convert India's multi-coloured pluralistic society into a single colour - Saffron.

Development (progressive, so acceptable) must go hand in hand with Hindutva (regressive divisive ideology, hence unacceptable)

Stronger the BJP gets the stronger RSS and hence Sangh Parivar gets.

The wisdom of Indian electorate has been repeatedly demonstrated. Hopefully they will be wise enough to deny BJP a majority in the states and hence the Rajya Sabha. Because taking the Rajya Sabha means a change in the Constitition of India.

Those who believe the BJP enjoys discipline and devotion to the nation , that BJP is different and abhors corruption should start by reading about G. Janardhana Reddy & B. S. Yeddyurappa

tikku

2 years ago

By the time "Achchhe din ayenge" half the poor people will die.---of high prices, and negligence by the Govt.

S.S.A.Zaidi

2 years ago

All who are Commenting OTHERWISE On sucheta .s article, shud have seen Aroun shouri talkking to Karan Thapar on a talk show tonight IT was MORE OPEN AND HONEST--so pls dont criticize sucheta very upright journalist who doesnt nmince words ,says what she honestly feels must be said n written. pick up a thread from there and ponder is achchey din really aa gaye

AB KOI YEH NA KAH DEY MAIN MASKA LAGAA REHA HUN--(LATTERING TO CURRY SOME FAVOUR)

REPLY

Janakiraman Rajalakshmi

In Reply to S.S.A.Zaidi 2 years ago

Thank you. What Arun Shourie says does make a lot of sense. So is Sucheta Dalal's assessment.

The more I try to understand the more confused I become. S.Gurumurthy of RSS praised & praised the Mudhra Bank. Debashis Basu thinks otherwise.

atul naik

2 years ago

A person who has never played cricket is teaching Sachin Tendulkar how to bat.

atul naik

2 years ago

A person who has never played cricket is teaching Sachin Tendulkar how to bat.

achyuta venkatesh shenoy

2 years ago

I thought the author would have told "Who does Modi Sarkar really represents" The author seems to be confused like any other citizen.I think Modi Sarkar represents a section of the society which is having Ache Din. For the time being it seems that Politicians of all hues are having Ache Din.

tikku

2 years ago

For millions of account, thousands of banks are needed. The needy,ie,our villagers hardly have accounts even in post offices. No money, no bank accounts needed. Amazing Modi knowledge reflected here.---

S.S.A.Zaidi

2 years ago

Very well commented upon.I wish whatever has been highlighted in the article is taken notice of by the people who matter and corrective steps are taken
Zaidi

LALIT SHAH

2 years ago

Congress ho ya Bjp Both are same under the cloth
JANDHAN 1200000000*5000=means 600000cror

Dr Subramanian Swamy on black money, hawala, Rafale, taxes and politics
Dr Swamy replied to a volley of questions on a wide range of issues like black money, hawala, taxation, Rafale deal, real estate registration costs and politics with his characteristic humour and candour
 
Dr Subramanian Swamy, arguably India's most fearless politician and a renowned economist was at his best while replying to a volley of questions ranging from black money, taxation, hawala to politics. A packed audience comprising eminent lawyers, chartered accountants, senior consultants and citizens saluted his courage to be ‘politically incorrect’ by giving him a spontaneous standing ovation. He was speaking at a seminar on the Black Money Bill organised by Moneylife Foundation in Mumbai.
 
Here is a selection of questions from the audience and Dr Swamy’s replies.
 
Anil Harish (eminent lawyer, investment and taxation expert): India historically has very high income tax rates and that was perhaps the time when  maximum amount of money went out of the country for two reasons. One to avoid tax here, what you call as evade tax, and second because foreign exchange regulations were so tight. So historically, the money had been going outside India. If one were to go through the measures you have suggested, do you not think that it will take a very long time since other countries also have voluntary disclosure schemes such as US has Fbar scheme. They are able to get in a lot of money there, I know, because many persons in the US, consulted us and they disclosed and paid the tax. Do you think the method that you have suggested will be more effective and practical than a law such as this, in terms of time and in terms of quantum of money? Because all of us are interested in the money coming back. It is much better for the country. Yet we have to find a most practical way.  
 
Dr Swamy: Well, the practical way should not penalise honest taxpayer. There are large number of honest taxpayers in our country, who go through great deal of harassment but still continue to pay the tax. In a sense, what you are doing is rewarding those who had violated the law. And this is not even a plea bargain. They are only going to tell us who else has the black money, many of them know. They are only going to get relief. There is no assurance they would not do it again. The trigger is to do with the fact of high tax rates. Even today, the tax rates, in my opinion, are unacceptably high. We have a need to have a much higher savings and if you abolish income tax, there would less paperwork, which is there due to the exemptions. If you abolish the income tax, then you begin the new process where fresh generation of black money is going to be discouraged as a consequence. 
 
Second is how much time did they take for Hosni Mubarak's accounts to be seized? They took seven months. Same thing with Gadhafi. In case of Marcos, it took a year and a half and that was 1991-92.  Things have become much tougher because of this terrorist financing, and the US is very sensitive to this. Therefore, I think we should not go for a system where we are lenient to those who broke the law. 
 
In India, we appear to be lenient to those who break the law to the extent that those who adhere to the law are found to be silly. It is imperative that India's black money be brought back and a big chunk of it should go into savings and investment in the Indian economy.
 
Black money is a severe problem and Indian can go to the extent of abolishing income tax to solve the black money problem.
 


Xerxes Dastur: The cost of tax collection is very high. The procedures are severe. Recently introduced 14-page Saral income tax return form (and taken back by the government for re-work/ re-design) is very complicated. The complete form for income tax return may be even more complicated. Will the government help the honest taxpayer by simplifying matters?
 
Dr Swamy:  There should be a national demand from the public – a national movement – to abolish income tax. It taxes predominantly urban middle class and young professional class. In rural areas, agricultural income is not taxed. Rich people anyway have chartered accountants (aside – not like the chartered accountant, who is asking the question). The ordinary taxpayer is the one who goes through hell in adhering to the law. Abolition of income tax will have a salutary effect on the rate of savings and investment in the Indian economy. Britain had done so to encourage its Industrial Revolution during the period 1816-1842.
 
Ameet Patel (CA & Partner, Manohar Chowdhry & Associates): The Black Money Bill asks those with black money to come forward and disclose it. The filled declaration will be treated as information and not as evidence to prosecute. Why is Prevention of Money Laundering Act (PMLA) excluded from the list of laws for which it will not be used as evidence?
 
Dr Swamy: Black money, which violates the Act can lead to attachment of property under PMLA. This is a powerful deterrent against generation of black money.
 
Question: Since there seems to be a cartel amongst all the political parties in the country, is the Black Money Bill just fire and brimstone, or will there be any tangible action?
 
Dr Swamy: The Bharatiya Janata Party (BJP) is not in any cartel. There will be tangible action. Even when the 2G scam was being investigated, there was a fear that it would not lead to action. Justice Ganguly and Justice Singhvi changed the whole course of the country and there has been strict action on wrongdoers. However, in the case of black money, there is no need for a public interest litigation (PIL). PIL is sustainable in Court only if the government does not perform its statutory duty or if the policy itself is arbitrary or unreasonable. When the government is working on it, courts cannot intervene. There will be action taken by the government in the black money case.
 
Question: In the defence purchase plan, what will you be doing about the Rafale aircraft that are going to be purchased from France?
 
Dr Swamy: The government has immediately responded to what I have said. The old deal as envisaged is being scrapped. It was a deal between Sonia Gandhi and Nicolas Sarkozy (then President of France). No country was buying the old Rafale aircraft, as the radar was old and the fuel consumption too high. I met Defence Minister, Manohar Parrikar, and the old deal has been closed. The bribe taken in this regard may have to be returned by the Indian wrongdoers. In the new situation, India will buy 36 aircraft, which will be built in France. It will have a new radar. It will take two years for India to acquire the modern aircraft. There is no corruption now. There will be no PIL from my end. My work is done.
 
Question: What is your view on black money generated in the real estate sector?
 
Dr Swamy: This is the toughest question. In the real estate sector, there are problems of stamp duty, and registration fees, which are paid by the public at a lower value. Undervaluation of property for this is a problem. All these government fees/ duty should be abolished. The market should be operating freely for buying and selling. If there is a major overhaul, black money will not be generated in the real estate sector.
 
Question: Are you disappointed with the BJP government in its handling of the black money problem?
 
Dr Swamy: The BJP can do the work. It does not have any of the inherent problems of the Samajwadi Party or the Congress Party. There are four years to go for the BJP government and it will go to the extent of recovering the black money. I am not disappointed now. If I am invited again next year, I will let you know if I am disappointed at that stage.
 
Question: Are politicians themselves involved in generating black money? Are NGOs and trusts of politicians doing these things?
 
Dr Swamy: That is not correct. Politicians are not doing it. Where politicians are involved in commercial transactions, the government should see if there is any wrongdoing. Let us start by generating some enthusiasm. Income tax should be abolished. The public can even be asked to donate to run the government. If we work one-step at a time, corruption will go, and black money will not be generated. 
 
If you ask me how many politicians, who are members of Parliament, are honest, the answer is 75%. During the elections, it is possible for money to be an issue. If the party leader gives money to the MP, at the time of election, it is a problem. If the party leader is corrupt, it is a problem. If we work on corruption and black money, the problem will be solved and honest people will be able to stand on their own feet.
 
Question: Is the current Finance Minister not doing enough and is he Congress-like?
 
Dr Swamy: The Finance Minister is a brilliant lawyer and he works hard with a different approach. The Reserve Bank of India (RBI) Governor should have been sacked for making the cost of capital so high that the manufacturing sector is affected adversely. RBI has increased interest rates to control inflation at too severe a level and this is not correct. If we say the patient’s temperature can be brought down by killing him, it is a severe approach. RBI’s inflation control measures have been severe. However, the Finance Minister is continuing with the same RBI Governor. The Finance Minister has no malafide intent and he is doing his best.
 
Question: Why is there no action taken against NDTV and P Chidambaram?
 
Dr Swamy: There is no tax evasion issue against NDTV. NDTV is not a severe case. P Chidambaram is also not being punished correctly. I have only 24 hours to work in a day. There are more severe cases like Aircel-Maxis and Swan-Etisalat deal.
 
Question: Has there been the hurried induction of a Judge in the SIT, who is close to Sonia Gandhi?
 
Dr Swamy: This is for the Supreme Court to decide. There can be custodial interrogation. The SC judges are receptive to my getting into the case. However, the court must decide. No comments from me.
 
Question: Is the underworld involved in the black money problem?
 
Dr Swamy: The underworld is not involved. There are hawala agents involved which is illegal. These agents can route the money abroad through Dubai. In Dubai, names of the Indians are revealed to banks abroad.
 
The Inter-Services Intelligence (ISI) of Pakistan is involved to the extent of having the information. Pakistan has an idea on which Indian politician and how much money and in which bank it is stored as black money abroad. This is dangerous to India.
 
The government must first arrest all the hawala agents. The government must work on the problem of money being sent abroad.
 
Question: There is a problem of black money within India and the government must deal with it first. What are your views?
 
Dr Swamy: I am outside the government. There are priorities in investment and this is because the rate of return of a business dealing in luxury items is high. On the contrary, an ordinary business generates a lower rate of return. This leads to wrong priorities and black money generation. The economic impact of black money is severe and the public must express its anger in a concrete way.
 
Question: Does the government need to go after the FIIs to solve the black money problem? Also, you views on the Hassan Ali case?
 
Dr Swamy: The answer is needed from the government and the Prime Minister. In the Hassan Ali case, the Supreme Court is looking into it. The outcome will not affect our party. It may affect friends in other parties. Is he fronting for somebody and for whom? I am not in a position to give an early response.
 
Question: Will there be Rs15 lakh more in everybody’s bank account, when the black money has been recovered?
 
Dr Swamy: This is just a joke. The Prime Minister (Narendra Modi) has not promised it. The next time I meet him, I will tell him. Two woman lawyers in the Supreme Court also asked me about this. As they were members of the Congress Party, I told them to get their share by asking Sonia Gandhi.
 
Question: Are co-operative banks also a part of the black money problem? Co-operative banks have dual regulation and are a common instrument in the hands of those who have black money. Many politicians have started their own co-operative bank.
 
Dr Swamy: Co-operative banks are a part of the problem and not the problem by themselves. When there is an epidemic, you have to go to the root of the problem. We just have a mental attitude that corruption is all right. 
This Black Money Bill is not sufficient for elimination of black money.
 
Question: Are religious organisations and trusts also part of the black money problem?
 
Dr Swamy: I am a believer in the renaissance of the Hindu religion. So far, religious organisations and trusts are not a problem. Where there are exceptions, please write to the Special Investigation Team (SIT). If you write to me, I will look into it and send it to the SIT.
 

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COMMENTS

vswami

2 years ago

Ref.ICL Blog > The Black Money Bill: Piecemeal and Superfluous

More thoughts since shared may be viewed on Facebook

vs

vswami

2 years ago

Here is another 'Dr'' s view; which may (or not) be, stopping short of a 'prescription' of a 'remedy'. The only reason, as imagined, is the simplistically overwhelming enormity of the most dreaded social evil; which,at best,be regarded a plain speaking/ 'pep' talk:

The Black Money Bill: Piecemeal and Superfluous (ICL Blog)

REACTION (OFFHAND)

Can anyone see, rather afford to wisely/prudently miss,- the connectivity / or inter-relationship of above < - wholly a 'money' related matter, and the quotes below*, an exclusively 'life values' related (call it, spiritual or by any other name one prefers)


*Inviting GRACE, et al - Sadhguru

> Attachment vs Love

Sadhguru says: "What is attachment? Attachment is a state of binding oneself with personal ties and bringing oneself into association with another. I believe it occurs in all relationships, when there is discomfort and fear of simply being in the moment- a fear of the unknown and of losing the love we feel. This fear propels us to attach..."

>> Become the Master of Your Own Destiny

"Create your own destiny and start with your own idea of your perfect life, including all of the things you want right now. If that includes a better fitness routine, weight loss, better health, career adjustments - even if your to-do list is long - small changes can make a big difference..."

>>> Becoming Receptive to Grace
"Grace in Christianity is the free and unmerited favour of God as manifested in the salvation of sinners and the bestowing of blessings. It is God's gift of salvation granted to sinners for their salvation. Common Christian teaching is that grace is unmerited mercy that God gave to humanity by sending his son to die on a cross..."

Ralph Rau

2 years ago

Dr Swamy loves to court controversy and enjoy the limelight. He prooves that all publicity increases "share of voice" and is therefor good publicity.

His suggestions are nothing but wishful thinking.

Prior to the election the BJP spoke wishfully about abolishing income tax and this would have made the general public more favourably inclined towards the party.

There is no reasonable basis for abolishing income and property taxes and further widening the wealth gap. It is sufficient if the tax free limit is adjusted annually to cover inflation. This way at least the aam admi will not be squeezed.

B. Yerram Raju

2 years ago

As Dr Swamy says, he is not part of the Government. If he were part, the replies would have certainly been far different.

As regards cooperative banks, they are not the source of black money. Dual regulation is often put as eliby. All the banks work under dual regulation: SEBi, RBI and even the third one, GOI in so far as public sector banks and foreign banks are concerned. The pity is, for cooperative regulators, the regulators do not understand their domains. The Registrar is not accountable to the regulations he imposes,which he hardly knows. By the time he gets to know them at the expense of the sector, he gets transferred.

Governance and management are issues in cooperatives and the sensible legislative interventions are not acceptable to any body politic in this country. Cooperatives are in irremediable situation.

Modi Government should do skill building and knowledge building of the politicians simultaneous with the skill building of youth as a top priority. The recent move to give away Rs.25cr as MPLAD fund is the surest route for black money accumulation in this country.

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