Why’s Arvind Kejriwal silent about the massive loot of banks by large and small businessmen and politicians?
Arvind Kejriwal is, without doubt, one of the sharpest minds on the political scene today. His guerrilla tactics of destabilising established power centres has won him an impressive victory in Delhi and his anarchist ways and disregard for rules has only increased his following among disenchanted Indians who want change at any cost. His followers are uninterested in facts and details. So, if one asks Mr Kejriwal why target Mukesh Ambani alone and remain silent about others, he could well argue that he will do what he can and it is for others to take up the rest.
He has probably calculated that training his guns on public-private partnerships in bijlee and paani will yield better political dividends than issues that do not affect the aam aadmi directly, or are less catchy. But even taking all these calculations into account, one cannot help wondering why Mr Kejriwal is silent about the biggest source of the loot of public money and the watering hole of all dubious capitalists—the frightening amount of bad loans run up by public sector banks.
In this context, one also wonders about the silence on the Rs7,000-crore largesse, in the guise of corporate debt restructuring, handed to ‘pepper spray’ Rajagopal, the founder of the flying Lanco group, who has run up huge losses and gets bank funding with ease. There is similar silence about Vijay Mallya of Kingfisher Airways, who also owed Rs7,000 crore to Indian banks. One could list many more who are not in AAP’s crosshairs. But one can’t help wondering why they are not.
Moneylife’s online survey on FMP shows that 25% of the respondents do not invest in FMP. Those who are aware of the tax benefits and decent returns do not shy away from FMPs. What stops others? Lack of clarity and dearth of reliable advice is to blame
Moneylife online survey on fixed maturity plans (FMPs) received 372 responses. At first glance, the survey shows that 25% respondents do not invest in FMPs. If you do not have tax liability, or are in 10% tax bracket, it is better to avoid FMPs. Some 10% of respondents have, rightly, given this as the reason for not investing in FMPs. The survey, and emails received, showed that although people are interested in FMPs, they have to grapple with lack of reliable advice in choosing FMPs (20%).
People are looking for indicative returns and portfolio details (32%), but mutual fund companies are not allowed to declare these. Investment details are known only after the launch of FMPs. Moneylife’s Cover Story will serve as a guide for your FMP investment. March is the peak season for offers of FMPs. For the first time, backed by comprehensive analysis of data, not in public domain, we present an FMP guide to invest, calculate returns and ways to ensure that tax is saved by double indexation.
Some 22% of the respondents had 0%-5% of their debt portfolio invested in FMPs, while 12% respondents had invested 5%-10% in FMPs. Their main reasons for investing in FMPs are: returns are higher than bank FDs (36%) and they save tax on the returns (36%). One out of 10 respondents was not sure about how FMPs save tax.
Some 17% of the respondents are worried about the safety of capital, which is understandable, considering that an FMP is not as safe as an FD from scheduled commercial banks. One out of 10 respondents trust only bank FDs. A good 44%, rightly, said that possible returns on FMPs can be 8% to 10%. Investors avoid guidance from advisors while purchasing FMPs; they rely on their own research (28%).