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Modiji, Please act as Team India Captain & not as BJP star campaigner
- Published on 13 April 2016
(Image Courtesy: BJP)
“There was a question pertaining to the Calcutta airport and the reply given by the Prime Minister took us all aback at least here in the Opposition because this is the first time a reply of that kind came from the level of the Prime Minister. Of course, at various levels sometimes we are inclined to score certain debating points and we do it, but when the Prime Minister makes a statement such as that Calcutta is a dying city and there are thumping cheers from the ruling party, I feel perturbed.”
This is how BJP Chief Mentor L.K. Advani voiced public’s disbelief over late Rajiv Gandhi’s dig at Left Front Government in West Bengal in March 1985.
A lot of political muck has flowed under Hooghly Bridge since then. But the latest mucky boulder hurled by Prime Minister Narendra Modi in Kolkata would give high-voltage shock even to Rajiv in his grave.
Describing Ms. Mamata Banerjee-led Trinamool Congress party as symbolizing Terror, Maut (death) and Corruption (TMC), Mr. Modi lashed at her Government for its role and the manner in which it handled the recent collapse of a section of incomplete flyover in Kolkata.
Mr. Modi described flyover tragedy was “God’s message” to people to save West Bengal from TMC - a remark that was immediately ridiculed by his bete noire, Arvind Kejriwal, who is also well-known for his slander campaign against PM.
This “God’s message” comment ironically lends rationality to flyover contractor’s comment that the collapse was “an act of God”. BJP apparently realized that Mr. Modi had gone overboard. It thus did not mention “God’s message” in its release on PM’s speech!
View China’s slowdown forecasts along with its tax & allied reforms
- Published on 31 March 2016
(Image Courtesy: World Bank)
China’s growth slow-down has transformed it into an intense subject of crystal-gazing. Reputed global entities have lately released interesting studies measuring the impact of slow-down on different countries, industries and commodities market under different scenarios.
Some studies have drawn policy lessons for other countries as well. They have also figured out opportunities for other countries to fill the gaps in global economy resulting from China’s slowdown. Another study has voiced concern over China’s tax receipts getting subdued under the impact of growth deceleration.
Crystal-gazing outcomes should, however, be accepted with a pinch of salt as the studies have not reckoned the growth-accelerating potential of stepped-up tax reforms, structural reforms and recently approved 13th five year plan in China –the world’s 2nd largest economy & the world’s largest exporter.
The impact and contours of inter-play of all variables might well be different from what analysts are predicting.
Mallyagate Should Trigger Probe into NPAs & Tax Arrears as Nehru Legacy
- Published on 27 March 2016
Sunset of 5-star flying (Edited Image Courtesy-KFA ar032009)
“There is a ten-year history behind these loans and the repayments have not yet begun and the interest, also is not being paid. Therefore, the Government is considering steps to see how best to get back these amounts.”
That was Late N. Sanjiva Reddy, Minister of Steel and Mines, replying to questions put by Atal Bihari Vajpayee on the overdue loans taken by TISCO (now Tata Steel) and IISCO (later merged with SAIL) in Parliament. This happened on 17th September 1964 when the deceptive term - non-performing asset (NPA) – did not exist in the banking jargon.
To Mr. Vajpayee's query as to whether “the Government is being pressurised by these companies and that they want that these loans should not be recovered fully from them,” Mr. Reddy answered: “I can assure the hon. Member that the Government would not surrender, whatever may be the amount of pressure put on them.”
Another veteran MP Bhupesh Gupta interjected: “We have heard that earlier also.”
An Aam Aadmi would today react in an identical manner to Finance Minister Arun Jaitley’s recent, pep talk on NPAs especially on Vijay Mallaya-promoted Kingfisher Airlines (KFA) loans.
The other day Mr. Jaitley claimed that the banks are going to recover “every penny” of money lent to Mr. Mallya. This goal is impossible to attain as we elaborate in this column.
Like late Bhupesh Gupta, three generations of Indians have been taken for a ride by successive Governments on corporate lending against inadequate securities and resulting NPAs & tax arrears.
Mr. Jaitley, Introspect over the Budget and its Missing Pillars
- Published on 07 March 2016
(Sniffer Dog checking Budget Documents-Image Courtesy: PIB)
“Prime Minister Narendra Modi on Monday asked his Cabinet colleagues to treat the BJP's poll manifesto as a sacred document like the Bhagvad Gita and read it every day to assess the amount of work they have done so far to fulfil the promises.” So went a news story in Times of India dated 22 October 2014.
The God know whether Finance Minister Arun Jaitley reads the BJP's Lok Sabha Manifesto (LSM) daily. In all probability, he either did not read LSM before crafting his ‘Transform India’ budget for 2016-17 or chose discretion over political dharma.
Had he read LSM time and gain, had he read BJP’s previous LS manifestos, had he read NDA-I’s unfulfilled promises, he would not have designed his “transformative agenda with nine distinct pillars.” He would have used more pillars- may be increased their number to a dozen if not two dozen. LSP is full of growth pillars. Mr. Jaitley would hopefully locate more pillars to give wholesomeness to transform agenda in the budget for 2017-18.
A durable and elegant house should, however, always be erected on even number of pillars. The #OddEven virus of his bête noire Arvind Kejriwal perhaps entered Mr. Jaitley’s laptop and left the budget short of one pillar!
Striking a serious chord, one can say that Mr. Jaitley should have added 10th pillar to 'Transform Agenda’. And this crucial pillar is: Providing safety to citizens including investors. The crying need of the hour is to restore citizens’ faith and fear in illusive rule of the law.