Modi is lucky to get an “F” in managing India and its Economy

If there can be a grade below “F” in economy management and general administration Modi deserves to be awarded that grade for ruining Indian economy, general administration and above all peace and harmony among different sections of the society. Modi inherited the economy when it was on a upswing and oil prices were sliding down.  His predecessor PM Singh steered the economy through the difficult Great Recession that practically bankrupted the world economy in 2008.  Under him India made a commendable comeback averaging a GDP growth rate of 8.2 per cent (2004-014) despite steeply rising crude oil prices. Modi is still below this at 7.2 % average with few months left of his 5 years term. That too after changing the base year for GDP calculation to 2010-11 from 2004-05 -- the benchmark used under PM Singh. If previous bench mark is used for Modi than GDP growth rate will come down to below 5% and if Modi benchmark is used for Singh; than growth rate will be 10.4% under PM Singh!

India has become a laughing stock around the world because Modi is in perpetual election mode blurring rhetoric’s and no actions along with promoting Savarkar/Golwalkar’s understanding of religion to divide India. Truth, facts, reality, data, problems, challenges, genuine issues have become meaningless for Modi. Some of the world renowned economist has ranked his government probably the worst ever in governance standards for his mindless  demonetization to rob the poor, ill planned GST implementation with over 213 amendments in its first year, negligible to no recoveries by banks under NPA aka Bad Loans that has gone up to USD 135.6 Billion under Modi from USD 27 Billion in 2014, Aadhaar execution and foreign policy etc.  

Foreign portfolio investors have withdrawn over USD 7.1 Billion in the first quarter of 2018-19.  Under Modi Rupee that was 63.38 to a 1 USD in 2014 as of Oct 31, 2018 was trading at 74.02 to 1 USD; a whopping 16% devaluation. 52 per cent of India’s Foreign Exchange reserves are short-term foreign currency debt maturing this fiscal year which makes India highly vulnerable, especially when US Fed is raising interest rates to cool down the US economy from over heating and inflation.

Modi with his mismanagement of economy and administration has brought the biggest insult and miseries to Indians with India now ranking 103rd out of 119 countries on the Global Hunger Index 2018. In 2014 India used to rank 55th on GHI. India stood 103rd on the Global Hunger Index along with Nigeria and has been categorized as a country with ‘serious’ levels of hunger.

The World Bank released its first report on Human Capital Index (HCI) on Oct. 18, 2018, which placed India at the 115th position, lower than Nepal, Sri Lanka, Myanmar and Bangladesh.  The report ranked 157 economies on parameters like child mortality, health and education. Singapore topped the list after it was highly rated for its universal healthcare system, education exams results and life expectancy figures, followed by South Korea, Japan, Hong Kong and Finland. 

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Recent Oxfam survey showed that that the share of the wealth of the richest 1% persons had increased to 73% this year. According to the survey, India’s poorest saw their wealth rising by one percent during the same period. This monstrous income inequality has attained and even exceeded levels prevailing during the British Raj is the tragedy of an India under Billionaire Raj.     In 2014 when Modi came to power the share of the 1% richest persons was 49%.  A 25% gain for the wealthy in 4 years of Viceroy Modi of Billionaire’s Raj!

On the other hand under Singh, India lifted a miraculous 271 million out of poverty establishing irrevocably that “inclusive growth model”, is the most suitable option for India. Under Modi rule only his Crony Capitalist and Religious Gurus turned Crony Capitalist friends; their net worth  has grown from 100% to 200%. None of these industrialist or Religious Gurus have ever invented any thing; they have become rich by getting free access to PSU Banks aka public money, natural resources like oil, gas, minerals including land belonging to Indians and by exploiting or getting changed the trade & commerce policies to their advantage by bribing the politicians across the aisle.

 

According to a report by Centre for Sustainable Employment of the Azim Premji University; "The current  rate of unemployment is the highest seen in India in the last 20 years." This shortage of jobs is compounded by depressed wages, with 82% of men and 92% of women earning less than Rs 10,000 per month. The report also notes that the growth in GDP hasn't resulted in a commensurate increase in employment.

A 10% increase in GDP now results in less than 1% increase in employment," says the study. "Nationally, 67% of households reported monthly earnings of up to Rs 10,000 in 2015. In comparison, the minimum salary recommended by the Seventh Central Pay Commission (CPC) is Rs 18,000 per month. This suggests that a large majority of Indians are not being paid what may be termed a living wage, and it explains the intense hunger for government jobs," the report observes. Worryingly, it adds that 90% of industries even in the organized manufacturing sector "pay wages below the CPC minimum. The situation is worse in the unorganized sector".

 According to  Centre for Monitoring Indian Economy (CMIE), there are currently nearly 31 million unemployed Indians looking for jobs. CMIE is a board that tracks business and economic data .. of the country. 

5 states with highest unemployment rates in descending order are; Tripura 39.1%, Chattisgarh 22.2%, Haryana 17.6%, Chandigarh 15%, Himachal 14% and all 5 are ruled by BJP.

5 states with lowest unemployment rates in ascending order are; Telangana 0.4%, Karnataka 0.8%, Tamilnadu 1.9%, Uttrakhand 2.4%, Puduchery 3.5%, except Uttrakhand that is ruled by BJP, rest 4 are ruled by opposition parties.

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According to mathematician Anand Kumar, founder of Super 30 educational programme for the underprivileged; "In India, there is a huge craving for education, but quality education is not accessible to all of them. There is no dearth of talent in India, but equal opportunities in terms of quality education and modern-day requirements often eluded a large number of students.” But for Modi with dubious educational record of his own, hardly educated ministers and the states ruled by his party BJP; “Education is not on their priority list.” Only Kerala ruled by left front and Delhi ruled by AAP in India had made “Education” a priority under their governance. Modi can spend almost a USD 1 Billion on 2 statues of Sardar Patel & Shivaji but not on Education!  

In the name of education he can grant $135 Million, subsidized land and “Institute of Eminence” status to yet to be born Jio Institute of his friend Mukesh Amabani a crony Capitalist that has grown from $19 billion to $43 Billion in net worth under Modi. Funniest part is Ambani group companies have no experience or expertise in the field of Education. Their experience is in how to get easy money/funding and natural wealth like oil wells, spectrum, land, mining rights etc. and defense contracts at terms favoring to them not to the owners the “Indian Public”. 

While inaugurating Sardar Patel' 182 met. high statue in Oct 2018 Modi claimed; he is the one who initiated this project of highest statue in the world as CM of Gujarat! There was a time in India the height of Bhakra Dam 226 met inaugurated by first PM Jawaharlal Nehru became the symbol of prosperity, progress and better future for Indians. Shame on Modi & other mentally deranged BJP leaders that thinks statues are the sign of prosperity, progress and better future for Indians that are majority poor.  

Patel’s statue has become a symbol of apathy and neglect towards the poor of India in the entire world because of Modi’s wrong priorities. A British MP made a statement if India has money for Statues than they should not be given any aid! ‘According to UK Mail, in the 56 months it took to build Patel’s statue, India received £1.17 Billion in financial aid for social programs from UK Taxpayers. Tory MP Peter Bone said: ‘To take £1.17 billion in aid from us and then at the same time spend £330million on a statue is a total nonsense and it is the sort of thing that drives people mad. ‘What it proves is that we should not be giving money to India. It is up to them how they spend their money but if they can afford this statue, then it is clearly a country we should not need to be giving aid to.’

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Team Modi is spreading lies and misinformation for last 41/2 years by using peoples money through ads in India’s morbid media: They have been shouting from the roof tops in India and the world arena that “India has superseded China as the world’s fastest growing economy. The fact is in 2017 India’s GDP was $2.59 Trillion and China’s $12.24 Trillion that is almost 5 times the Indian GDP. Per Capita GDP for China is $8,827.00 and for India it is $1,940.00 that is almost 1/5 of China. India’s Military spending was $63.9 billion and China spent $228 billion almost 4 times than India. For India to take over China’s per capita GDP, the Indian economy needs to grow more than 30 percent annually. At the present rate of 6.1% at which Indian economy is growing it will take more than 125 years for India to match China’s success story. (Ashok Swain  professor of Peace & Conflict Research at Uppsala University, Sweden)  

India Under Modi is heading for the biggest humanitarian crisis: Modi’s moral police is more concerned with the length of a prominent celebrity women’s skirt or cleavage exposure or cows being transported or beef being consumed or love-Jihad or anti-Romeo squads than the lack of healthcare for the poor, modern education and employment opportunities for the youth or the unabated farmer suicides or rampant unemployment. The worst is cow transporters and beef eaters can be lynched to death by cow vigilantes with impunity from the government. The people’s courts dispensing instant justice without a trial and lynch mobs carry out the execution. Modi  was described by Katrina Lantos-Swett, vice-chair of the influential US Commission for International Religious Freedom (USCIRF) as the "poster child for India's failure to punish the violent".  Cow protection has taken higher precedence over the right to life of humans. More precious resources are being directed for unproductive cow sheds, money to feed them, hospitals and ambulances than for the basic health care facilities for poor human beings. They don’t even get transportation for their dead loved ones from the hospitals.

Earlier, India was compared with modernizing countries like China, but today India is being bracketed with regressive Islamic fundamentalist regimes. India’s international image on being democratic, secular and scientific has been seriously dented. Modi himself gave examples of Karan and Ganesh to support the claim that cosmetic surgery and genetic science existed in India thousands of years ago. The first head transplant that of Lord Ganesh was done in India! An analysis of 198 countries by the Pew Research Center finds India is the fourth-worst country in the world for religious intolerance and violence. Only three countries - Syria, Nigeria and Iraq - are before India in this name-and-shame list, and even Pakistan fares much better than India on this front, being in the tenth position.

According to a very prominent economist, former High Commissioner to UK, journalist, author, human rights activist  and former BJP Federal Minister Arun Shorie; current problems in India reflects “The Gujarat Model.” No Cabinet functions there and no cabinet functions here. The state legislature was reduced to impotence and irrelevance. The Parliament has been reduced to impotence and irrelevance. The judiciary was subordinated there and judiciary has been subordinated here. The Agencies and Police forces were made into Private Forces and Private Armies. That has been done here. It is exactly “The Gujarat Model.”

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He further added that Modi invoke God and says it is God who has willed in whatever he is doing citing “Higher Purpose”. If any body gets hurt, if any institution suffered upon or country is being torn apart; it is done for “Higher Purpose”. Modi has become the Agent of God!.

All the above points to that Indian’s have been let down again by its morbid media, economist, intellectuals, religious, business & political leaders across the aisle. Whatever little integrity was left of them under Congress; that has been reduced to Zero rather negative under Modi. Barring a few dozen journalist, intellectuals, economist, religious & political leaders; the millions from the privileged class that could have spoken against the Modi’s atrocious regime either have been bribed to keep quiet rather to praise Modi government and some have chosen to keep quite under the extreme fear created by Modi supporters that any criticism of Modi regime is anti-national.      

Modi regime is propagating, encouraging and protecting misguided Hindus to impose their personal Hindutva beliefs on other Hindus as well as on non-Hindus. Some of their beliefs are indefensibly hateful and  insulting, and do not concur with Hinduism.                                                     

It is a lesson for Indian voters as well as other voters around the world that  they can not vote for development only if it does not include tolerance,  human rights, healthy debates on important issues like education, healthcare, employment, inclusive economics and progressive politics. Unfortunately Indians voted for Modi for his exclusive promise of development in 2014 that even after his 41/2 years of rule is no where to be seen rather country is facing a grim reality of biggest humanitarian crisis in the near future because of extreme poverty, massive unemployment, lack of healthcare, intolerance, fewer economic & education opportunities for majority of the population.

Compiled by

Devendra Makkar

From the writing of eminent scholars, historians & journalist   

The Pathetic & dangerous transformation of India to Crony Capitalism in last 70 years

India never had a good ruler since independence except for a very brief period Lal Bahadur Shastri and Morarji Desai. All of them including the current PM/Ruler Modi has proved to be the facilitators of crony capitalism. Modi has gone one step further by becoming the first & the last PM of India that put his hand in the mouth of poor to take out what they were eating and took away their professions and openly allowing mob lynching of people. They all have lived/living to the apprehensions of Mahatama Gandhi that he feared India will have English Rule without the Englishmen! India is in the top ten nations with the widest socio-economic gap. It is an economically, socially and politically failed state for majority of its 1.3 billion citizens; who can not solve its socio-economic, religious and political problems including its Land dispute with Pakistan since 1948 over Kashmir. 

India’s elite world famous Billionaires part of the 56 million filthy rich Indians are living side by side with almost a billion poor and treat them as sub humans who are burden for the country. It looks like Indian Leadership political, religious and business rather than being ashamed of this, are proud to have more than 800 million Indians living under extreme poverty & inhuman conditions. They have the insanity to say “India is shining”. A  former diplomat, politician, author and thinker Pavan Varma wrote in his book “Being Indian” that in the Indian elite “there is a remarkable tolerance for inequality, filth and human suffering”. He adds that “concern for the deprived and the suffering is not a prominent feature of the Indian personality. The rich in India have always lived a life quite oblivious to the ocean of poverty around them”. Less than 10-15 minutes from every slum in any major city of India there are very expansive heavily guarded residential areas with houses rather mini palaces costing few million dollars to $1 Billion Mukesh Ambani’s Palace. One city: two universes.

Out of the total budget, 74% is used to run the system/government and 38% in debt servicing after adding new borrowing. In real terms the cost to run the system is 115% and 60% in debt servicing. The non-plan expenditure i.e. just to run the “System” or the government that includes Police, Military, Judiciary, Postal Services, President, Vice President, Prime Minister, 30 Governors (political appointees of the ruling party), 53 Ministries with numerous departments, 1 Department of Atomic Energy, various Commissions/ Committees to accommodate failed politicians, friends & relatives, 543 MP’s, millions of government employees as well as so called Z category security services for rulers, their families & friends practically at all levels.  The new additions under Modi very soon will be Cow Ministry, Ministry to advise people what to eat, what to wear, whom they can marry & how many kids Hindu couples should produce and Ministry of Nationalism; what is national & what is anti national !

If Modi had even an iota of Nationalism/Patriotism towards India and love for the less fortunate Indians; he would have cut down the cost of governance of India. He could have announced some measures to at least re-structure the 53 Ministries to cut down their excessive numbers & massive size, Complete ban on Official Functions in 5 Star Hotels & Resorts, Abolish Pension for MP’s, Ban on allocation of properties for Political Party Offices, end to VVIP & VIP culture of providing security & subsidized housing, cap on telephone bills, air travel, foreign trips, rail travel of elected & appointed officials and un-necessary appointment of officials under Ministers and various departments, commissions and committees. Can Modi explain how come a law maker is entitled to Pension and princely perks after winning one election only even if he never get elected again; where as a government servant is entitled to a pension only after 20-25 years of service. Modi could have proposed a road map to cut down the non-plan expenditure from present 74% to at least 60% in next 4 years.

Modi in his political carrier as Gujarat CM has been a known destroyer of any opposition in his own party as well as leaders of other political parties. He is also known to have least respect for democratic norms and judiciary. Since 2014 Modi is ruling India with the same undemocratic philosophy and destroying all the democratic institutions, judiciary as well as any opposition all over India to make India, “Opposition Free”.

Congress also tried to destroy opposition parties  to make it one party rather one family rule in India and they succeeded to a certain extent only. Recently a writer Apoorvanand wrote about the reaction of Munshi Premchand  that “Elimination of Opposition is a Threat to Democracy.”

Premchand recorded this apprehension in a brief commentary titled ‘Germany Ka Bhavishya’ (The Future of Germany) right after the victory of the Nazi Party in Germany in 1933. “After the landslide victory of the Nazi Party in Germany, the question that arises is will Germany really turn into a fascist regime and will the Nazis be able to hold and consolidate power for at least five years? If it happens and the Nazis get an opportunity to establish themselves, they will suck the democratic life and vision out of Germany through its political and military strength in such a way that not a single opponent of the Nazi Party would be left in Germany for 25 years.”

It is not necessary to view Premchand’s observation in the context of the present times but the focus of his comment is the forced elimination of opposition before the victory of the Nazi Party. He does not censure the German opposition parties for their inability to protect themselves. He clearly states that the crime was Hitler’s who was phasing out the opposition through undemocratic means. The Nazis had a private army which none of the other political parties in Germany possessed. Premchand unequivocally states that the elimination of opposition should be a cause for worry and one who carries it out must be held responsible for it and must be questioned.

The process of selling India to Corporate houses started by Congress has been expedited under Modi aka BJP. Modi regime is ignoring the extreme poverty, illiteracy, unemployment and inequality due to the fact that 56 families own 75% of India! Modi was created and installed in a Rs 32,000 crore marketing scam by these very corrupt business houses of India and marketed by Washington based APCO that is PR company of practically all the dictators around the world including all the Muslim Dictators of Middle East. Modi is catering to the elite, establishment & his handlers only with no emotions and responsibility towards the general public especially the farmers and extreme poor of India. Modi is presiding over the half burnt Funeral Pyre of Indian Democracy started by Congress. BJP’s Modi is making sure that it is fully burnt and ashes are immersed in Holy Ganga by sacrificing the left over Democratic norms in this ongoing burning Funeral Pyre of Indian Democracy.  

Even being 3rd gen RSS/Jansangh/BJP supporter and victim of Indra’s emergency I can not support the present leaders like Modi, Jaitley, Shah, Samriti, Uma, Adityanath working as facilitators for the New East India Company owned by Adani, Ambani, Tata, Jindal, Ruia’s etc.

All these corporations unlike East India Company do not have their private army but soon will be making all kinds of war heads, missiles, helicopters, air planes, ammunition and other sophisticated military gadgets because Jaitley has increased the FDI limit to 49% from 26% for this Industry. Just few days before the 2015 budget Middleman/Lobbyist has been legalized in India for deals with the government including defense deals. Now there won’t be any shortage of Radia’s openly operating in the corridors of power to influence law makers for favors for their corporate clients.

Dave Makkar

davemakkar@yahoo.com

THE INDIAN PANORAMA NEWS, Friday August 18, 2017

BJP Government’s Budget: a Fraud in the name of Ramrajya

BJP the Party that promised to bring Ramrajya under the leadership of modern Ram PM Narendra Damodardas Modi has defaulted on their promise. It looks like it was another election rhetoric (Chunavi Jumla in the language of BJP President Shah). The truth is the very first full Budget presented by BJP is an insult to the philosophy of Ramrajya and Hinduism. The non-plan expenditure i.e. just to run the “System” or the government that includes Police, Military, Judiciary, Postal Services, President, Vice President, Prime Minister, Governors, 53 Ministries with numerous departments, 1 Department of Atomic Energy, Commissions, Committtes, 543 MP’s , various government employees etc. is Rs 13,12,200 crore out of the total budget of  Rs 17, 77, 477 crore. On top of that total debt servicing accounts for Rs 6,81,719 crore (debt payment Rs 2,25,574 crore plus interest Rs 4,56,145 crore on outstanding debt). The non-plan expenditure is 74% and debt servicing is 38% of the total budget that leaves Rs 4,65,277 crore that too after taking a new loan of Rs 5,55,649 under the plan expenditure for 120 crore population out of that 88 crore are living in acute poverty. If we calculate against the net revenue of Rs 11,41,575 crore, the cost to run the government is 115% and debt servicing is 60% of the revenue.

FM Jaitley has not shown or has even pretended that he is serious to do some thing about the problem or suggested public or political dialogue on the issue of massive spending on government and high debt servicing that is creating a huge deficit. PM Modi aka Modern Ram the Supreme Leader of BJP must understand that 74% to run the system and 38% in debt servicing of the total budget of Rs 17,77,477 against a new borrowing of Rs 5,55,649 and in real terms 115% to run the system and 60% in debt servicing against a revenue of Rs 11,41575 crore is  not permissible under Ramrajya. Neither it qualifies under good governance i.e. small government and more governance his own slogan that brought him and his party BJP to power in Delhi in 2014. The actions of Modi aka Modern Ram aka Jaitley speaks for itself that “Good Governance” was also an election rhetoric. (Chunavi Jumla in the language of BJP President Shah).

Jaitley could have announced some measures to at least re-structure the 53 Ministries to cut down their massive size, Complete ban on Official Functions in 5 Star Hotels & Resorts, Abolish Pension for MP’s, Ban on allocation of properties for Political Party Offices, end to VVIP & VIP culture of providing security & subsidized housing, pension to MP’s, cap on telephone bills, air travel, foreign trips, rail travel of elected & appointed officials and un-necessary appointment of officials under Ministers and various departments, commissions and committees. Can Jaitley explain how come a law maker is entitled to Pension and princely perks after winning one election only even if he never get elected again; where as a government servant is entitled to a pension only after 20-25 years of service. Jaitley could have proposed a road map to cut down the non-plan expenditure from present 74% to at least 60% in next 4 years.

Some of the budget announcements without any significant Expenditure plans for social schemes like Toilets, Nirbhaya Fund, old age pension, Accidental Life Insurance, education loans, Mudra Bank for small business loans, National skill development, Gramin Kaushal yojna (rural skill development)  etc are a step in the right direction. On education loan one has to pay 12.5% interest they do not have the luxury of paying 0.1% interest reserved for poor corporations like TATA or Ambani’s. National skill and Rural skill development for what? When villages after villages are taken up by industrialist, builders and government and practically every thing of daily use in India is made in China that could have used rural or city youth if make in India. MNREGA with Rs 34,699 crore allocation have been retained after PM Modi made fun of it under arrogance and snobbery in Parliament with no significant increase in its funding even to account for inflation. PM Modi also forgot his own party under PM Bajpai never did any thing to re-structure MNREGA. Then on the other hand expenditure on Sarva Shiksha Abhiyaan has been cut from Rs 28,000 crores to Rs 22,000 crores, the Integrated Child Development Scheme from Rs 16,000 crores to Rs 8,000 crores and the Mid-Day Meal Scheme Rs 13,000 crores to Rs 9,000 crores.  On top of that Scheduled Caste Sub Plan allocation has been cut from Rs 43,208 crore to Rs 30,000 crore and Tribal Sub Plan from Rs 26,714 crore to Rs19,000 crore.

Jaitley has Rs 4,65,277 crore only even after taking Rs 5,55,649 crores in new loans to service his so called growth plans for a population of 120 crore out of that 52% are farmers. He has allocated a princely sum of Rs 25,000 crore in Rural Development Fund for 62 crore farmers. That works out to be Rs 403 per farmer or Rs 2,015 if you take average size of the family 5 members in one year or Rs 167.92 per family per month provided there is no corruption. Out of the 12 crore hectare farming land only 5 crore hectare has irrigation facility rest 7 crore hectare depends on Mother Nature God; if there is timely rain the farmer will have a crop,  if the rain is delayed by a month or no rain whatever input including his labor the farmer has put in will go waste. On irrigation and flood control Jaitley has allocated Rs 5,300 crore that works out to be Rs 757 per hectare per year, provided there is no corruption, It is a shame even after 67 years after independence there is no irrigation facility for the farmer.

The government brags about Rs 70,000 crore subsidy to the farmers where as the fact is it is given to big corporations for the sale of poisonous fertilizer and pesticides to ruin the health of the farmers and consumers as well as to ruin the soil. In 2007 there was 17 crore hectare of farming land vs 12 crore hectare now. The 5 crore hectare land was given to big corporations under Special Economic Zones and other projects. Jaitley has made it very clear that this process will continue and now we have Japanese bullet train project also. It cannot be disputed that infrastructure improvements are vital if growth is to be inclusive. The question is, what types of infrastructure will be developed or investment undertaken, and who will benefit as a result. All indications are Rs 20,000 crore spending on infrastructure will not improve things for ordinary people, but instead may intensify dispossession and displacement as well as theft of resources that has already been occurring in the country under the guise of industrial corridors, Tech Cities, Luxury housing, Office Complex, Malls and SEZs, etc.

To the middle class Jaitley has told them that they are on their own by raising indirect taxes on them while not raising the exemption limit of Rs 2,50,000. This is the same Jaitley as Lok Sabha candidate from Amritsar on April 20, 2014   demanded a raise in the Income Tax ceiling from Rs 2,00,000 to Rs 5,00,000. Advocating low tax structure, he said,"Direct Tax should be reduced. If the Income Tax limit is raised from Rs 2 lakhs to Rs 5 lakhs, 3 crore people will save Rs 24 crore which will lead to a small impact of 1 to 1.5 per cent of National Tax Fund." Now he has raised service tax from 12.36% to 14%, increased the price of petrol by Rs 3.18 and diesel by Rs 3.09 per liter. On top of that increased the basic custom duty on Metallergical coke from 2.5 % to 5%, on iron and steel and articles of iron and steel increased from 10% to 15% and on commercial vehicle increased from 10 % to 40%. Few days before the budget his counterpart Railway Minister Prabhu raised the passenger and freight rates by 14%. Even a high school economics student will tell them that it will bring cost push inflation and affect the very basic commodities and services needed to live by poor as well as middle class.

Now the Corporate sector, the Darling and massive financial donors of BJP: Jaitley in a interview to Head Lines Today said he has given Rs 2,00,000 crore to this sector. They will get Rs 20,000 crore in first year, Rs 40,000 crore in second year, Rs 60,000 crore in third year and Rs 80,000 crore in fourth year. Estimated revenue forgone due to corporate concessions for 2013-2014 is Rs. 76,116 crore or 19% of collected corporate tax revenue. By way of comparison this corporate subsidy is 82% of the food subsidy of Rs 92,318 crore for the same year. Corporations are celebrating the Jailey’s intent to bring down the Corporate Tax from 30 per cent to 25 per cent in the next four years. In USA where the corporate Tax is 35% according to CAG ; US Corporation’s effective rate of tax was 12.1% in 2011 that is 40 years low. On top of that the bigger the US Corporation the less or no tax they pay. U.S. corporations actually pay incredibly low taxes due to the ever-proliferating loopholes, credits, and deductions in the tax code and the use of overseas tax havens. If the effective rate in USA is 12.1% in India it has to be under 10% or in some cases 0 because Indian Corporations are more innovative; they get subsidized loans, land, electricity, break on all kinds of taxes including custom & excise and can book their profits in foreign countries by over invoicing or under invoicing and route it back through Mauritius. Besides plethora of credits and deductions in tax code they buy super luxury cars, luxury homes & farm houses, air planes and yachts in their corporation’s name for their personal, family, executive and for the use of politicians and top bureaucrats.

Laws to curb Black Money is nothing but another rhetoric similar to the one made by Modi during campaigning of bringing back Black Money and after election labeled by BJP Party President as Chunavi Jumla (Election Rhetoric). Unless the route of Mauritius that accounts for 40% FDI to India is closed how one can stop the generation of black money? Arun Jaitley as Union Cabinet Minister of Law, Justice and Company Affairs opened the Mauritius route in 2001 for official money laundering by big corporations. There are unconfirmed reports now as Finance Minister he wants to give same status to Singapore since Ambani's are involved in a scandal for routing their black money via Singapore . People are living in fools paradise if they think Jaitley aka Modi are serious about curbing black money generation or bringing back black money stashed abroad. All the laws to curb black money are for those who do not know or do not have the means to use Mauritius route.

Even after Congress party’s catastrophic defeat in 2014 due to rampant corruption and massive scams the country’s crony capitalists are unlikely to suffer as a result. The nexus between business and politics is as tight as it has ever been. BJP spent Rs 32,000 crore to bring Narendra Modi to power with massive corporate donations. BJP is estimated to have spent at least Rs 6,200 crore on print and broadcast advertising alone. Of these donations, around 90% comes from unlisted corporate sources who will be rewarded when the times comes. Reliance is now India ’s biggest media company, as well as its biggest conglomerate. Reliance, Adani, Tata, Jindal, Ruia’s etc has unprecedented political access and power. All these corporations unlike East India Company do not have their private army but soon will be making all kinds of war heads, missiles, helicopters, air planes, ammunition and other sophisticated military gadgets because Jaitley has increased the FDI limit to 49% from 26% for this Industry. Just few days before the budget Middleman/Lobbyist has been legalized in India for deals with the government including defense deals. Now there won’t be any shortage of Radia’s openly operating in the corridors of power to influence law makers for favors for their corporate clients.

No where in his budget Jaitley has acknowledged rising economic inequality and shown any intentions to come up with a plan to stop it. It looks like for FM Jaitley who’s net worth is more than Rs 1000 crore, 88 crore poor especially agricultural labor, casual Labor, self employed the name sake business owners, unemployed youth, schedule castes, schedule tribes and minorities are invisible. Because they are not organized like big corporations with lobbyist that can plead their case to the law makers. They do not have means to have a voice to make complaints or demand social justice because the Forth Pillar of Democracy “The Media” is also owned by Industrial houses and in some cases the law makers themselves through their spouses or relatives. Above all they are the slaves of an elite class behaving like British Rulers of the past.

PM Modi aka modern Ram of BJP has said that this budget is Progressive, Positive, Practical, Pragmetic, Prudent, Pro Poor and Pro Growth. Can PM Modi explains on what page or paragraph the rising economic inequalities has been addressed by this budget? On what page or paragraph high cost of governance, British style perks for Politicians, nexus between politicians and corporations, undue economic favors to corporations etc has been addressed? It looks like Modi and BJP that worship Shahid Bhagat Singh has no respect for his ideals. Bhagat Singh said, "There can be no equality, not even in politics and before the law, so long as there is glaring inequality in economic power."

Devendra Makkar

davemakkar@yahoo.com

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