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AAP MP Latest On List: ED IN TOP GEAR, By Insaf, 7 October 2023 |
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Round The States
New Delhi, 7 October 2023
AAP MP Latest On List
ED IN TOP GEAR
By Insaf
The Enforcement Directorate has got into top gear. The
latest to receive its wrath is Aam Aadmi Party Rajya Sabha MP Sanjay Singh in
connection with the Delhi excise policy case. Since 2014, there has been a
four-fold jump in ED cases against politicians with 95 per cent being from the
Opposition. On Thursday last a Delhi court remanded him to five-day ED custody.
This after he was arrested following over 10 hours of searches at his home. The
ED has alleged that Rs 2 crore illegal cash changed hands at Singh’s official
North Avenue residence and that he was a “key conspirator” in the case,
“closely associated with a number of accused/suspects”, including businessmen
Dinesh Arora, who has turned approver. Singh’s counsel said the ED probe “is
nothing new” and will go on and never end. Perhaps he may be right. For the ED
should view the Supreme Court’s observation in the money laundering case
against Deputy Chief Minister Manish Sisodia. On Thursday last, it underlined that
stringent requirements have to be fulfilled to trigger a charge under the PMLA
and questioned the ED about the admissibility of its evidence to link Sisodia
in the same case. The big question was does it have ‘any proof other than the
statement of a co-accused-turned-approver’. Importantly, a crucial question
should be raised why are the offences only taking place in Opposition-ruled
States. Are those governed by the BJP and its allies not corrupt and sparkling
clean?
* * * *
Bihar
Census
Bihar Chief Minister Nitish Kumar has done it. On
Monday last, the government made public the controversial caste-based survey,
the Bihar Jaati Adharit Ganana just months ahead of the 2024 big battle.
Predictably, it would give him and his party an edge, as it reveals that the
OBCs comprise 63% of the State’s population-- backward classes constitute 27%,
whereas the extremely backward classes (EBCs) 36%. Remember, the powerful OBCs
have dominated State politics since the Mandal wave. Nitish has said that the
census would aid in the government’s initiatives for the development and
upliftment of all sections as it provides information about the economic condition
of everyone. That should be welcome, but it should not be used to score
political brownie points with the BJP.
‘Social justice’ should be the target and. Importantly, the Supreme
Court on Friday last refused to restrain the government from publishing further
data from the survey, saying it would be wrong to stop a state from making a
policy decision. All eyes would now be on the government what policies it gives
top priority to. Historic injustice must be removed to the poorest and there
should be a halt to polarisation to merely win elections.
* * * *
Sikkim Tragedy
It’s Sikkim’s turnnow to send warning signal to
governments against volatility of the Himalayan region. At least 19 people are
dead, 98 people, including 22 Army personnel missing after a cloudburst over South
Shonak Lake, glacial body in early hours of Wednesday last,triggering a flash
flood. While over 2000 people have been rescued, the calamity has affected
22,034 people, including 3000 tourists, according to SDMA. The swelled Teesta
river has destroyed 11 bridges, water pipelines, sewage lines and 277 houses in
the four affected districts, and over 9000 people have taken shelter in 191
relief camps in northern and southern districts of Bengal.Sadly, governments
continue to ignore warnings by studies of the Lake’s expansion due to glacial
melting and that it’s susceptible to breaches. It was recommended to regularly
monitor the Lake’s growth and assessment of the region’s slope stability.
Besides, ecologists warned against adverse dam construction. Instead, there’s
been a hydel power push, particularly in the north-east, claiming these are
climate friendly and a major source of revenue for the government. This recent
disaster should alert governments and they must take warnings seriously, put in
place safety mechanisms and remember a stitch in time saves nine!
* * * *
Maharashtra Govt Hospitals
The numerous deaths of patients at two government-run
hospitals Maharashtra sadly are yet another pointer to the ailing health
sector. In 48 hours, 31 patients, including several infants, died at Dr
Shankarrao Chavan Government Medical College & Hospital in Nanded since September
30, and another 18 patients died at Government Medical College and Hospital at
Chhatrapati Sambhajinagar between October 2 and 3. As usual the government
reacted saying it will take ‘appropriate action after a detailed inquiry.’ On
Wednesday last, Bombay High Court taking suo motu cognisance of the deaths said
reasons given by doctors of shortage of beds, staff, and essential medicines ‘cannot
be accepted.’True, but isn’t it the case typically. Interestingly, thegovernment
denies such shortage, but has no figures to share. Its Health Minister says,‘positive
changes’ will be brought in functioning of state-run medical facilities ‘in
four months.’ Words oft heard alright, but these can’t heal the pain of the
families of victims. Change will be when governments have empathy for the poor.
Asking for too much?
* * * *
MP Woos Women Voters
Ruling BJP-government in Madhya Pradesh is going all
out to woo women voters ahead of the ensuing 230-member Assembly elections. On
Thursday last, it announced amendment to the MP Civils Services (Special
Provision for Appointment of Women) Rules, 1997 to give 35% reservation to
women in all government jobs! The notification reads: “Notwithstanding anything
contained in any service rules, there shall be reserved 35% of all posts in the
service under the state (except Forest Department) in favour of women at the
stage of direct recruitment and the said reservation shall be horizontal and
compartment-wise.” Chief Minister Shivraj Singh Chouhan at a rally also
announced 50% reservation for women in teaching posts and promised that education
fees of girls will be borne by government to ensure better education. Clearly, with
women accounting for 48% of the voters, the BJP wants to persuade them to press
on the party symbol button. Congress realises their importance too and has
promised Rs 1500 per month and domestic LPG cylinders at Rs 500 among others.
Predictably, the buck won’t stop here. Post polls it would be worthwhile to see
which of the two parties fared better.
* * * *
WB Protests
Ruling TMC has upped the ante against the Centre and ‘its
step-motherly treatment to West Bengal’. National General Secretary and supremo
Mamata Banerjee’s nephew Abhishek Banerjee started a protest on Thursday last
outside Kolkata Raj Bhavan soon after having led a similar one, with MLAs and
ministers in tow earlier this week in Delhi againstalleged withholding of
MGNREGA funds. Governor Ananda Bose, which is in a running battle with TMC over
VCs appointments, has so far refused to meet a delegation. Banerjeeinsists and
warns demonstration will continue 11 am-9 pm daily and he would be at protest
site even during the night. Bose, he says is Centre’s representative and ‘owes
an explanation to people of Bengal.’The claim being Modi government has withheld
Rs 15,000 crore in dues to the State under MGNREGA and PM Awas Yojana. The BJP reacts
accusing TMC of indulging in ‘drama’, siphoning off Center’s money and deleting
over 25 lakh job cards. Plus, it threatens ordering a CBI probe.This spat too
like others promises to be ugly alright.----INFA
(Copyright, India News & Feature Alliance)
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INDIA Bloc Unity: PUNJAB, WB, KERALA ADD DOUBT, By Insaf, 30 September 2023 |
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Round
The States
New Delhi, 30 September 2023
INDIA Bloc Unity
PUNJAB, WB, KERALA ADD DOUBT
By Insaf
Developments in Punjab are putting a big question mark
on the bonhomie projected by INDIA bloc for 2024. The Congress particularly is
seeing red after AAP government in Punjab arrested its MLA Sukhpal Singh Khaira
in Chandigarh on Thursday last in a 2015 drug trafficking case. President
Kharge reacted with ‘we won’t tolerate injustice’ and AAP leadership shouldn’t
be employing ‘BJP’s tool of vendetta politics’ against alliance constituents!
Moreso, after Congress supported AAP over the Delhi Services Bill and objected
in Rajya Sabha to MPs Sanjay Singh and Raghav Chadha’s suspension. A Congress delegation also met Governor Purohit
complaining against the ‘fake case.’ Khaira hit out at Chief Minister Mann
accusing him of being ‘thirsty for my blood…It’s not politics of ‘badlav’
(change) but ‘badle dee rajniti’ (politics of revenge).’ This so as he
was being summoned despite Supreme Court ‘staying the trial court proceedings
against him in 2017’. Interestingly, within hours of his arrest, BJP too echoed
Congress sentiment accusing AAP of misusing powers and indulging in revenge
politics. The AAP claims action taken ‘as per law’. The issue confirms early
cracks.
Likewise, there’s TMC-Congress brawl in West Bengal,
after Congress’ Kaustav Bagchi joined a protest rally in Kolkata on Wednesday
last, of aspiring candidates for school jobs with BJP MLA Suvendu Adhikari present.
Obviously, TMC is spewing venom saying there’s ‘covert alliance’ among CPM, Congress
and BJP in the state! Ironically, placards of INDIA bloc along with posters
against TMC were in the rally. While Bagchi says he has ‘no problem taking part
in any rally/programme against corrupt TMC,’ State party chief Adhir Ranjan
Chowdhury sought to downplay it, saying he ‘must have gone there in personal
capacity and not as Congress leader.’ But, however, adds ‘fighting against BJP doesn't
mean we’ll turn a blind eye to TMC corruption’. Making TMC ask ‘do you support BJP
in Bengal or not?’ While the spat will continue, Congress is caught in a heated
debate with the CPI in Kerala. Talk of Rahul Gandhi retaining his Wayanad seat in
2024 has the Left insisting he mustn’t as the ‘alliance will be weakened if
partners contest against each other.’ Congress insists firmly ‘it’s for the
party to decide on its candidates.’ Time is essence and the bloc would do well
not to kill it.
* * * *
AIADMK-BJP Break
It’s over. The AIADMK said goodbye to the BJP-led
National Democratic Alliance (NDA) officially, peeved with the saffron party’s
State leadership defaming Dravidian icon, Late CN Annadurai and Late Chief
Minister J Jayalalitha, other than criticising its policies. The last straw
perhaps was BJP President Nadda’s inaction over complaints against Annamalai’s
‘aggressive politics.’ On Monday last, the party at a meeting in its
headquarters unanimously passed a resolution ‘breaking all ties with the BJP
and NDA alliance from today. The BJP state leadership has been continuously
making unnecessary remarks about our former leaders, our General Secretary K
Palaniswami and our cadres for the past one year.’ The party sought an apology
from Annamalai or that he be replaced if he didn’t. Plus, it said it would lead
a separate front for 2024 polls, which was welcomed with firecrackers
by cadres. The unexpected break is being seen as a setback to Modi’s
national plans and thus the party now seeks a ‘status report’ on parting of
ways. Will there be a rethink?
* * * *
Mizo No To Centre
The MNF-led government in Mizoram has said a big no to
Union Home Ministry’s directive to collect biometric data of Myanmar refugees
in the State. It’s ‘discriminatory and violates human rights’, it reasons. The
order to check ‘illegal migrants’ was issued first in April and in June the
exercise was told be completed by September-end. While a pilot project was
launched across all 11 districts, primarily relief camps where refugees are
staying, Chief Minister Zoramthanga has decided not to go ahead, despite North
Block now extending deadline to 31 March 2024, as requested by Manipur. Since
2021 military coup, “60,000 Myanmarese have taken refuge, government has
provided all relief, children given free education, free mid-day meals etc,
despite no funds from Centre’, says Mizo government, asserting it won’t
stop. Moreso, as Chin people in Myanmar
share a common ethnicity with Mizos, and when borders were drawn by the British
‘some of our brothers and sisters got left behind’. However, with Assembly
polls year-end, the exercise could turn into a hot political issue, which
expectedly MNF would like to avoid. It’s an NDA partner and what happens after,
is anybody’s guess.
* * * *
Imphal On The Boil
Normalcy returning in Manipur as claimed is not, rather
its capital Imphal is on the boil again. Fresh violence broke out since Tuesday
last after photos of bodies of two students missing, went viral on social
media. Protests were led by hundreds of angry students and mobs vandalised DC’s
office, tried to attack Chief Minister Biren Singh’s empty ancestral home,
burnt vehicles—all despite curfew. Over 70 students and dozen-odd policemen
were injured. Seeking to calm tempers,
the government set up a committee under IGP on Thursday last to verify
complaints of ‘excessive use of force by security forces’ on students. On the
other hand, security agencies have been warning that members of banned militant
groups such as UNLF, PLA are becoming part of mobs and carrying out sneak
attacks on security forces besides giving directions to agitators. While this
is to be looked into, the Centre has ‘prematurely’ repatriated Srinagar Senior
Superintendent of Police Rakesh Balwal, an expert in handling terror-related
cases and was part of NIA team probing Pulwama attack, to Manipur cadre.
Besides it has sent a CBI team to investigate the two brutal murders. The big
question is will these measures instil confidence? Time for New Delhi to give a
serious thought of replacing Biren, as demanded?
* * * *
Construction ‘Ban’ In Joshimath
Declare the sinking town of Joshimath as ‘No New
Construction Zone’ is an advice the Uttarakhand government shouldn’t ignore.
The 35-member expert committee set up in January last has warned the future is
worrisome, plus is firm against the pressure of permanent population growth in
the temple town, which has risen in the last decade from 16,000 to 25,000. In
its 324-page report, the Central Building Research Institute has declared 20%
of the houses unusable, 42% requiring further valuation, 37% usable and 1% need
demolition. It has questioned indiscriminate construction and proposed a review
of principles of town planning for development of cities in mountainous regions
of the Himalayan region here. The NDMA’s Post Disaster Needs Assessment report
reveals the negative impact on environment from future large-scale
reconstruction activities and suggests these, if at all, should be ‘green
building-based, with proper technology and limited concrete.’ The CSIR,
Roorkee, recommends developing a disaster-resilient model town to rehabilitate
people displaced from Joshimath. The list is long, every bit of the reports
should be read and acted upon. No more taking risks. ---INFA
(Copyright, India News & Feature Alliance)
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INDIA Bloc Unity: PUNJAB, WB, KERALA ADD DOUBT, By Insaf, 30 September 2023 |
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Round
The States
New Delhi, 30 September 2023
INDIA Bloc Unity
PUNJAB, WB, KERALA ADD DOUBT
By Insaf
Developments in Punjab are putting a big question mark
on the bonhomie projected by INDIA bloc for 2024. The Congress particularly is
seeing red after AAP government in Punjab arrested its MLA Sukhpal Singh Khaira
in Chandigarh on Thursday last in a 2015 drug trafficking case. President
Kharge reacted with ‘we won’t tolerate injustice’ and AAP leadership shouldn’t
be employing ‘BJP’s tool of vendetta politics’ against alliance constituents!
Moreso, after Congress supported AAP over the Delhi Services Bill and objected
in Rajya Sabha to MPs Sanjay Singh and Raghav Chadha’s suspension. A Congress delegation also met Governor Purohit
complaining against the ‘fake case.’ Khaira hit out at Chief Minister Mann
accusing him of being ‘thirsty for my blood…It’s not politics of ‘badlav’
(change) but ‘badle dee rajniti’ (politics of revenge).’ This so as he
was being summoned despite Supreme Court ‘staying the trial court proceedings
against him in 2017’. Interestingly, within hours of his arrest, BJP too echoed
Congress sentiment accusing AAP of misusing powers and indulging in revenge
politics. The AAP claims action taken ‘as per law’. The issue confirms early
cracks.
Likewise, there’s TMC-Congress brawl in West Bengal,
after Congress’ Kaustav Bagchi joined a protest rally in Kolkata on Wednesday
last, of aspiring candidates for school jobs with BJP MLA Suvendu Adhikari present.
Obviously, TMC is spewing venom saying there’s ‘covert alliance’ among CPM, Congress
and BJP in the state! Ironically, placards of INDIA bloc along with posters
against TMC were in the rally. While Bagchi says he has ‘no problem taking part
in any rally/programme against corrupt TMC,’ State party chief Adhir Ranjan
Chowdhury sought to downplay it, saying he ‘must have gone there in personal
capacity and not as Congress leader.’ But, however, adds ‘fighting against BJP doesn't
mean we’ll turn a blind eye to TMC corruption’. Making TMC ask ‘do you support BJP
in Bengal or not?’ While the spat will continue, Congress is caught in a heated
debate with the CPI in Kerala. Talk of Rahul Gandhi retaining his Wayanad seat in
2024 has the Left insisting he mustn’t as the ‘alliance will be weakened if
partners contest against each other.’ Congress insists firmly ‘it’s for the
party to decide on its candidates.’ Time is essence and the bloc would do well
not to kill it.
* * * *
AIADMK-BJP Break
It’s over. The AIADMK said goodbye to the BJP-led
National Democratic Alliance (NDA) officially, peeved with the saffron party’s
State leadership defaming Dravidian icon, Late CN Annadurai and Late Chief
Minister J Jayalalitha, other than criticising its policies. The last straw
perhaps was BJP President Nadda’s inaction over complaints against Annamalai’s
‘aggressive politics.’ On Monday last, the party at a meeting in its
headquarters unanimously passed a resolution ‘breaking all ties with the BJP
and NDA alliance from today. The BJP state leadership has been continuously
making unnecessary remarks about our former leaders, our General Secretary K
Palaniswami and our cadres for the past one year.’ The party sought an apology
from Annamalai or that he be replaced if he didn’t. Plus, it said it would lead
a separate front for 2024 polls, which was welcomed with firecrackers
by cadres. The unexpected break is being seen as a setback to Modi’s
national plans and thus the party now seeks a ‘status report’ on parting of
ways. Will there be a rethink?
* * * *
Mizo No To Centre
The MNF-led government in Mizoram has said a big no to
Union Home Ministry’s directive to collect biometric data of Myanmar refugees
in the State. It’s ‘discriminatory and violates human rights’, it reasons. The
order to check ‘illegal migrants’ was issued first in April and in June the
exercise was told be completed by September-end. While a pilot project was
launched across all 11 districts, primarily relief camps where refugees are
staying, Chief Minister Zoramthanga has decided not to go ahead, despite North
Block now extending deadline to 31 March 2024, as requested by Manipur. Since
2021 military coup, “60,000 Myanmarese have taken refuge, government has
provided all relief, children given free education, free mid-day meals etc,
despite no funds from Centre’, says Mizo government, asserting it won’t
stop. Moreso, as Chin people in Myanmar
share a common ethnicity with Mizos, and when borders were drawn by the British
‘some of our brothers and sisters got left behind’. However, with Assembly
polls year-end, the exercise could turn into a hot political issue, which
expectedly MNF would like to avoid. It’s an NDA partner and what happens after,
is anybody’s guess.
* * * *
Imphal On The Boil
Normalcy returning in Manipur as claimed is not, rather
its capital Imphal is on the boil again. Fresh violence broke out since Tuesday
last after photos of bodies of two students missing, went viral on social
media. Protests were led by hundreds of angry students and mobs vandalised DC’s
office, tried to attack Chief Minister Biren Singh’s empty ancestral home,
burnt vehicles—all despite curfew. Over 70 students and dozen-odd policemen
were injured. Seeking to calm tempers,
the government set up a committee under IGP on Thursday last to verify
complaints of ‘excessive use of force by security forces’ on students. On the
other hand, security agencies have been warning that members of banned militant
groups such as UNLF, PLA are becoming part of mobs and carrying out sneak
attacks on security forces besides giving directions to agitators. While this
is to be looked into, the Centre has ‘prematurely’ repatriated Srinagar Senior
Superintendent of Police Rakesh Balwal, an expert in handling terror-related
cases and was part of NIA team probing Pulwama attack, to Manipur cadre.
Besides it has sent a CBI team to investigate the two brutal murders. The big
question is will these measures instil confidence? Time for New Delhi to give a
serious thought of replacing Biren, as demanded?
* * * *
Construction ‘Ban’ In Joshimath
Declare the sinking town of Joshimath as ‘No New
Construction Zone’ is an advice the Uttarakhand government shouldn’t ignore.
The 35-member expert committee set up in January last has warned the future is
worrisome, plus is firm against the pressure of permanent population growth in
the temple town, which has risen in the last decade from 16,000 to 25,000. In
its 324-page report, the Central Building Research Institute has declared 20%
of the houses unusable, 42% requiring further valuation, 37% usable and 1% need
demolition. It has questioned indiscriminate construction and proposed a review
of principles of town planning for development of cities in mountainous regions
of the Himalayan region here. The NDMA’s Post Disaster Needs Assessment report
reveals the negative impact on environment from future large-scale
reconstruction activities and suggests these, if at all, should be ‘green
building-based, with proper technology and limited concrete.’ The CSIR,
Roorkee, recommends developing a disaster-resilient model town to rehabilitate
people displaced from Joshimath. The list is long, every bit of the reports
should be read and acted upon. No more taking risks. ---INFA
(Copyright, India News & Feature Alliance)
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Indian Macros ‘Charm’: US BONDS HOLD UP MANY GAINS, By Shivaji Sarkar, 2 October 2023 |
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Economic
Highlights
New Delhi, 2 October 2023
Indian Macros ‘Charm’
US BONDS HOLD UP MANY GAINS
By Shivaji Sarkar
Developments and statistics about India’s growth are
interesting. Various contrary figures indicate a queer pitch. While global
financial services group Nomura upgrades India’s rating over “strong macro”,
start-ups see 72 per cent funding fall in January-September, top 75 Indian
brands see 4 per cent dip in value even as India Inc. is worried over the staggering
growth in illicit trade.
Not less interesting are the stock market figures. As
number of IPOs, new equities hit multi-year high on good valuations and
pricing, Mumbai Sensex continues its selling spree on cues, losing over 2200
points in less than a week. Like Nomura, Morgan Stanley and Goldman Sachs also
upgraded India to “overweight” from neutral ‘on the back of strong
macro-economic fundamentals’. Nomura,
however, says there could be some cyclical slowdown in the next few months.
Still there is “long-term structural attractiveness of India”. The jargon is
not easy to comprehend.
Amid these, Abu Dhabi’s International Holding Company
(IHC) exits two energy companies-- Adani Green Energy and Adani Energy
Solutions, earlier was known Adani Transmission. The IHC is selling the stakes
of Rs 7700 crore it invested in these two companies. It will clock a loss of Rs
1831 crore in Adani Green and Rs 2545 crore in Adani Energy. It also has stake
of Rs 9934 crore in Adani Enterprises.
A Federation of Indian Chambers of
Commerce & Industry (FICCI) report on India’s illicit flows of 5
per cent of GDP based on data from United Nations Office on drugs & Crime (UNDOC)
and Global Financial Integrity by Ford Foundation has caused jitters among the Indian
businesses. Prior to this, a UNDOC report of 2011, was the most widely quoted
figure for the extent of money-laundering as the International Monetary Fund’s
consensus range of between 2.5 per cent of global GDP or $1.6 trillion
announced in 1998. The UNDOC analysis suggests that all criminal proceeds then
were likely to have amounted to some 3.6 per cent of the GDP (2.3 – 5.5per cent)
or around $2.1 trillion in 2009.
The FICCI report says, “Trade-based money
laundering in India soared to a whopping $674.9 billion for the 10-year period
from 2009 to 2018, which reflects the magnitude of illicit trade that has
emerged as a major threat to the country’s economy and security”.
“Based on UNDOC estimates, when the Indian economy
surpassed the $3 trillion mark in 2021, the quantum of money laundering in the
country can be estimated at $159 billion which is around 5 per cent of the GDP.
This accentuates the magnitude of the problem driven by the rise in illicit
markets (trade, illegal drugs, arms etc.) and non-market actors.”
It cites recent data provided by the Directorate of
Revenue Intelligence (DRI) to illustrate India’s substantial trade gap due to
mis-invoicing and highlights the growing illicit trade. Smuggling in India
report 2021-22 identified 437 instances of duty evasion totalling Rs3,924
crore, which was a 40 per cent jump from the corresponding figure of Rs 2,810
crore in 2020-21.
Currently India’s illicit trade gap as estimated by
Global Financial Integrity (GFI) is 20 per cent, or about $300 billion when the
country’s economy reaches the $5 trillion-dollar mark. FICCI has flagged this
as a major concern as its study shows that illicit trade is directly linked
with organised crime and terrorism. The study also cites the examples of
various countries worldwide in this regard. “The convergence of trade-based
money laundering with terrorism raises significant concerns for our national
security,” the report observes.
Counterfeiting and illicit goods in India pose
significant risks, including financial risks, public health threats in the case
of fake pharma products and intellectual property issues as well, the report
points out.
The Global Organised Crime Index (2021) shows low
prevalence of organised crime actors, in India but the criminal network has
significant influence, with a score of six which is higher than the average
score of five for 122 countries.
Though it is not clear whether such activities are
impacting start-up fundings or not, it has been observed that the dearth in the
availability of easy money has stranded many start-up ventures. It has fallen
by 72 per cent to $ 6.6 billion between January and September, according to
Tracxn market research company. Earlier the start-ups had garnered $23 billion.
Many cash strapped companies have laid off employees.
Similarly, a study by leading data, insights and
consulting company Kantar reveals that 75 Indian brands valuation declined by 4
per cent to $79 billion this year. This is in addition to the losses of value
of “100 most valuable global brands” in 2022-2023. The overseas contribution
for the top 30 Indian brands accounts for 31 per cent of branded value,
compared with 47 per cent for Japan, 59 per cent of UK, and 85 per cent for
France.
As the US interest rates firm up, the foreign portfolio
investors are selling Indian equities leading to a continuous fall in the
Sensex. The US bond yields have become lucrative. The US
Fed decision has helped it get back global investments and causing fund
crunch for countries like India. A high inflationary Indian economy, with oil
and dollar price surging, grapples to keep its level.
It is no wonder that in such scenario initial public
offerings are doing well and reaching a multi-year high. So far 166 companies
have launched IPOs compared to 164 in 2022-23. Even the large companies have
floated many IPOs. In terms of money raised, so far this year it could get Rs
30,090 crore or a quarter of Rs 1.1 lakh crore raised in 2021-22, when large
offers such as from Paytm, Zomato, Star Health and Nykas hit the market.
However, the largest IPO in the country, Life Insurance
Corporation (LIC), failed to meet investors’ expectations. The LIC launched for
Rs 940 still is below 31 per cent its sale value. Possibly, the discussion
about selling of its stakes did not help it. The US rate hikes have also turned
away many foreign investors. The foreign funds selling led to net outflow of Rs
18000 crore in less than a month.
The FICCI report cites recent data provided by the
Directorate of Revenue Intelligence (DRI) to illustrate India’s substantial
trade gap due to mis-invoicing and highlights the growing illicit trade.
Smuggling in India report 2021-22 identified 437 instances of duty evasion
totalling Rs 3,924 crore, which was a 40 per cent jump from the corresponding
figure of Rs2,810 crore in 2020-21.
This is not to say India lacks the strength as Nomura
and Morgan Stanley point out. However, to strike a continuous growth and gains,
India has to gird up and move beyond mere projections.---INFA
(Copyright, India News & Feature Alliance)
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Remembering Gandhi: REAL INDIA IN VILLAGES!, By Dhurjati Mukherjee, 4 October 2023 |
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Open
Forum
New Delhi, 4 October 2023
Remembering Gandhi
REAL INDIA IN VILLAGES!
By Dhurjati Mukherjee
The nation celebrated Gandhi Jayanti on October 2, paying
homage to Mahatma Gandhi on his 154th birth anniversary and pledging to fulfil
his dreams. And while there’s no denying the country has made strides becoming the
fifth largest economy in the world, it is worth recalling his vision that ‘the future
of India lies in its villages’, among others. Questions thus rightly continue
to be raised about what has changed for the 64.13% of population in rural
India, how much progress has been made in reconstructing villages and whether
the conditions of the deprived and backward sections of society continue to
reek of despair?
Addressing virtually a ‘Kshetriya Panchayati Raj
Parishad’ of local body members drawn from several States, Prime Minister Modi
had recently said the lamp of development has to be lit up in every village,
tehsil and district to make India a developed country by 2047. And that ‘sabka
saath, sabka vikas’ is not merely a slogan for the BJP and development initiatives
must be turned into a mass movement.
Whether he gave what could be termed a political speech
without delving into the problem or whether he genuinely wanted to change his
strategy with a rural thrust remains to be seen. Modi did not spell out the government’s
priorities and plans in this regard and the possible steps that were intended
to be taken in future to improve the condition of the villages. The
neglect of the rural sector has been highlighted by economists’ time and again
as also the urban bias in Indian planning.
It has been stated that the government’s policies
helped 13.5 crore people out of poverty but what has not been stated is the
addition of population during this period and the percentage decline in poverty
rates. Moreover, those who have crossed the poverty line are obviously in the
EWS group, whose conditions are also not very encouraging. Though statistics
reveal that under the Modi government’s MUDRA loan scheme, Rs 23 lakh crore has
been distributed to create eight crore new entrepreneurs, out of which about 51
percent of the beneficiaries are from SC/ST or OBC categories, it has been
found that this has had little effect on the lowest tiers of society, specially
in rural areas.
There is a tendency to forget how much of the Indian
population lives in villages. If that is taken into consideration as also the
conditions existing in the backward districts and sub-divisions of the country,
the Union budget without any doubt would have to allocate more resources to
rural areas. Sadly, the Rural Development Ministry was allocated Rs 1,57,545
crore for 2023-24, around 13% less than the estimated expenditure made by it. Besides,
fund allocation for Mahatma Gandhi National Rural Employment Scheme (MGNREGS),
which provides guaranteed 100 days of wage employment per year to at least one
member of every household whose adult members volunteer to do unskilled manual
work, too was cut by almost one-third. This is inadequate when wages are
increasing and, as per calculations, the funds allocated to States can’t provide
employment for not more than 35-40 days.
Additionally, there was no raise for Pradhan Mantri
Gram Sadak Yojna which remained as last budget at Rs 19,000 crore, while
there was only a marginal increase for National Livelihood Mission – Ajeevika
to Rs 14,129.17 crore, compared to revised estimate of Rs 13,336.42 crore in
last budget. Regrettably, the arm-chair economists and planners oppose what is
called welfare expenditure and try to draw parallels with the Western world
without realising that in our country there is a very large segment who are
either below the poverty line or marginally above it. The present allocation of
funds for rural areas will not make the villages self-sufficient, as envisaged
by Gandhiji and leaves much to be desired.
At the same time, in the past decade adequate while attention
has been given towards improving overall infrastructure specially for roads and
railways, the social infrastructure, specially health and education, has remained
neglected in the remote villages and backward areas of the country. A
well-planned strategy with financial support is imperative at this juncture to
bring about the much-needed socio-economic transformation of the villages and
improve the incomes of the rural masses.
Rural transformation signifies a major shift in rural
formation. Such transformation may be defined as process of transition which
signifies a major shift in the entire rural formation. This denotes the
successive changing patterns conceived in rural settings -- in its structure,
form and character, both in positive and negative directions. Sociologists as
well as economists are of the opinion that the pace of social restructuration,
the emergence of new classes, decline of traditional cultural institutions also
rural incomes are quite significant phenomenon that needs to be seriously
investigated.
In evolving a policy of transition in rural society, it
is vital to delve deep into the vision of our late President, Dr A.P.J. Abdul
Kalam relating to PURA that is, Providing Urban Facilities in Rural Areas,
which is very much in the Gandhian spirit. He visualised that India
needed 7000 PURAs covering more than six lakh villages. The
theme of PURA has been focussed on agro processing, developing local crafts,
dairy farming, fishing and silk production so that non-farm revenue could be
enhanced, based on the core competency of the region. Moreover, he pointed
out that the economy would be driven by sources of renewable energy such as
sun, wind, biofuels and the conversion of municipal waste from power. The entire
plan of Dr Kalam has been geared towards increasing micro-scale manufacturing
in rural areas to achieve sustainable development, using the core potential of
the rural sector.
At this juncture, the question is how much of it has
been accomplished? As pointed out earlier, the government’s thrust has unfortunately
not been on the scale necessary to improve social and physical infrastructure
in the villages. No doubt renewable energy has got a thrust but what about
ensuring better livelihood for the masses? What about energising the
agricultural sector and making it a key area of exports?
Another aspect of the rural transformation process to
be effective calls for putting an end to discrimination and deprivation,
specially among castes. The relationship of peasantry caste with the
agricultural working classes, the lowest castes and the Harijans is
increasingly that of aggressiveness and antipathy. This is being reciprocated
by the lower castes and working classes as well, leading to a sharp decline in
the cultural ethos of rural society. This is indeed tragic that there is
conflict in policies of protective discrimination and the weaker sections do
not accept the legitimacy of the so-called reform measures.
There is thus an urgent need for rethinking in
formulating our socio-economic strategy with focus on invigorating the rural
economy, as envisaged by Gandhiji long back. There must be a thrust on making
the villages self-sufficient and promoting agro-based and cottage industries in
a bigger way that could generate employment. With population increasing at a
rapid pace, the economic strategy should focus on the rural sector where
micro-level units could ensure employment. Additionally, rural health and
education need to be upgraded so that the lower segments of society can avail
the benefits of growth. A holistic plan, rather than piecemeal schemes, would
be the best tribute to the father of the nation. Real India is in the villages.---INFA
(Copyright, India News & Feature Alliance)
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More...
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Water Wars: HOW WILL INDIA QUENCH THIRST?, By Poonam I Kaushish, 3 October 2023
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EAM’s UNGA Speech: RESETTING WORLD ORDER, By Prof. (Dr.) D.K. Giri, 29 September 2023
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Canada, Sikhs, India and Pakistan, By Inder Jit, 28 September 2023
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Women Leadership: VITAL FOR SOCIETAL CHANGE, By Dr. Oishee Mukherjee, 27 September 2023
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