Friday 19th, October 2018
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If CAG's mere Estimate of higher Revenue from 2 G Spectrum allocation is a Loot, Why not RBI estimate of GDP loss of 2% due to Demonetisation

Published On : 19 Nov 2017

If CAG's mere Estimate of higher Revenue from 2 G Spectrum allocation is a Loot, Why not RBI estimate of GDP loss of 2% valuingover 2 lakh crore due to Demonetisation is also a Loot ?

By S.V.Amin Member

D. Devraj Urs Centenary Celebrations Committee, Govt of Karnataka

Mumbai, Nov.19: Modi led BJP had a yearlong lavish and pompous Campaign with promises galore preceeding L S Election 2014 which was unprecedented ever in the Indian electoral history. The electorate, especially the young and middle classes were tempted and swayed by many a unrealistic promises (like Rs.15 Lakh deposit to bank a/c of all common men after getting Swiss Bank deposit back home in 100 days) of BJP. It's now over three and half a year since BJP assumed Power, people have been waiting very patiently and in the process have also voted BJP during various State Assembly Elections, but are now slowly realising the electoral gimmicks of Modi and his party. A neutral observer may also find here Modi govt put most of the widely publicised electoral promises like creation of 2 crore new job per anum, getting Swiss Bank deposit back in 100 days, a Corruption free clean Admn, controlling prices of essential items, minimum Govt and maximum governance etcetc to cold storage and instead introduced a new set of agenda such as Make in India, Swachch Bharat, Demonetisationto eradicate black money, implementation of GST, etc. Modi has used above new agenda often to improve his brand image rather than his well publised development agenda. It's with these back ground, here below is a honest analysis of Modi rule vis a vis electoral promises and the implications of his new found programmes.

Economy was in good stead during 2014 -15, but Govt failed to consolidate : There was a good opportunity to Improve and Consolidate Economic sector was squandered due to impractical economic Policy and Unilateral and arrogant decisions of Modi gov't and for that they are trying to blame the previous govt that they inherited a economy in mess.

The fact is that the Economic slowdown of 2008-10 was a Global phenomenawhere as the present one (2016-17) is a One Manmade Disaster :Post Economic slowdown of 2008-09, then UPA Govt introduced many a reform measures to usher country's economy and that started yielding results during 2012 -14 was further bolstered with booming Agricultural sector, thanks to rain Gods and steep fall of prices of Crude oil in the international market during 2015- 16.Though Modi govt endowed with all aforesaid boons, but they not only failed to pass on the benefit of low oil prices to the consumers but instead used that opportunity to garner additional Revenue for Govt exchequer by raising additional central Excise duty by over Rs 15/-per letre of petrol and diesel through internal adjustment. One may recollect the fact that Crude Oil price did hit aall time high price of USD 131.27 per barrel during July 2008 and then the UPA govt prescribed prices for petrole and diesel were Rs 57.17 and 39.16 per litre respectively. BJP then not only opposed said hike very vehemently and staged agitations across the country but also didn't allow parliament to function for over 4/5 weeks. What are they doing now when crude oil prices fell as steeply as USD 26.39( to minus 80% as of Jan' 2016) ?

The lowest price that Modi govt prescribed were Rs 61.82*and 46.74*for petrol and diesel (against lowest crude price of USD 28.68as of Jan' 2016) were much higher than the UPA Govt administered price of Rs.57.17 and 39.16 (against
*All Sale prices @ Bengaluru.

highest ever crude price of USD 131.28) as of July /Aug 2008 !!! The right thinking public need to understand the double stands of BJP as they failed to pass on the benefit of falling prices of Crude oil to consumers. Recently when pressure mounted on them they reduced Rs 2/-per litre only when In fact they increased the duty for over Rs 15/- per litre (in addition to exsisting CED) as said above and left it to state govts to reduce it further. While analysing above facts, One may have to understand the business man like approach (of garnering more profit) and anti people mindset of present Rulers. While the govt used said falling prices of Crude oil to garner additional revenue (to tune of over Rs.80,000 crore during year 2015-16), the public sector oil companies too allowed to get more profit as it gives credence to the floating roumer that above oil co managements are being engaged to arrange "Funds" for the Ruling party.

Govt never bothered to contain rising prices of essential consumer goods: BJP/NDA have derived maximum political advàntage by high lighting price hike in petroleum products and also occasional increase in pricees of some of the other essential items Onion etc. While their duel stands have been clearly exposed from
above analysis of handling of prices petroleum prices, their handling of rising prices of other essential items( when dal and other grain prices touched over Rs 200/- a kg) has proved this govt’s apathy to the concerns of the common men.

Modi’s announcement of Ahmadabad and major cities as “PoornaSwachch” cities is proved to be ”PoornaJoot”: On Gandhi Jayanthi day of 2nd Oct 2016, Modi declared Ahmadabad and other major cities of Gujarat as “ PoornaSawchch” cities. To test that official announcement of the government, the “Caravan” magazine conducted a survey at Ahmadabad and other cities and found that declaration is quite far from truth. The survey team specially chose Mani nagar( an assembly segment which Modi represented thrice as CM) to carry out said reality check. Their team was surprised to see people coming and freely doing their natures call on every available space on 10 mt wide bund along Chandola canal and the slum area on the other side. The mission team found it difficult to move around freely as they could see heaps of shit all over and suffocating bad smell and the flying mosquitoes and flies all around. And the ground realities were not that better at other cities too as per the report published in Caravan of May 2017. Thus a very good programe which was very near to gandhiji’s heart too was going other way as Modi found using it to improve his personal image!

Promised corruption free government but no LokPal yet: “BrishtacharMukth” sarkar, “Na khavunga, nakhanedoonga” was Modi’s favouritedialouge all through his election campaign. To make it a reality, appointment of Lokpal institution was essential, but Modi is not only dodging the issue , he even not willing to debate the matter in parliament. This proves a point that corruption was only an issue of election ” bhashanbaazi” and was never serious about cleaning up of administration!

BJP's double standards exposed in Aadharusage: How BJP opposed UPA and tried to stall implementation of Aadhar is well known to all. Now they are not only more vigorously implementing that scheme but also P M Modi is found to be indulged in getting personal publicity out of it. In fact after introduction of Adhar card for all subsidy oriented schemes, nearly 100 lakh duplicate cards among LPG consumers have been detected and flushed out. But MrModi found to be bragging in his " manki bath" programme that 1 crore people gave up subsidy in response to one appeal from him to give up subsidy. There too he was not only trying to deny one credit going Congress way, but also to petroleum ministry and dpt who worked sincerely for introduction of Adhar and eventually flushed out duplicate cards !!! Further one may have to understand the fact that the Govt is saving not less than Rs. 58,000 crore p a which adds to healthy status of country's economy.

If mere Estimates of higher Revenue by CAG on 2 G Spectrum allocation is a Loot, Why not RBI estimate of GDP loss of over 2% post Demonetisation is also a Loot ?
The PM and the Govt need to answer above question. But the problem is that PM is not in the habit of answering any questions, instead his followers question the questioners. But in above case good thinking public need to press Modi to answer as he who took unilateral decision of Demonetisation without taking any one in to confidence, not even the Institutions linked to above Job such as RBI, leave alone Finance Ministry. Now as jury is out as RBI has officially stated that Demonetisation has caused a GDP loss of not less than 2% which was further bolstered by International agencies such as World Bank, IMF and other rating agencies. Govt kept on defending Demonetisation in total disregard to what our Financial wizards were to say on the matter. With in few weeks of announcement Demonetisation, Dr Manmohan Singh stated on the floor of parliament that " Demonetisation will cause GDP loss of at least 2% and màny a miseris and hardships to the common men and it's going to be proved as aOrganised loot and legalised plunder." Mr Singh was then pooh poohedand ridiculed by Mr Modi and his colleagues ! Now RBI has officially announced the quantum of loss to country's Economy. HencDr M M Singh has once more come out openly to authenticate his point view which he said earlier. But Modi and his colleagues are not ready to admit it. They often compare this with the Economic Slowdown of 2008 - 10 and argue that they handled it better than what Congress govt did. But what they forget was the fact that it was then an Internationally affected phenomenon and not India specific and was foretold much earlier by our own Economist Sri RaghuramRajan. The problem with Mr Modi and his party leaders is that they are not interested in reading or knowing real history but they want the people to believe their own "Reel" stories like the one they are now busy in reeling it out to the public about fall out of Demonetisation. As they are all trained that way at the shaakhas of their parent organisation from their younger days, it's of no use of expecting them to do anything better now and it's for the public to judge.

Hurried implementation of High Rate GST only aggravated damages to Indian Economy after facing ills ofDemonetisation: As analysed as above demonetisation caused a very heavy damage to country’s economy. As if above damages were not enough, the Modi government compounded it further through hurried implementation of half baked GST. As Congress lead opposition have been highlighting the problem of high dosage of tax on one side and on the other Modi government having seen the ground realities at Election bound Gujarat not that encouraging, thay suddenly called GST council and decided to restructure the tax rate. It is now for the election commission to approve it or otherwise. But one thing proved is that BJP is feeling the heatof GST now at election bound state of Gujarat.

While it was a regular feature that over crores of people found to waiting in que in front of Banks and ATMs for days together for nearly three months post Demonetisation and in the process over 200 people lost their lives, apart from lakhs of people lost their jobs as most of the construction and SME Industrial sector suffered due to cash crunch after Demonetisation. If this Man made disaster happened in any of the European or other western countries, the Responsible

person would have faced public wrath and prosecution.But here in this country we take every thing easy and hence concerned person continue to be in seat of power and take people for granted.Hence it's for the people to understand who is telling truth and who is twisting the facts and thus they need to draw a line between Fact and Fiction.

Sunder V. Amin
General Secretary
All India Rahul Brigade Congress
Karnataka State Committee, Bengaluru.                                                                                        

D.DevrajUrsCentinary Celebrations Committee,
Govt of Karnataka.

Former Member
Karnataka State Commission for Backward Classes, Govt of Karnataka.

Mob: 09845109666, Emai:


Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of Canaranews and Canaranews does not assume any responsibility or liability for the same.

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