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Modi’s ‘Acche Din’ hypes resulted ‘Bure Din’ in 4 yrs
Jiten Chaudhury
Modi’s ‘Acche Din’ hypes resulted ‘Bure Din’ in 4 yrs
PHOTO : Modi's 'Acche Din' cartoon by famous cartoonist Satish Achariya. TIWN / Source : Internet

Modi Govt's unprecedented move of the Government for supplementary grants at the fifth months of the financial year, while seven months of the financial year still left symbolizes the total mis-management of the economy and aimlessness for any targeted goal, except ruthless rhetoric and false hypes.

This is not the state of affairs of any particular financial affair but the regular feature of the last four years of Modi Government.

BJP came into the power with the lofty promise of “Acchedin” but today every segments of the society is experiencing the “Buredin”. Petrol & Diesel prices have hit an all time high in its 4th Anniversary period. A study has estimated that this Government has been earning more than Rs.4.50 lakhs crores every year by imposing excise duties on the Petrol & Diesel alone since 2014. The big question is where did all this money go?

We must also remind ourselves of Modi-ji’s election slogan of “ Bahut Hui Petrol aur Diesel ki Daam aur Abki Baar Modi Sarker”. Of course it seemed that a big part of  these money may go to wasteful expenditure like Statue of Unity( Sardar Patel) in Gujarat cost Rs.3,000 crores and Shivaji Statue in Mumbai of Rs. 2,500 crores and Ram Statue Rs. 330 crores and many thousands of crores spent for publicity promotions in last 4 years.

Indian economy faced the big blow due to the multi-faceted effect of demonetization; the worst hit is our MSME sector, agriculture and common masses. According to the recent study of Centre for Monitoring Indian Economy (CMIE), the demonetization cost India more than 15 lakhs jobs. Also the demonetization effects brought the GDP growth rate down from 7.93% to 6.5%.

Prime Minister Modi-ji  promised that his Govt. will create 2 crores jobs every year. But has only created only 2.05 lakhs jobs each year. The unemployment rate has gone up from 3.41% in 2014 to 6.23% in 2018. Is this the plight of Acchedin?

Prime Minister Modi’s another promise was “ Na Khaoonga Na Khaane Doonga” and he himself declared that he is India’s self appointed Chowkidar. But under his Chowkidaari the diamond merchant Nirov Modi was allowed to flee from the country after defrauding the Public Sector Bank, Punjab National Bank of Rs. 13,000 crores. And there are many such in disguise. His silence on the Rafael Purchase Deal from France at higher price than what was originally agreed to by the previous Governments, before 2014. Modi-ji promised that after coming into power he would curb corruption, but though 4 years later has lapsed, he has still not appointed Lokpal.

The BJP promised in 2014 that farmers would be provided with 50% profit above the cost of production, over and above MSP. This never materialized instead of this the loan waiver were promised that also not fulfilled and farmers suicides has increased by 42% since 2014. Floodgate has been opened up to give raw benefit in thousands of crores to the foreign Insurance Companies in the name of Pradhan Mantri Fasal Bhima Yojana.

The loot of public money does not confine through banking frauds by Nirav Modi, Mehul Choksi and Vijay Mallya only, there are systematic loot in other route too. There is massive loot of public money by certain corporate houses. In addition to over 2.50 lakhs crores waiving off defaulting corporate from Public Sector Banks in the first three years of this Government. It is reported that an additional Rs. 1,44,993 crores were written off during current year.

The Governor of RBI has now stated that the RBI is not equipped to monitor the over 16 lakhs Branches of the Banks all across the country. This is a very serious and most alarming issue before the nation today. The Central Government must strengthen RBI to discharge constitutional responsibility. It is clear that in the four years of existing Government, there is massive loot of peoples’ money and perpetrators are allowed to leave the country and Government remain virtually a spectator. Our Chowkidar is in deep sleep!

Government is slowly killing all the profit making PSUs and Financial Institutions. LIC is the repository of people’s savings in the form of insurance policies. Crores of middle class and poor families sweats are involved there in. Using this capital to bailout the worst defaulter bank is tantamounting to public loot of people’s savings. This is crony capitalism of the worst kind, the rich can loot and scoot but the common Indian will pay back their loans from their savings. The regulatory mechanism is being destroyed by this Government to protect the rich defaulters from repaying loans.

Price rise continues to remain relentless with all food articles costing much more, severely condemning the livelihood of vast majority in our population. This is a matter of serious concern and hence needs urgent measures to be under taken, but Government is moving towards the reverse direction by dismantling the PDS.

It has been promised that the creation of 2 crores jobs every year, instead what we see is the job growth in the industrial sector is ever lowest in the last eight years. Not only in the industrial sector but in almost all sectors the situation is grave. Senior Minister like Hon’ble Nitin Gadhkari publicly admitting that jobs prospect in the Government Departments is almost nil. Government is admitting in these three years, it has refused to release sums of Rs. 20,000 crores plus under MG-NREGA i.e.; they are denying the wages of poor people. In IT sector 50 to 60 p.c. of the current 40 lakhs employees will turn redundant by the end of this year. The Govt. policies are leading to an economic slowdown and rendering even those employed earlier into the ranks of unemployed. This is a matter of serious concern hence the appropriation of the supplementary demands is not justified.

The last figure of industrial manufacturing production have shown an absolute decline with growth rates being in the negative. There is an alarming decline of nearly minimum 30 p.c. in capital goods production. The entire energy sector is in crisis, indicating very significant industrial slow down. Unemployment is consequently rising, agrarian crisis is deepening. Vast section of our population is deprived of even meager relief through legal entitlement. This is another matter of serious concern today.

There are number of problems arising out from the faulty implementation of GST, which has hastily implemented from July, 1, 2017. There is an imminent threat of inflation and all around increase in the prices of consumer goods. This, despite the fact that for a number of commodities the GST rates now fixed are lower than the combined existing rate of Centre and State Taxes. It is estimated that there will be a revenue loss of at least Rs. 1.00 lakhs crores for the Central and State Governments. This will be another bonanza for the corporate at the cost of common people.

In totality whatever this Government is doing since 2014 to give benefit to the Corporate and Monopoly Capital only. Public Sector Banks are reeling under neck deep losses with more than Rs. 11.50 lakhs crores of NPA, while relaxing to the corporate, denying the genuine demands of the millions of farmers. At this grave situation I refrain myself in according sanction to the supplementary demands, which do not have any provision or intention for the welfare of the millions of farmers, unemployed youth, organized & unorganized workers and common masses of this country.

by Jitendra Chaudhury, MP (Lok Sabha)

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