Private sector will continue to be bailed out with public funds as businessmen seek more loans
But there is a consistency in Modi’s private sector support that comes at a cost to the average citizen. The demonetization announced by Modi had a big impact on the lower economic classes and housewives who diligently kept money aside to buy things for the house or for the children. However, this overnight decision was a boon for Paytm whose founder and CEO – Vijay Shekar Sinha – exulted, saying ‘humne phod diya ‘at a company party. Paytm posted a full-page ad thanking the Prime Minister for making the bold move to demonetize. The advertisement prominently featured the Prime Minister’s smiling face.
Although Paytm and Reliance Jio have publicly acknowledged Modi’s efforts to grow their business, one cannot ignore the close and long-standing association between Adani and Modi, and Modi and Ambani. Rahul Gandhi recently obliquely referred to this exclusive association as Hum Do Hamare Do. We can’t help but take our beloved respected PM predilection for acronyms and shorten this label to HD2. Unsurprisingly, the nomenclature for those in this most exclusive association would necessarily be HD2jeevi. After becoming the face of a company and the alleged boss of these two businessmen, our respected Prime Minister now wants to reproduce, secularize and extend this privilege to the entire private sector. There is a reason for this, in 2018-19 the Bharatiya Janata Party received the most donations in the industry – Rs 698,082 crore from 1,573 companies. How can the members of this industry level association not be called sahajivi?
But what is the impact of this symbiosis on the rest of the country?
Of course, the respected Modiji insisted on the role of the private sector in creating wealth, jobs and now the covid vaccine. But let’s not forget the incentives in the form of SOPs that this sector has. From tax breaks to the provision of land, to the provision of electricity and water at subsidized tariffs, easy access to loans are just a few items on a long list. However, there is a cost.
For example, the country pays a heavy price for this easy access to loans. According to the Bank Employees Association of India (AIBEA), there are 2,426 major voluntary defaults who owe banks 1.47 crore lakh. The Prime Minister once said that he would bring back all the black money raised abroad. Perhaps it is time for him to focus on a less ambitious goal like reducing NPAs. The proposal in Budget 2021 to create a “ bad bank ” to recapitalize toxic assets that PSU banks are stranded with will be a boon to the private sector. The Indian public will continue to bear the brunt of bad business practices while the businessmen live to take out another loan.
Although the government has yet to produce accounts, it is reported that in the first 2 months of its establishment, the PMCARES Fund received USD 1.4 billion (₹ 10,600 crore). Almost half of this amount came from private sector donations. This same industry is now on a cost cutting frenzy. They are laying off workers and cutting wages to deal with the economic downturn caused by covid. Instead of donating into this black hole of disclaimer, companies should have used that money to keep their staff working. We are not going to be part of the government’s brazen attempts to try to force its employees to give part of their wages to the fund. Worse yet, many industries are now choosing to donate to PMCARES instead of conducting CSR activities.
How to ignore the consequences of such sahajivis on other Indians? There is something really wrong when, during the period when the entire nation was facing a socio-economic collapse, there were a few who increased their wealth. It goes without saying that for the rest of the country, this collective is parajivis.
What’s worse is that now, as Indian citizens tighten their belts over pay cuts etc., the Prime Minister and his government are planning to spend Rs 20,000 crore (2.8 billion rupees). US dollars) taxpayer money on a right-wing vanity project.
All other things being equal, one must admire the entrepreneurial and industrious propensity of the Bharatiya Janata Party (BJP) and its supporters to denounce. Thanks to them, the country’s vocabulary was enriched with the creation of words presstitutes, libtards, patients; labels for those with a different opinion than the right-wing government. Prime Minister Narendra Modi finally added to the lexicon. He chose the sacred halls of Parliament to do this and named his critics Andolanjeevi.
It cannot be ignored that Prime Minister Narendra Modi has given Indian citizens many opportunities to protest and criticize him. His rulings on the GST, demonetization, the repeal of Section 370 of the CAA, the lockdown that left migrant workers dry, the Farmer Bills have brought the country together against him and his government.