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Two economies – black & white – no more

The time for two economies in India is over. Now black money should be retired and not granted any further extension of tenure! The defenders of the black money owners and their operations are only exposing themselves to more public ridicule day by day. Who owns this black money? Less than 10,000 Indians. What percentage of the total citizenry of India does it constitute? Even here, the majority comprises proceeds from crime or illegal incomes.

The share of the business class will be less than 15%(number of businessmen visiting foreign countries compared with number of politician-bureaucrat on such visits).The old escape routes like politically motivated or communal or non-Indian etc fail to impress people. The shrill attacks from politicians of very low ratings are more offending than convincing. The herpes of corruption is afflicting ever individual.

Black money and black economy are hurting people at individual levels. The public anger is genuine and ministerial wrath & posturing cruel. There is only one wise voice–that of Defence minister Anthony, who has rightly caught the pulse of the people and aptly described it as the “transparency revolution”.

Those ministers who are threatening civil society can take some lessons from him and be more sensible. Drastic policy changes need to be taken. The economic strength of the Indian economy flows from the unorganised sector, which contributes more than 40% to the GDP and 70% to total employment. Since the quality of this employment is nothing to take pride in, it generates huge profits to the middlemen, without whom marketing of the products from this sector would be difficult. If there is no marketing, there shall be no employment.

The vice-like grip of the vicious circle will throttle people’s roti rozi and will not be appreciated, particularly in the absence of alternative employment of better quality. Similarly, there has to be adequate incentive & motivation to wealth creators. The traditional Indian mindset of spewing hatred against wealth as maya goes against the grain of economic growth. It is, therefore, necessary to accept the crippling effects of corruption and black money and apply correctives rather than showing the police might of the state.

Check corruption and nobody will sit on fast unto death! Check black money and nobody will stage protests. But you can’t have corruption and black money thrive under your wings and civil society watching in fear! Two economies–black & white–no more!!!

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