After Political Cleaning Now Financial Cleaning

The political capital of India, New Delhi (better known as Lutyens), stands cleaned of dirty political games played by unscrupulous politicians, middlemen, wheeler dealers, fixers, money bags, muscle power and corrupt bureaucrats in every wing of the government since May 26, 2014 when the Modi led government replaced the monolith of the Congress. Whether Prime Minister Modi leaves his mark on the political history of healthy democratic governance in India will be known only in 2019, the time till Modi has promised to present his report card. The people of India are hopeful and full of expectations of positive results at the speed of the mouse in comparison to the rope tricks we have witnessed so far. But the exercise will be complete only if the other cleansing gets completed. While political cleaning may need to be carried out unabated in order to ward off spoilers working towards pulling back the country to the old format of governance, the other cleansing yields results straightaway and stays long.

That other exercise has begun today. The installation of a new government in the financial capital of the country, Bombay (now Mumbai), ushers that beginning. India has suffered more from financial misgovernance than political misgovernance. Financial scams prosper only under bad governments. Share market scandals have hit the national economy several times in the past and continue to do so. The latest is the NSEL scandal where investors have lost billions of rupees. Fly by night operators collect funds through initial offer and simply disappear overnight, without the regulatory authorities knowing their whereabouts. Banking bungles, which had led to nationalization of banks in 1969, continues unabated, although it uses advanced terminology like NPA or Non Performing Assets now. In lay man’s language it is day light robbery of bank money. I will not get even half a million rupees for higher studies or research or starting a small business, but with right kind of connections there will be no difficulty in getting hundreds of millions for never intended projects. It is known to the banker that the intention is not to refund loans ever and still they advance loans. This is called NPA. Such loanees are given additional funds. After sometime when even the additional funds are unproductive and defaults on payments takes place, these loans are first restructured and then rescheduled and thereafter many more such exercises are resorted to, hidden from the public gaze or parliament. The airlines defunct for years now are one of the best examples of such bungling. Insurance funds are allowed to be mis-deployed and wasted and now the hawk eye of the vultures in the financial market are fixed on provident funds and pension funds. Black money, hawala transactions (money transactions outside the banking infrastructure),chit funds (rather they are CHEAT FUNDS) like the Sarda Chit Fund scandal exposed in West Bengal, public deposits, units and a hundred obscure denominations have had a free run so far, skinning the ordinary investor looking for a safe investment for his meagre savings to hedge it against high inflation and meet family needs of the future. Hundreds of such cheated investors commit suicide as there is nobody to protect them or their money from such financial predators. It calls for immediate surgery to remove these financial market malignant tumours to deliver the promised good governance with achhe din or good days. The whole pricing mechanism as also the demand-supply operations of the market have been controlled and manipulated by dishonest operators who have made it thoroughly unclean.

For the realization of the Swachh Bharat it is the sine qua non that political cleansing is complimented in equal measure by the financial cleansing. Under no circumstances, the government should appear to be dithering on this score. Ultimately good financial governance is in the interests of everybody: the masses and the classes, the businesses and the bureaucracy, the political executive and the legislature, and above all the judiciary which has been repeatedly called to clean the mess created by bad financial governance of a very unholy nexus of incompetent Neta-Babu-Business. The entrepreneur in the country has been made to feel guilty by bad financial governments over the years whereas it ought to be a matter of pride to be a successful entrepreneur. The joy of producing goods or providing services that get the appreciation of the users/consumers is one of the best rewards of life. The contempt for the entrepreneur on the faces of politicians and bureaucrats and their subordinates tells it all. They are engaged on the invention of flaws in proposals requiring government clearance from the moment the paper reaches their desk. Here in Delhi even on this 31st October 2014 the government postman has the cheek to open even registered letters and demand money before delivering them! You can be a whistleblower, but only if that satisfies your ego. Depending on the exposure your whistleblowing  leads to, the stakeholders might even blow you off. More than a 100 whistleblowers have lost their lives. Farmers don’t get good quality seeds in season, especially in Maharashtra, where more farmer suicides have taken place than anywhere else in the country. They don’t get chemical fertilizers. Everything needs greasing of somebody’s palm or purchase from the black market at higher prices. One can get as much quantity as one likes in the black market openly. Should such practices not come to end now that Narendra Modi is Prime Minister of India and his chosen party member Devendra Fadnavis Chief Minister of Maharashtra with HQ in Mumbai?

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