Economy & Equity

India Put on Sale by the ruling regime at the Centre http://mainstreamweekly.net/article11582.html - Press Release from Central Trade Unions - Sept 23, 2021

Commonsense will tell you that the immediate effect of this latest Government move will be price-rise for the common man for all the infrastructural services being leased out to private players. Because the private operators, as per the official NMP document, have been empowered to increase the user/service charges of all those infrastructures and make windfall profit at the cost of common people.

Contrary to the argument by the government, that jobs would be created, thousands of workers will lose their jobs worsening the already alarming unemployment situation. Quality of jobs would further deteriorate. The SC/ ST sections would be among the worst affected, as there is no reservation in jobs in the private sector.

Add to this the Government’s announcement to sell 100 profit making PSUs. This means that the profit flowing into Government coffers will stop and start flowing into private corporate’s coffers.

call for: Countrywide National Protest Day through massive joint demonstration/ agitation/mobilizations at least up to district level on 07th October 2021.

Sukla Sen: Comments: 

India on Garage Sale! @rental rate!

The Loot Maar Raj! Now comes by far the largest act of robbery!

Marching towards Atmanirbhar Bharat! (Each ordinary one on one's own. No state support.
The State to support only the Cronies, and the likes, to fleece the ordinary ones.)

While this debate is going on, further advisories went out from the Government to all the Gram Panchayats, to monetize their assets such as common lands, water bodies, common buildings etc. to add to their finances. The diabolic effect this will have on village society can only be guessed.

[The Immediate Effects]
[I. All Round Price Rise]

[II. Massive Loss of Jobs]

[III. Drastic Curtailment in Social Welfare by State]

In spite of Public Sector Banks doing a yeomen services, disbursing direct benefit transfers, Insurance schemes, all Govt schemes and lost more than 1300 employees, NITI AAYOG is still talking of Privatisation which is going to lead to disaster. In the last 7 years of NDA, the NPA has gone up to Rs.1143354 Cr out of which major component is large loans.

What is needed now?

Ask Banks to increase branches and staff and lend more to poor and lower middle class at concessional rate of Interest. Loans below Rs.5 lakh will make a lot of difference.
Bear the Interest portion through interest subvention and reintroduce Interest subvention for Gold Loans.
Allow restructuring of existing Loans where it is needed. Except large loans above Rs.100 crores, all loans to be restructured case by case.
Launch special long term loans for Health infrastructure, Housing, MSMEs, Youth, Women and Farmers.
Announce that No Privatisation of Banks in near future and 5-day week for Bankers which will enthuse and energize them.
Introduce Super Rich Tax.
Reduce prices on Petrol, diesel & Gas helping people to spend on other things.
Provide Rs.7500 to those who are not taxpayers per month for 6 months.
Recruit more people in Govt, Public Sector undertakings and Banks.
Above all, accept mistakes and dismantle Aniti Ayog and introduce a Development Council with well-meaning people as done in Tamilnadu by the new Chief Minister.

Thomas Franco is former General Secretary of All India Bank Officers’ Confederation.

The Problem with GDP | How India's GDP works? | Dhruv Rathee  Jun 6, 2021  https://www.youtube.com/watch?v=8T3Y9A7Xo-s 

What does GDP as an indicator hide from us about country's ground reality? Is it a good indicator for measuring progress and economic development after all? Since it ignores inequality and happiness as measures of progress.

True Figure Of Economic Contraction Likely In Double Digits, Govt Must Act Immediately I TWBR 4 June 2021 https://www.youtube.com/watch?v=b5SAWn7oqaA  
The Indian government released its latest estimates of economic growth for the financial year that ended in March 2021. India’s Gross Domestic Product or GDP contracted by 7.3% in 2020-21. While the narrative is that the contraction is a result of India being in a pandemic year and suffering like other countries worldwide, the truth is our GDP growth rate has been a point of growing weakness for the last 5 of the7 years of this current government. The last time the Indian economy contracted this way was in 1979-80. Mitali Mukherjee spoke with Mr Ananth Narayan, Professor of Finance, SPJIMR (S. P. Jain Institute of Management and Research) on what the internals of the economy was looking like, and why it was time for urgent economic relief measures by the Central Government.