Amidst all the furor about demonization , last week the country has witnessed a big fat wedding of a Mining barons’ daughter Mr. Janardhan reddy, the worth of money spend for just 48 hours ceremony seen him throwing mammoth 500crs which is almost quarter of a money earmarked to a state’s budget for a financial year. The mining baron has shown no bones to spend 500 crores when the country as whole is seeing serpentine crowds in front of the bank and ATMs for their daily needs . The whole announcement of demonetization exercise is been made a mockery by the rich and powerful . This is the true picture of a country with 1.2 billion people who embodies the stark reality of have and have nots.
When our PM is shedding crocodile tears by reiterating his responsibility to poor and needy by hailing his action of invalidating the legal tenders as invalid , PM Modi claims that his move to will root out all black money from the economy and eventually would resurrect our financial system by curbing all illegal activities raised out of black money. The whole media is singing the chorus to the lyrics written by our PM. Difficulties faced by the poorest of the poor , small-scale farmers and traders in mandis are mere difficulties which are going to be there for short period of time. But the narrative of larger national interest is getting more traction in the days of heightened nationalism. The reports claim that banks are flush with funds and inflow of money to the accounts would help the banks to post stronger CASA growth . But very few in the government had conveniently ignored or selective amnesia has taken hold of their consciousness to forget where the actual source of black money lies . But govt are more generous in offering more sops to corporates through tax holidays , tax-free business zones , Participatory notes investments in capital markets , delayed reforms in tax policy , allowing wealth to accumulate in tax heavens
Establishment for wealthier to become more wealthier
The process of turning illegitimate to legitimate wealth through various routes was an open truth which administrators and politicians know it better , they have a very stronger role in facilitating the conversions to happen in converting this money from unaccounted money to accounted source .We elect them through a democratic process which legitimizes them to take decisions favoring few and burdening the majority . In the world of today and the kind of politics which is played out in the open , what matters more is the image , than the substance of the actions which is being pursued . The majority of the population without any reservations has started believing that demonetization is going to do a great deal of good for the nation. All those rich and elites are laughs in silent seeing the desperation of the common people waiting in the queue for long hours with no respite . they anxiously waiting to secure whatever little they have earned during their lifetime.
Govt of the day speaks like a tuglaq ruler in character advising the millions of poor and daily laborers to transact in digital platforms and mobile apps, at least the idea would have sounded good if half of the rural sector are adequately electrified , connectivity extended. But govt is least bothered to think of the consequences of the larger section of people who have not seen a mobile , or not even having bank account , whether they starved to death or struggle to make a living , The agenda of winning some brownie points to gain greater political mileage is the effective motive behind such decisions.
If the govt is so serious about containing black money , the course of action should start from the tax evaders first, carry out severe surgical strikes against wealth stashed in tax heavens and more importantly action from their own house t by openly declare the source of funds received by them . I am sure no party in India has that guts to publicly declare their source of funds. The major chunk of black money which is roughly 6 to 12% in circulation gets utilized during the time of the election .
Our nation is known to produce millionaires every year after year the list of the super-rich is going up like a steady curve. We as a nation is seen behind in several social indicators which are even worse than sub-Saharan Africa . How do millionaires race to become trillionaires , or can you just say that it is a mere part of India’s growth story and stable GDP growth ? This is the fallacy which Modi knows well, but when the ruling dispensation is hand in glows with 1% of the population who controls 50 % of the wealth , what else can we expect from this act , The looters and big corporate who enjoys all the power in the system can simply sit and watch the way drama unfolds , plight of the working class is getting even worse after this move. After for all those who struggle to have their both ends meet has received another blow to their face , but for few, this anarchy is a blessing in disguise .The politics is the real winner who keeps the majoritarian fingers crossed.