In the last several days’ Indian news channels are having a feast by reporting on Nirav Modi’s case, experts from different walks of life and politicians from the ruling dispensation & opposition parties busy blaming each other for the organized loot. Perhaps it is one of the biggest loot ever recorded from taxpayers money by any businessman in India. Today in one of the channel headlines shows that the looted amount has crossed what had been reported earlier, Instead of putting the amount in words they have displayed the amount in figures I think the media people have tried their best to report the total amount in figures. It is whopping twenty thousand crores. We have several institutions in our country available under our dispensation to check such fraudulent practices, but the recent incidents showed that how big and mighty can subvert the system continuously for last several decades. The Diamond jeweller has smartly swindled the amount from the banks and successfully transferred it to abroad. I doubt there could be several such skeletons in the bank’s wardrobe which are waiting to tumble out in the open. The latest figure of 20,000 crores is nothing but a huge sum of money equivalent to a state’s budget. Tweets from the oppositions and ruling members are flying thick and fast as if the very next day onwards the system in India is going to witness a sea of change. The bureaucrats, officials and institutions of this country has been continuously getting rotten because of the only pursuit to make money either by hook or crook. Be it bank officials, investigative agencies, Income tax and central bank, everybody seems to be repeatedly coming under the scanner and if this is allowed to continue the common people will lose their faith in the system.
In the last month, our PM has given an excellent speech in Davos, in his speech our PM remarked that he is worried about the growing income inequality in this country and he spoke that demonetization was the biggest exercise in the history of India and had wiped out all the black money in circulation. Currency demonetization has helped the government to convert the informal economy to a formal one. But the recent cases of an array of business person looting huge sums of money through availing loans and fleeing the country in the daylight with no remorse is another side of the story. The systems and institutions in this country have been working and conniving with big corporate, granting huge loans to their companies without doing any check and balances, also flouting all the rules in place, exploiting the gaps effectively in our systems to run away with public’s money. The list of the businessmen getting featured on Forbes list has been growing year after year. It is the time that we need to put our resources in place to check how these people have been acquiring wealth without seeing any organic growth in their businesses?. We have also seen farmer’s suicide in many parts of the country because of not getting small credits in time, but we have also seen the NPA problem getting worse year after year and it is also surprised many how banks’ can grant huge sums of money to corporates with fudged balance sheets. The nexus between politicians & business leaders have been an open secret, how they have been able to influence the decisions powers in the government? Because after all in a country like India which is truly democratic when people exercise their franchises, once they elect the govt to power it is quite normal that the ruling dispensation conveniently forgets the responsibility towards people, politicians become pawns of the corporate to follow the big business’s lone intent to make more profit. At the end of their term, they will again seek votes from the public under the banner of development offering false promises, Poor people have always reposed their faith in democracy, vote for political parties based on the promises given, send their representatives to parliament. But cronyism & corruption has become so rampant that it has become a countervailing force which has colluded the system beyond repair. The plight of common man’s struggle for livelihood and make them run from pillar to post will continue with no change. I think the only solution is to revamp the entire system from top to bottom, more accountability and transparency needs to be infused, I believe it is a mammoth task and can only be achieved if people of this nation unitedly protests.