Prime Minister of India Narendra Modi calls himself a Chaiwala, son of a poor mother.
But does this make him pro poor or anti poor PM?
He came to power with the help of his Crony friends who spent lot of money on his Election Campaign and contributed considerably to BJP through Electoral Bonds. Today BJP is the richest party in India.
Modi is indebted to his Crony friends and has gone out in every possible way to help them in everything they put their finger on…because he’s so addicted to his publicity and lifestyle.
He has not only promoted Crony Capitalism but also killed many prestigious PSUs only to keep his friends happy. He has repaid his favours to his cronies by writing off their loans worth lakhs of crores.
In 5 and a half years of his Govt, PM Modi has waived off (Written Off) Rs. 6.66 lakh crores.
Total Write Offs from 2014-15 to Sep 2019, Bank loans of wilful defaulters of over and above ₹100 crores was Rs. 5.1 lakh crores.
Year wise break up is as follows:
2014-15 : 40,800 Crores
2015-16 : 29,178 Crores
2016-17 : 57,821 Crores
2017-18 : 89,400 Crores
2018-19 : 2,12,000 Crores
2019-20 : 80,893 Crores (till Sep 2019)
Total : Rs. 5,10,092 Crores
Add the Rs. 68,607 crores write off revealed through the latest RTI list, the total adds up to
Rs. 6.66 Lakh Crores. Remaining Rs.87,300 crores are of the loans written off below Rs.100 crores.
To add to this whopping Modi Waive, there has been a tremendous increase in the number of Banking Frauds during the last 5.5 years.
For a Record the number of Frauds registered were 32,868 in which a total amount of Rs.2,17,513 crores were whacked away.
But sources say that the Dormant Accounts were cleaned up with the help of expert Hackers…and it was done with the knowledge of the Bankers and Govt, the booty was delivered in different parts of the world.
India Braves all Odds
State Govts are yet to receive any Covid package or a confirmed assurance. Their own dues are still awaited from the Central Govt. no guidelines given on increasing the limit from 3% to at least 4.5% under Fiscal Responsibility and Budget Management (FRBM) or allowing them to Monetise Fiscal Deficit. Lockdown and Prohibition on Alcohol have made State Treasuries almost dry.
MSMEs have not received any Revival Plan. 6.5 Crore units which employ 11 crore people are helplessly staring at Lock outs. Not a word of assurance from the Govt.
Farmers are struggling with the Harvest. No financial help or relaxation in the parameters of procurement of the crop on a better MSP.
Govt Employees’ Dearness Allowances have been rolled back, apart from the pay cuts and mandatory contribution to PM Care.
Pensioners including the Ex Servicemen will not receive their DA for over a year. How can a Govt be so cruel to its Soldiers who dedicated their lives for the country? Old veterans have to foot their medical bills.
Migrant workers are stranded in different states with no help from the Govt. They are not having any shelter to live and are not receiving food to stay alive. Local people are helping where ever possible, but Govt is mute.
Front Line Heroes are fighting multiple battle…Lack of Safety Gears, Lack of infrastructure and their personal problems. Testing Kits procurement has become the biggest international joke of India.
Private Employees are losing their jobs, those working from home are working 7 days a week with reduced pay cheques and March Salaries still to be credited. No job protection or credit assurance from the Govt.
What is Modi Govt doing?
Modi Govt is always hungry for money.
So seeking as much as $6 billion of loans from multilateral institutions such as Asian Development Bank and Asian Infrastructure Bank.
World Bank has already sanctioned $1 billion.
I will write on how External Borrowing or borrowing in USD becomes very dear with volatility of INR by the time we repay it.
Enhanced its borrowing from the RBI which was limited to ₹75,000 crores only, but Modi govt had enhanced it to ₹1,20,000 crores on 1st April 2020…it wasn’t enough so they further increased it to ₹2,00,000 crores on 20th April 2020.
If we see how much money Modi govt has taken from the RBI
2014-15: 65,869 Crores
2015-16: 30,669 Crores
2016-17: 58,000 Crores
2017-18: 63,000 Crores (50,000 Surplus + 13,000 extra)
2018-19: 1,76,000 Crores (52,637 Surplus + 1,23,336 extra)
2019-2020: 2,00,000 Crores (not aware of if this includes 69,000 dividend)
Total: 5,93,538 Crores
Interestingly PM Modi is very busy filling up his PM Cares fund by hook or by crook in the name of Covid 19.
Where is my money going is the question on every Taxpayer’s mind because if the banks and the Reserve Bank are eroding their reserves by writing off so many lakhs of crores, the burden will directly or indirectly fall on our shoulders in the form of additional Taxes or Cess….we know Finance Minister is very efficient in shutting people up.
The “Modi Wave” which transformed into “Modi Waive” to ruin even the RBI!!