Loans from NSSF to PSUs have risen 500% since 2016-17, though some can’t repay them. Critics say this is govt’s way of keeping fiscal deficit in control.
RJD, once a prominent representative of Mandal politics, now finds itself in a political era where welfare, good governance, and new aspirations are overshadowing old caste equations.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
Political class has lost all credibility. They are busy in dividing people based on caste and religion. God save, we are moving towards a theocratic state, and some people prefer to call it nationalism.
Raiding the middle class for distribution of money to the many Yojanas for the lower classes seems to have become the easiest option for the govt. Secondly, to hide poor fiscal performance, changing the goal posts or falsifying data has become a habit for this dispensation. The desire to be in power at any cost is leading the govt to deprive the citizens of their basic economic rights.
As Secretary DEA, Shri Subhash Goel was in the thick of all this. When he suggested a sovereign bond issue abroad, he seems to have assumed that global investors – in their hunt for yield – would be the docile, tethered cows that LIC and NSSF have become. They would simply write out checks for $ 10 billion – to begin with – no questions asked. At this rate, the rating agencies might have some tough decisions to take.
What are the other “options” ? These PSUs, we all know how much fuel guzzlers they are, are basically essential services that are/can not be fully compensated through other /corporate means. They are gobbling up cash, but what are the alternate means to tackle the cash burn out problems in these sectors. Make management efficient/ work culture more competitive ……we all know its a mighty task if not impossible. Any other means? Look at Air India….should be do away it then altogether? Most think so….Recently Subramanian Swamy argued that if Air India is ever privatized, he will go to Courts against such decision. Puts up valid reasons why sick as may be Air India is, it is but an essentially a “necessity” for Govt of India. The problem is that Govt just does not have surplus money in the coffers and talking of how to spend the money is what columns such as this and many others in days to come deal with ! What about some “out-of-the-box ” lateral thinking about how to generate more money that the usual suspects of tax, exports etc. ?
My 2 cents,
Regards,
Political class has lost all credibility. They are busy in dividing people based on caste and religion. God save, we are moving towards a theocratic state, and some people prefer to call it nationalism.
Raiding the middle class for distribution of money to the many Yojanas for the lower classes seems to have become the easiest option for the govt. Secondly, to hide poor fiscal performance, changing the goal posts or falsifying data has become a habit for this dispensation. The desire to be in power at any cost is leading the govt to deprive the citizens of their basic economic rights.
As Secretary DEA, Shri Subhash Goel was in the thick of all this. When he suggested a sovereign bond issue abroad, he seems to have assumed that global investors – in their hunt for yield – would be the docile, tethered cows that LIC and NSSF have become. They would simply write out checks for $ 10 billion – to begin with – no questions asked. At this rate, the rating agencies might have some tough decisions to take.
Shri Subhash Garg.
This is very worrying. Especially the loan given to Air India. It may never come back, because the borrower itself is ready to fly away!
What are the other “options” ? These PSUs, we all know how much fuel guzzlers they are, are basically essential services that are/can not be fully compensated through other /corporate means. They are gobbling up cash, but what are the alternate means to tackle the cash burn out problems in these sectors. Make management efficient/ work culture more competitive ……we all know its a mighty task if not impossible. Any other means? Look at Air India….should be do away it then altogether? Most think so….Recently Subramanian Swamy argued that if Air India is ever privatized, he will go to Courts against such decision. Puts up valid reasons why sick as may be Air India is, it is but an essentially a “necessity” for Govt of India. The problem is that Govt just does not have surplus money in the coffers and talking of how to spend the money is what columns such as this and many others in days to come deal with ! What about some “out-of-the-box ” lateral thinking about how to generate more money that the usual suspects of tax, exports etc. ?
My 2 cents,
Regards,