Tuesday, February 15, 2022

 

Very interesting comments by FM Nirmala Sitharaman on ABG Shipyard Fraud of Rs.22,842 Crores!

‘ABG fraud of UPA vintage :Minister, The shipyard account had turned NPA in 2013, says Nirmala Sitharaman’(The Hindu, February 15,2022) makes interesting reading. In her retort to the Opposition parties making a hue and cry about the biggest banking fraud of Rs.22,842 crores perpetrated on banks by the company ABG Shipyard, the minister stressed that the account had turned into a nonperforming asset (NPA) in November 2013, while the UPA was still in power. It could be true. But, why did it took so long (more than eight years) for the fraud to come to light? And from 2014, NDA ,to which the Minister is affiliated to, has been in power till today. Didn’t they know about it? Did they ask the banks why it took so long to bring it to the public notice? And the interesting thing is that she makes a statement that  ‘while it normally takes 52 to 56 months to detect such bank frauds, less time was taken to detect it and take action under the present government ‘.According to reports from the press, the CBI filed an FIR only on February 7,2021.One would wonder why it takes so long for the NPAs to be  detected and the gradual developing of it into a fraud. The incident shows that there is some serious shortcomings in our banking system. Or does politics play a role in it? Rather than blaming each other(the Government and opposition), the Government  and the opposition should have discussed seriously about the steps to be taken for early detection of such frauds. After all, its public money!

 

 

Wednesday, October 27, 2021

The Travails of Indian National Congress

I have been intending to write about the travails of the Indian National Congress(INC) for quite some time. Ever since BJP won the 2014 general elections  to assume power at the centre, the  INC  has  systematically  been decimated from a heavyweight opposition to a very skeletal one in parliament. BJP only consolidated its position after the 2019 elections. In the lower house, Lok  Sabha, they have absolute majority, while in the upper house, Rajya  Sabha, they are very close to it. I have been studying the development in Congress  over these years to understand what has led INC, the political heavyweight, instrumental in leading India out of British rule and to  declare independence, to  the steep fall in its popularity among the masses. It  has lost its popularity even in the so-called Congress-strong  states.

The sudden decision to write on this has been prompted by the news item: ‘Lack of clarity, cohesion among State leaders in congress: Sonia.’ (The Hindu, Wednesday, October  27,2021).Anybody reading this will get an impression that there is clarity and cohesion at the high command level.  Anybody living in India and reading newspapers  know that these two parameters fall abysmally short  at the national level in the party. If it was there, there wouldn’t  have been any Group of 23, a group of dissenters in the party. And she advised the attendees of her address that ‘the party must ideologically fight the diabolical campaign of the BJP/RSS and expose the government’s lies.’ This is precisely the problem with the Congress. They and their leaders fight on the same plank, just as children fight between themselves abusing each other with the same language and blaming each other narrating the same reasons.

Mrs. Gandhi’s  words clearly indicate that the leadership has no idea as to how to win back their lost glory. There has been no elected president for the party, and Mrs. Gandhi is continuing as interim president. The major problem in the party is that the leadership is clueless. Mr.Rahul Gandhi has been leading as President for some time and none of his ideas of countering the BJP gaining mileage  has succeeded for the last seven years. What does it indicate in simple terms? They need leaders who think radically different  from the present ones. They need to bring in fresh faces at the top. The problem with the party  is that very few of them are courageous enough to question the leadership. Dissent  seems to be a dirty word in the party. Most of the leaders want to just promote themselves  to positions of power  and does not do anything to strengthen the party. What BJP (and Modi though not necessarily right for a PM to do) did was not to spare any efforts to strengthen the party.(That  the strength of the party has made the leadership into an autocratic one may be true but the fact remains the party has been strengthened, whether one agrees to the methodologies or not!)

So, the options available for the INC to bring back some of its lost glory are

1.Think of new leadership at the top as the present top leadership has failed to deliver and unlikely to deliver with the present way of leading the party. Try new people with radically different thinking.

2.Allow vociferous dissent  and debates about how to improve.

3.Don’t fight tit-for-tat with BJP. That is not going to help. Evolve  programmes that will take the party to the masses keeping in mind all those secular values which the party always stood by.

4.Mr.Sonia Gandhi and Rahul Gandhi should distance themselves from the leadership positions  so as to shake out the allegations of being a family-led party.

5.Please note that the results of the efforts may not appear immediately. The party has to allow sufficient time to forego all the debris and to make gains. They should set a target for 2029 general elections and work towards the same.