Sunday, 1 January 2017

Modi's sops to soothen demonetization fiasco

Modi announced on Television, on Dec 31, 2017, a day after demonetization closed, several sops to farmers & poor virtually to neutralize demonetization fiasco's negative effects. While demonetization achieved nothing, the long list of sops contained nothing which created havoc for everyone for two months and normalization is some more months away. Everyone one knows that neither Modi nor BJP are taint less and their past & present are full of scars. Today BJP is the most cash funded party. The worst is that his address is stoically silent about 100+ bank queue deaths of aged and women indicating his remorselessness.

Lack of preparation results in mistakes. The best way to handle mistake is (1) to realize, (2) don't dwell on it, (3) to admit the mistake, (4) to apologize and (5) never repeat it. Modi attempting to dwell on quack advised demonetization policy and shabbily implemented as a great achievement and attempting to project it as a battle between the “honest and dishonest“ reflects his hypocrisy and dishonesty.

Opposition parties are so much divided, Modi is politically safe now. But in coming months elections in UP, Punjab, Uttakhand, Manipur & Goa will become acid test for Modi. The present indications are that at least 30% of people effected by demonetization are disgusted with Modinomics & Jalebinomics and that would be too much for BJP & Modi to overcome.

While Congress was certainly bad in the past, BJP is no better in the present. Time and again BJP following Congress model mismanagement & corruption and in addition meddling with lives and livelihoods of poorer sections has proved that they are worse than Congress. I will not be surprised if Congress returns to power in 2019 and the credit goes to Modi alone and BJP for its lack of inner party democracy.

Ironically, no one including his cabinet ministers have any guts to tell Modi about truth and realities. They are worse than Indira Gandhi cabinet in 1975. At least four heads must roll, for this national fiasco. In my view they are Modi, Jaitley, Urjit Patel and Shaktinath Das.

My View:
You don't have to be an economist to advice to live with in your means, keep debt minimum, save something for winter months etc while managing home. The same thing is more or less applicable even for nation. Modi instead of touring entire world and projecting that India is an investment haven while ratings are just a notch above junk status, would have focused on clean administration, managing national priorities aligning with people's aspirations, especially that of poorer sections. Modi hobnobbing with rich & famous and working just for them is unpardonable. Demonetization is a quack advised, politically motivated economic disaster. Modi lobbying with rating agencies for credit rating upgrading and their blunt rejection is an insult to us. Modi's bullet train project between Ahmadabad & Mumbai at an expenditure of Rs.100,000 crores (despite 70% soft loan) is an immediate drain of Rs.30,000 crores for exchequer and when completed, who will travel by that train with ticket of Rs.3,000 equivalent to air ticket? A well maintained and well managed house or nation will definitely attract foreigners and their investments.

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