Modi at Davos and Budget

WILL THE REAL MODI PLEASE STAND UP?

• Depending upon the audience Modi takes different avatars.
• In Davos last month, Modi defended globalization and warned against protectionism but his last week's budget did not suggest pro business statesman, but a protectionist strongman familiar in poor countries.
• The last budget before 2019 elections squelches any hope that Modi would push long pending market friendly reforms.
• But the budget confirms his re-election plans i.e. grand pro-poor gestures avoiding any pro-rich plans. 
• Modicare plan for 50 crore poor people, even though with initial allocation of a pittance of Rs.2,000 crores, devastated Bombay Stock Exchange wiping out investor health by more than Rs.5 lakh crores on a single day.
• Faced with failure of 'Make in India' to boost employment, government hiked import tariffs to coerce companies to build mobile phones, auto parts, toys etc in India.
• These protectionist policies, which failed in the past, will only ensure Indians pay high prices for shoddy goods and firms getting more interested in manipulating duties than satisfying customers.
• FM Arun Jaitley's initial promise for lowering corporate taxes by 2021 appears unrealistic with economy growing at mere 6.5%.
• In the last 4 years, Modi failed to privatize a single public sector enterprise even though Air India privatisation is in process.
• ONGC buying out HPCL is only Government exiting business falls short of privatization. 
• No Indian politician can bolster his 'pro-poor' credentials without also sticking to the rich.
• According to the law passed in 2003, central government is committed to limit the fiscal deficit to 3% of GDP by 2009 whereas budget 2018 indicates fiscal deficit at 3.3%.
• Some analysts argue that budget could have been even worse.
• It is too soon to say whether government will stick to its budget estimates or open its populism gates even wider as elections approach. 
• But one thing is certain: Davos version of Modi bears little resemblance to his domestic avatar.

Modi doesn't do what he talks and doesn't talk what he does

Politics without principle, progress without compassion, wealth without work, 
learning without silence, religion without fearlessness and worship without awareness 
will destroy human race ...  Anthony de Mello

For every politician winning election, at any price, is foremost. Anything else secondary. Therefore Modi will do anything including destruction of economy or arousing communal passions or declaring war on Pakistan or anything for winning 2019 general elections. But one thing is certain. He will give nothing really to the poor. He rather believes in fascist Mussolini type spectacular announcements  followed up by relentless media campaign and propaganda. Lacking humility, honesty, integrity and morality, he is dangerous for Indians and its democratic polity.

Modi’s own record of ‘Raincoat Bathing’

• Narendra Modi is truly a street-smart politician. His ‘rain coat in a shower’ metaphor for Manmohan Singh is accurate description of Manmohan Singh’s ten-year long prime ministership. He allowed scams like 2G spectrum, coal block allocations and the Commonwealth Games loot to happen right under his nose without any direct charge of personal corruption sticking to him. His staunchest critics could not call him a corrupt prime minister. 
• Congressmen failed to point out how Modi himself has been a master at the art of being seen as clean, like a lotus, while remaining immersed neck deep in muck. 
• For 14 years Modi as Gujarat chief minister held the home portfolio. While his deputy minister of state for home, Amit Shah, was arrested, jailed and then externed for a spate of extra-judicial killings, the chain of evidence never travelled beyond Shah. As Shah and his loyalist police officers did time in jail, Modi reaped a rich political harvest by polarising society using these killings. His other ministerial colleague Mayaben Kodnani was sentenced to 28 years in prison for the Naroda Patiya massacre. 
• Babu Bajrangi, who killed women and children in Patiya and later, after being released on bail, ruled the streets of Ahmedabad for several years, kidnapping girls, blocking the release of films and terrorising minorities, all along openly flaunted his proximity with the chief minister. In 2012, he was convicted and sentenced to life based on eye-witness accounts and his own confession on a spy-camera, but his statement indicting Modi was dismissed as hearsay. 
• As chief minister, Modi presided over the killings of more than 1,000 men and women, and yet used every repudiation whether from within the party or without, every judicial stricture, every effort to inquire into his culpability, to further cement his stay in power.
• When it comes to the art of enjoying a shower without getting wet, Narendra Modi is many shades better than Manmohan Singh.
• CAG reports on the 2G spectrum, coal blocks and Krishna Godavari Basin singed Singh, politically and personally. But CAG reports on the scams of the Modi government in Gujarat faded without a whimper.
• In 2012, the Modi government earned strictures from the CAG for giving away a 10% participating stake in a KG Basin gas field measuring 4,57,000 acres it had won in an expensive bid to a mysterious overseas company named GeoGlobal Resources, incorporated in Barbados, with a capital of just $64, for free. As per the Modi government’s own estimates, announced in a press conference, the gas field was worth about $20 billion. Though state government-run GSPC, the owner of the gas field, had spent in excess of Rs 20,000 crore in drilling and exploration costs, Geo Global’s share of Rs 20,000 crore towards expenditure cost was also borne by GSPC. The issue failed to get the attention of the national media as Modi was on the ascendance and the corporate media owners could see which way the wind was blowing. Arvind Kejriwal’s hour-long press conference on the issue was blacked out. Till date there has been no inquiry into this shady deal nor any investigation into the real operators behind Geo Global, which was incorporated just six days before the joint venture with the GSPC. A new CAG report last year indicted Modi’s Gujarat government for wasting Rs 20,000 crore of public money in an exploration process which has yielded one-tenth of what he had promised.
• Just weeks after Modi’s inauguration as prime minister, the CAG released five different reports for the year ending March 2013, highlighting financial irregularities by the Modi-led Gujarat government amounting to more than Rs 25,000 crore, which included Rs 1,500 crore in undue benefits to companies like including Reliance Petroleum, Essar Power and the Adani Group.
• Modi as Gujarat chief minister gave away about 16,000 acres of land to Adani SEZ for rates between Rs 1 and Rs 32 per square metre. Other companies like Bharat Hotels, Larson & Toubro, Essar Steel and real estate developer K. Raheja also got large parcels of prime land for a fraction of market price. It had all the hallmark of crony capitalism: arbitrariness, private gains at the cost of the exchequer and proximity between beneficiaries and the chief minister. 
• When the opposition’s demand for a probe into land deals reached a crescendo, in 2011, chief minister Modi appointed an inquiry commission under a retired judge, a time-tested technique of deflection and obfuscation. The report of the commission was never made public and with neither media nor courts interested in holding him accountable, the Gujarat government had little incentive to release the report. Modi’s proverbial raincoat remained intact.
• For 13 years, chief minister Modi didn’t appoint a lokayukta in Gujarat. His government spent Rs 45 crore of taxpayer’s money in litigation blocking the appointment of retired justice R.A. Mehta, widely regarded as honest and competent, as lokayukta. For the last three years, Modi has not appointed a lokpal. Yet he projects himself from every pulpit as a warrior against black money.
• Between 2004 and 2015, the BJP has shown more than three-quarters of its funds as cash received from unnamed sources. The same funds catapulted Modi to prime ministership. Yet he has been drumming about the virtues of a cashless economy.
• As Modi’s march to Delhi was gaining pace, the UPA in a rearguard attack launched a probe into the business affairs of Gautam Adani, Modi’s principal backer. A probe by the Directorate of Revenue Intelligence (DRI) nailed the siphoning off of hundreds of crores abroad by the Adani Group by an intricate conspiracy involving over-valuation in imports for projects subject to a low or nil rate of customs duty. The report was finalised days before the results of Lok Sabha elections were due. Seeing the body of evidence against Adani, the UPA quickly moved to hand over the case to the CBI. For two years, the CBI, which reports to the prime minister’s office, is sitting tight on the file.
• In July last year another, the DRI probe revealed that 40 of the country’s biggest energy companies, including Adani and the Anil Dhirubhai Ambani Group, were prima facie found involved in over-invoicing of imported coal. The scam was conservatively estimated at Rs 29,000 crore, with the common power consumers bearing the brunt of the inflated power bills, a direct effect of over-invoicing. Modi goes on publicly embracing both Adani and Anil Ambani. 
• The UPA was shamed into removing Ashok Chavan after the Adarsh Scam, Suresh Kalmadi after the CWG scam, A. Raja after the spectrum scam, Pawan Kumar Bansal after a bribery scam and Ashwani Kumar after the coal scam status report scandal. No such scruples bother Modi. After more than 40 suspected killings connected with the admission and recruitment scam called ‘Vyapam’ which happened on Shivraj Singh Chauhan’s watch, Modi has not said a word about the propriety of a tainted chief minister continuing in office. 
• Public outrage after Vasundhra Raje and her family were found to be mixed up with fugitive Lalit Modi failed to evoke a response from Modi. Addressing an election gathering in March 2014 in Chandigarh, then prime minister-designate Modi blasted the Congress for giving a ticket to the tainted Bansal. 
• On his watch, Modi’s alter ego Shah appointed tainted B.S. Yeddyurappa, who presided over many scams including the infamous Bellary scam and whose corrupt image had compelled the BJP to expel him as Karnataka state president in April 2016. 
• Modi as a prime ministerial candidate talked of bringing lakhs of crores of black money deposited in offshore bank accounts back to India. On his watch as prime minister, Vijay Mallya fled the country.
• The list of Modi’s wrongdoings runs long. His omissions and commissions in the Gujarat pogrom and the subsequent subversion of criminal justice system are shocking to the conscience of a reasonable person and a “kalank” for us as a nation. His silence over episodes like the Dadri lynching is as troubling as Singh’s silence as prime minister. Though perhaps he will never to have to face an inquiry into the alleged Sahara-Birla payoffs.
• The persecution of political opponents at the hands of police agencies, the harassment of civil rights activists and the systematic chipping away of institutional integrity and autonomy have surpassed the record of Congress regimes of the past. 
• If Singh was an accidental prime minister, notebandi has shown that Modi is an arbitrary prime minister. 
• Manmohan Singh has never had to face criminal prosecution for any of his actions or omissions. Modi too so far has staved off a criminal prosecution. The prime minister who ran the most corrupt central government in independent India’s history ironically remained for ten long years in public imagination as Mr Clean. It was only towards the end of his stint that his sheen wore off and he became a figure of ridicule and revulsion. 
• The present prime minister, who is running one of the most duplicitous, insensitive and arbitrary governments since independence, is similarly projecting himself as an honest man. It remains to be seen how history will judge Modi, but so far, he has managed to reap a rich political harvest from all the wrongdoings of his government and his party, without one charge sticking to him. 
• This may be attributed to the inadequacy of our legal system that has always failed to hold the powerful to account, or to the artful device of “raincoat in the bath” as Modi himself has put it. Though their styles contrast – one professorial, the other a relentless demagogue – both Manmohan Singh and Narendra Modi have made a fine art of donning the raincoat.

Read the source article

On Modi's Watch, 20,000 Crores Vanished. The Big "Gas Scam"

The above list of misdeeds of Modi is neither exhaustive nor conclusive. 

1. In his book 'Karmayogi' Modi swears by caste order ‘Scavenging a spiritual experience for Valmiks’ which stirred controversy that compelled to withdraw all 5,000 copies published by his 'manasaputri' GSPC. 
2. In Aug 2017, ONGC has completed the Rs 7,738 crore acquisition of 80% stake in debt ridden GSPC's KG basin gas block for which GSPC had spent over Rs.20,000 crores, borrowed from 15 PSU banks, in the past 10 years and failed to discover any gas. A month before, Oil ministry raised flag over danger in government nudging ONGC to make sub optimal investments in GSPC that doesn't make business sense to them. ONGC doesn't have technical capability to complete the exploratory phase of drilling, as on date. It needs to invest lot more money to complete drilling and bring the gas field into production.
3. No sooner Modi became PM, Mayaben Kodnani was granted bail on health grounds. The Naroda Patiya convict Babu Bajrangi was granted bail 14 times, so far who is said to have lost his eyesight, mostly on the ground of his own and his wife’s health.

Needless to say that LK Advani and AB Vajpayee did greatest disservice to the nation by promoting non grata Modi as Gujarat CM and protecting him in 2002 riots that enabled him to become PM a decade later. Gujarat in particular and India in general stands destroyed.

PSU Boards being filled with BJP workers

 

 

• The decision to nominate BJP workers as non-official directors makes a mockery of the party’s 1998 manifesto and the government’s own guidelines issued in 2015.
• In an interview, Modi repeated his favourite maxim, “minimum government, maximum governance.” He went on to state, “in a developing economy, state enterprises do have a role in some sectors. They have to be managed professionally and efficiently. We have given them operational freedom and brought in talent from the private sector as well to facilitate this.”
• Modi's decision that ONGC acquire 80% stake in debt trapped GSPC, by investing Rs.7,738 crore badly hurt its finances and its credibility. The decision is apparently imposed on the company by those whose primary objective was to bail out GSPC and obfuscate its shortcomings. A nominee director on the board of ONGC would have found it difficult to resist the extraneous pressure.
• A year after Modi’s interview with the WSJ, his government took the patently retrograde step of nominating BJP spokespersons and party workers as non-official directors of eleven odd CPSEs, many of which are ‘Maharatna’ and ‘Navaratna’ companies, which are expected to have a great deal of functional autonomy and be managed by professionals with experience.
• These include ONGC (Sambit Patra), Engineers India Ltd (Shazia Ilmi), Cotton Corporation of India Ltd (Rajika Kacheria), Hindustan Petroleum Corporation Ltd (Asifa Khan), Bharat Heavy Electricals Ltd (Surama Padhy), Bharat Petroleum Corporation Ltd (Tamilisai Sounderarajan), State Trading Corporation (Bharatsinh Prabhatsinh Parmar), Export Credit Guarantee Corporation Ltd (S. Malathi Rani), Andrew Yule & Company Ltd (Sipra Goon), National Handloom Development Corporation Ltd (Shikha Roy) and National Aluminium Company Ltd (K.G. Sinha).
• The credentials of each one of these persons are prima facie unimpeachable. But the question is to what extent will they be able to add value to the management of the CPSEs?
• Companies Act Section 166 requires the government to nominate any person who fulfills the criteria. While it no doubt provides a great deal of discretion, such a discretion cannot evidently be arbitrary and injudicious. The discretion so provided in the Companies Act enables the government to nominate persons who have sufficient domain knowledge relevant to the operations of a given CPSE.
• In its 1998 manifesto, the BJP, led by Atal Bihari Vajpayee, committed itself to managing the public sector “professionally”, “with least interference by government”.
• The department of public enterprises (DPE) advised all ministries that “non-official directors are to be drawn from the public men (sic), technocrats, management experts and consultants, and professional managers in industry and trade with a high degree of proven ability.” Further guidelines stipulate that persons nominated as non-official directors of CPSEs should be “professionals of repute having more than 15 years of relevant domain experience in fields relevant to the company’s area of operation”, “persons of eminence with proven track record from industry, business or agriculture or management.”
• The decision taken now by Modi government to nominate BJP workers as non-official directors clearly makes a mockery of the BJP’s own manifesto of 1998 and the guidelines issued more recently by the NDA government itself.
• Lord Denning, the greatest English judge of modern times, said, “there is nothing wrong with a director being nominated by a shareholder to represent his interests, so long as the director is left free to exercise his best judgment in the interests of the company which he serves. But if he is put upon terms that he is bound to act in the affairs of the company in accordance with the directions of his patron, it is beyond doubt unlawful.”
• It was reported that the present government had tried to appoint a BJP worker as a member of the National Human Rights Commission (NHRC) and it would have gone ahead with that move but for a PIL filed before the apex court.
• If Modi is earnest about reforming the CPSEs, he should walk the talk by distancing the government and his party from them. CPSEs needs professional management, competition and public accountability to perform its crucial role to play in nation building for decades to come and this kind of tinkering with their management is bound to hurt the economy.

Slogans such as “Minimum Government, Maximum Governance” and “Reform, Perform and Transform” are laudable, easy to articulate but difficult to translate into tangible action. Intentions underlying such slogans are more important than the spoken words. Intentions will mean nothing, unless they get translated into genuine action. As the gap between words and deeds widens, the credibility of sloganeering will get eroded. It is very clear that BJP's hidden agenda is neither well being of the nation nor its people but saffronisation of India.

Modi's failures

Modi ascended to power in 2014 riding on the tsunami of anti-incumbency of scam ridden Congress led UPA. While Modi is still drawing huge crowds abroad with his charisma and is darling of upper middle classes which are in complete disconnect with lower classes, peasants & rural population is a colossal failure in India during the past two and half years, despite favorable crude oil prices at less than one third of its peak prices. Their argument that "those who governed us for 60 years should not ask for an appraisal in merely 24 months" is untenable.


Here is the list of failures:

1. Industry stagnating and exports are falling consistently.
2. Inflation especially food inflation is rising.
3. Job creation dismal. Textiles, leather, metals, automobiles, gems and jewellery, transport, information technology and the handloom sectors together created just 135,000 jobs during 2015, 67 per cent lower than 421,000 jobs that were added in 2014, the last year of the Manmohan Singh government.
4. Make in India remains a slogan only.
5. Bringing back black money in Swiss banks etc in 100 days remains a shallow promise.
6. PSU Bank's NPA doubled from Rs.2.86 to Rs.5.71 lakh crores in the past one year, due to default by corporate's close to ruling BJP. Improving liquidity or recapitalization needed urgently for banks remain operational.
7. Despite crude oil prices falling by 70% from its peak prices, consumer sale prices were reduced by just 15%. GOI retained 85% advantage to itself by increasing excise duty etc.
8. Riding on the wave of low oil prices, Modi government hasn't made any meaningful impact on Indian economy so far.
9. The BJP had promised to increase the Minimum Support Price (MSP) at the rate of cost of production along with 50 per cent profit. Agricultural sector is in distress with  no hike in Minimum Support Price (MSP) for farmers.
10. The biggest failure, however, is the mishandling of the agriculture and drought situation across the country and the continuing neglect of agriculture. While Modi promises to double agricultural incomes, it is yet to be seen how he will achieve that target. Agricultural growth rate has fallen from about an average of 3.7 per cent per year under UPA to just about one per cent in Modi's tenure.
11. The drought situation was totally neglected. The drought manuals and rules by the government itself said that water trains and tankers are to be pressed into service as last resort and number of steps ought to have been taken before reaching that step which the government at the centre and state missed. Lack of seriousness by the government of India in assessing and mitigating the drought situation and crisis worsened afflicting nearly 33 crore Indians across several states. Drought is, perhaps, the only natural calamity one can plan against in advance, unlike floods and earthquakes. National Disaster Management Authority manual on management of drought speaks of "drought mitigation" as part of public policy and not just drought relief but this was clearly lost on the Modi government.
12. All schemes are being renamed and repacked with reduced central contributions passing on the burden on states. They are unable to conceive any new sensible scheme so far on their own.
13. Cross border firings and ceasefire violations in Jammu & Kashmir are at a high.
14. Modi's Pakistan policy and his foreign policy is defective. It has been driven by style over substance, adventurism over analysis; by self projection, vanity and petty domestic political calculations over larger interests. The ministry of external affairs has been more like a tour operator or logistics handler, and not a source of policy and executive inputs. Modi's relentless foreign travel remained pleasure trips burdening exchequer.
15. Income Declaration Scheme (IDS) remained a big failure, despite tough talk.
16. Demonetization of big notes of Nov 8, 2016, except for its secrecy in unveiling failed to achieve any of its stated objectives viz. black money, fake money, terrorist financing & corruption except causing disruption to civic life in all segments especially informal economy, agriculture and rural economy apart from causing innumerable difficulties for common man for exchanging old notes or withdrawing their own cash from banks. About 70 people died standing in bank/ATM queues and 15 bank employees died due stress and long work hours continuously. Manmohan Singh had rightly remarked that "I do not disagree with the objectives but the process of demonetization is monumental mismanagement and is a case of organised loot and legalized plunder of the common people".
17. Failed to recover Rs.8,000 crores lent to King Fischer Vijay Mallya who has absconded and banks have just written off as bad loans.
18. GST bill still incomplete.
19. Swachh Bharat, Yoga, LPG subsidy give up & Cashless transaction campaigns, even though good, doesn't deserve that much high decibel campaigns.
20. Smart Cities & Digital India projects are yet to take off from the ground despite announcements a year ago.
21. Has not fulfilled many of the AP Reorganization Act 2014 commitments or BJP promises of 2014 election campaigns to Andhra Pradesh. Whatever little has been done was with delay of two years reducing its impact and results.
22. Diverting lot of money for his pet project Ahmedabad - Mumbai bullet train which serves only rich & upper middle classes with ticket price of Rs.3,000.
23. Many agreements and concessions for enriching richer people but nothing for poor or rural population.
24. Modi and his Cabinet colleagues foreign trips cost the exchequer Rs.567 crore during 2015-16, an increase of more than 80% from the previous year Rs 269 crore. This is besides the over Rs.500 crore spent by his bureaucrats on their foreign travel.
25. Reliance has resorted to stealing gas from ONGC gas fields during 2009-11 to the tune of Rs.12,000 crores. Against the consultant recommended claim of ONGC for Rs.30,000 crores Modi passed orders on Reliance to pay up Rs.10,000 crores recently. This was contested in courts by Reliance.
26. Recollect BJP's political failed adventures in Uttarakhand and Arunchal Pradesh to usurp power leading to a suicide by an innocent Ex-CM in Arunachal Pradesh. It was rumored that BJP spent Rs.15 crore per MLA crossing in intense horse-trading.
27. NDA and all state governments are spending lots of money on advertisement campaigns while doing very little on the ground.
28. While Assam's BJP win can't be termed as endorsement of Modi's government, Delhi & Bihar's defeat is a clear rejection for Modi. In all the five states that went to the polls recently, BJP dropped its vote share since 2014, and minus Assam. Even the Congress party scored nearly twice as many Assembly segments compared to the BJP. The Modi tsunami is now withdrawing back to the sea and those who revelled when it hit the coast are now in a real danger of being drowned by it.
29. Artificial JNU controversy on nationalism is another black spot on Modi.
30. Modi government seemed more keen on confrontation than conciliation in order to get tricky legislation's passed. Consequently, very little has actually got done on the development and economic front.

The reason for the victory of Narendra Modi was the tremendous support he got from first-time young voters and floating voters who saw him as the best alternative then may very well change their opinion come 2019 and that is the nature of a fence sitter who isn't ideologically wedded to what the BJP represents.

Patriotism is the last refuge of the scoundrel but in the case of Modi's government, pseudo-patriotism is the last resort of the incompetent.

My View:

The last two years, if seen in totality, offer very little for the Modi government to gloat about. Modi government harping on the past that Congress hasn't done anything is futile. While Congress was certainly bad, they never meddled with the lives & livelihood of poor & peasants. In the absence of strengthening Lok Pal & RTI bringing Politicians, Bureaucrats, Judiciary & Businessmen under its purview, granting autonomy and teeth to CBI, CVC  & ACB etc and no steps to enforce transparency & accountability, Modi's talk about elimination of corruption & black money etc is shallow and is a mere lip service. Modi should do something for the nation with sincerity of purpose evident rather than blaming Congress for all the ills of nation even after two and half years of ascending to power. It sounds nice only during first quarter and second quarter but sounds awkward in the 10th quarter. Above all, Modi government in collision course with Supreme Court regarding judges appointment matters for prolonged periods of over an year doesn't august well irrespective of merits.

Great Indian Gas Robbery by Reliance

• ONGC and RIL were allocated, by MoPNG, adjacent blocks for development of undersea wells off K-G basin in 2000.
• Since the blocks were adjacent to each other and contiguous oil and gas fields or reservoirs, under the provisions of the PSC, they should have been jointly developed by the two companies. 
• Four wells have been drilled by RIL within distances ranging within 50m to about 350m from the blocks of ONGC and wells have been so drilled and constructed that there is a pre-planned and calculated slant/angular incline towards the gas reserves of (the) petitioner with a clear idea to tap the same. Production of gas from the KG-D6 block by RIL started in April 2009.
• ONGC contended that RIL might have drawn natural gas worth up to Rs 30,000 crore from its fields adjacent to the Relaince's fields.
• After months of legal wrangling ONGC and RIL, agreed on an independent consulting firm based in the US which would give its technical findings in the dispute. This consultant, DeGolyer and MacNaughton (D&M) based out of Dallas, Texas, in the US, submitted an interim report on Oct 9, 2015 which stated that natural gas worth $1.7 billion or over Rs 11,000 crore had been extracted by RIL in an unauthorised manner from an area on the ocean bed where gas extraction was supposed to be controlled by ONGC. 
• What is worse is that the Ministry of Petroleum and Natural Gas (MoPNG) in the Government of India has been complicit in the alleged theft by Reliance for its conscious and systematical pilferage of Gas.
• An estimated 11.89 bcm of gas from ONGC blocks would have “migrated” to Reliance blocks by Jan 1, 2017 and this volume would go up to 12.71 bcm by May 1, 2019 and after such a high volume of “migration” of gas, it would no longer be economically viable for ONGC to develop the particular undersea fields. ONGC could seek over Rs 25,000 crore by way of compensation. 
• RIL said that all its operations had been undertaken in accordance with the PSC and the development plan approved by the management committee which had government representatives holding veto powers. It added that all well locations and their profiles had been specifically reviewed and approved by the committee.
• ONGC’s decision to move court surprised so many despite being under pressure. The minister of petroleum and natural gas in the UPA government, Veerappa Moily shot off a note to the Secretary in the MoPNG, Saurabh Chandra, calling for an enquiry as to why ONGC had dared to initiate legal action against its biggest shareholder i.e. MoPNG owning 70% of ONGC shares. 

My View:
Crony capitalists, like Mukesh Ambani,  armed with huge amounts of money are like vultures always waiting for any sector to open up and with connivance of politicians in power and bureaucrats holding positions blatantly exploit loopholes which were consciously retained in the system to benefit them. Reliance, the largest corporate conglomerate has benefited from the way government policies are structured, it lays bare the alarming facts of a natural disaster waiting to happen due to the ruthless exploitation of the country. Needless to say management and enforcement of contracts are crucial to good governance in any sector. In the case of alleged gas robbery by Reliance, the management committee, which included representatives of the ministry, apparently acquiesced in whatever RIL did, and the contractual provisions for joint-management of the gas fields and imposition of penalties were never invoked. This does not augur well for a country that is aggressive inviting foreign investments. In the absence of political will and administrative honesty we as a nation makes one steps forward and these vultures pulls us several steps backward. In the absence of matured systems, aggressive privatization leads us to disaster and impoverish the nation while enriching ruthless corporates and businesses. 

Reliance with its attitude is dangerous to the society and must be disarmed and wound up and debarred for conducting any business. Its wealth and creating jobs and contribution to the economy is no justification for tolerating its unjust & unlawful activities. In fact, the larger the company the more is their responsibility towards law compliance and social order.

Despite common consultant's report confirming gas robbery and ONGC independent directors forcing filing of case against Reliance (A1) and Ministry of petroleum (A2) 70% owner of ONGC equity, three years ago Modi government not taking any precise action against Mukhesh Ambani's Reliance speaks volumes about his neat & clean administration.