Dinesh Kamath's Editorial 'BJP not the best but better than Congress' that was published in Newsband

BJP not the best but better than Congress

Former finance minister P Chidambaram says that state of the economy was bad in the country due to the wrong policies of the NDA government. He says a flawed road to GST continues to haunt trade and business, and the adverse effect of demonetisation has been established and farmers were not getting remunerative prices of their produce—and the youth due to joblessness. The Congress leader claims that joblessness was rampant and there was a great ferment in campuses across the country because young men and women knew that there would be no job when they graduate.

During Chidambaram’s regime corruptive government was in vogue and snail paced reforms were carried out. The implementation of GST happens to be a historical step by the NDA Govt. Even Congress party had also lent its unflinching support towards the roll-out of GST. It has been launched and made acceptable by all the major economies of the world. The entire system has been brought under one Tax bracket i.e GST instead of the plethora of taxes as was in vogue previously. Of course, some problems are likely to crop up initially. The GST Council is responsible in addressing all the initial hurdles. Hence,to say that 'it is on a flawed road' does not hold water.

Of course, declining exports is a cause of concern for the present Govt. It should initiate certain bold steps like 'export-promotion measures' in order to tide over the crisis. Can Mr Chimbaram reply who knelled the tyres of economy? 1. Though PC is the best lawyer, why he did not initiate any action like IBC, Insolvency act, RERA to protect money in PSU banks, deposited by common man & real estate frauds? Opposition in Parliament delayed GST for 18 months, thus spoiling common mans money. 2. PC was Finance Minister, if economy was healthy, why Government could not buy IAF-fighters, Navy-submarines, Army tanks & ammunition, Defence persons did not get 6th Pay commission? Why government spent futile money to provide health & insure a common man? 3. Why no action was taken against Foreign bank accounts laundering money? 4. Why banking licence of foreign BCCI Bank was reinstated in 3 months? 5. Why UPA Governments expenditure on Highway & Border road construction, infrastructure was meagre? 6. Persons were outside Income & sales tax net & running parallel economy,why no action was taken? 7. All subsidies were not directly given to farmers why?

The self boasting stalwarts like Mr.Chidambaram should give the present government atleast two terms and allow them to carry on the activities. He should remember that immediately after independence atleast for three terms the ruling government didn’t have any constant criticism from the so called opposition. Even thereafter also it was more of their own splinter groups which were more active, not in the interest of the country many times. Now what Chidambaram and others are doing is also not in the interest of the country.

Former Union Finance Minister is an intelligent person His criticism of NDA government’s performance is fine. But how would citizens know what the Congress will do if it is returned to power or get convinced that it will do good to economy? Therefore, the Congress should publish a ‘White Paper” (WP). The WP would have to be a comprehensive document that must deal with (a) problems like lack of job opportunities in rural and urban areas both in organised & unorganised sectors, & consequent unemployment, (b) farmers’ problems arising out of climate changes & government policies, (c) inflation, and in particular difficulties of senior citizens who are not govt. pensioners, (d) existing deficiencies in GST, how to rectify them. It is necessary that the WP gives full details as to how the Congress party would deal with all these issues. The WP should released, if not in 2018, at least well before next year’s Lok Sabha election so that people can study its content and then respond suitably.

He punctured the economy with the bad loans given by PSUs during his term. Added to that were the scams which took place when he was FM. Now he is speaking all this because the taint on him will never get washed away. As long as PC was in the ministry, his crony chairmen, ED were running the bank on tubeless tyres and freely dishing out depositers money to cronies and favoured businesses. But you did not bother to tighten the laws for recovery of huge ouverdue loans and saw to it that courts are rendered toothless. He used the bank for vote banks.