SBI and other banks seem to oppose the move! SBI chairperson, Arundhati Bhattacharya has come out to openly express her reservations. This she had said so to a CII, the private industry body.
Prime Minister Modi won an unprecedented election victory, UP victory is something really unusual and such an absolute majority has done many unprecedented things, demolished the Samajwadi Party whose chief Mulayam Singh Yadav was long seen as a potential Prime Minister himself! Also, Mayawati, another heavyweight in the Dalit caste groups, also, no less are the two young faces, Akilesh Yadav and Rahul Gandhi who have a long future in politics before them. So, Modi’s achievement is not something one can take it as a routine election victory.
But how-to promise so many things as Modi did and won this victory!
If now, can the election promises be fulfilled?
Also, this promise comes from the biggest state, the loan waiver comprises a huge chunk of farmers, which is a huge lot of people and a huge lot of public sector bank funds!
Also, there is some other big issues.
The big bad ‘boys’, the corporate defaulters ,with their own NPAs, that are again a huge lot of funds. There is now public expression of a view that even the big corporate defaulters led by such heavy weights like Vijay Mallya, can they expect some relief through the government writing off such huge debts?
Anyway, now in the immediate glow of a huge election victory Mr.Modi may seem to be a man out of the blue. The Economic Times has gone on to write a lead editorial comparing Modi with Donald Trump and called them mould-breakers! Modi and Trumph are leaders who proved that politics, as they have practised and shown to have won out of the traditional mood of politics, is mere media hyperbole? Or any deeper reflection on the current and emerging style of politics?
In our view these are all superficial media writings, just to score some points over their rivals, in the very same, rather tamed media. Indian media, both print and the online and TV channels are all very obliging to the present leadership. The BJP is an unusual party with some very obscure economics and social issues.
Indian society is very complex and multi-dimensional. The social issues are caste based and also communal based issues.
Suddenly one fine morning, one person can come along and promise many things and change India? Impossible? So too in the USA!
You can’t reverse the flow of migrants, as they have done over very long period. The very issues if illegal migrants in the USA is also a long-standing issue. Trumph hasn’t done anything, so far, in a satisfactory manner. The travel ban itself is a work in progress. So too the deportation of illegal migrants that is a huge number as well.
So Modi too has promised many things and captured the imagination of the Indian people. In the last three years what are the promises fulfilled.
Economic growth targets? Jobs generation? Fighting corruption? Black money?
Everyone knows, the common man more and more knows how the inequality and inequity are growing. Per cent of the rich own something like55 % of the wealth in India. India is still the home for the largest poor people, right?
So, also people know who are the wealthy backers of Mr.Modi, the names are too familiar to mention here. So, too many other aspects of India. Poverty. The very agri sector, the very rural sector cry for attention. So, big decisions await the Prime minister.
Our suggestions.
Please have a big picture. Make your ideology that is the one word on which we have to deliberate. Pundits are needed to give the government some philosophical base to draw the largest number of people to trust and follow the leader of a big democracy. Then the Cabinet can decide what to do as a matter of priority. You can give big relief to big debtors in the corporate world. You too can give some big relief to large number of dispersed farmers. This is the direction to go!