Indian Government has been reminding every now and then how cleverly they managed to save India from the global effects of the greatest recession faced around the globe. Also reminding the people that it was their prudent economic policies and corrective measures which saved India from the meltdown,unlike other developed countries around the world led by US,UK along with their European counterparts which got hit very badly, and the plight might continue for more prolonged period for them. But due to the cleverness of our Government, Indians were saved from the worst effects.
But the truth remains it was due to the blockade of the Communists', who were backing the UPA,not allowing the government to go ahead with their agenda of going for the disinvestment and dilution of the government share of our Public Sector Banks,which actually saved our economy from utter disaster. Had the so called brains among the Manmohonomics' policies succeeded in their attempt to bring in FDIs and FIIs in to our Public Banking Institutions, as was vehemently recommended from the days of Mr.Yashvant Sinha ,followed by the Corporate Lobbies ,who were citing the non profitability of some Public Sector Banks then,[Indian Bank , UCo Bank UBI.]due to the willful defaulters like Mr.Bajaj & Co, who was seen very aggressively recommending along with Mr.Kamath of ICICI, who is only a stooge of other foreign interests' as is being tipped by the very close guys who run the institution[God knows the truth behind the ownership]. They all tried very hard to break the backbone of our Public Sector Banks citing non profitability.
Then the Bank employees union demanded the list of willful defaulters to be made public, the list was then rightly headed by the very guys, who were said to be on the forefront of the suggestion,also were holding positions such as the head of Indian Confederation of Industries etc. It is no more a secret that the present Home minister Mr.Chidambaram also was in favour of diluting the government equity in all public sector undertakings, in the name of better competitiveness, competency and most of all profitability. [But the bank employees knew then that it was their desperate attempt to have a say & share in these banks, to make quick bucks from around the country due to the presence of the branches of the PSU banks from the Himalayas to the southern tip of Kanyakumari]
These very guys were the ones who announced large scale waivers of agricultural Loans from the times of Mr.Devilal, and is still making banks waive loans, at their whims and fancies, citing the social responsibility of the banks on one side, while on the other side complaining of the non-profitability of such banks who lose monumentally due to scrupulous write offs dictated by their political bosses, during election times and other occasions too, when the going gets tough for them.
Having witnessed from close quarters all these happenings from North East to Down South, I have seen and witnessed it all in the last quarter century, when I was and still is a part of the PSU bank and have worked across our great country. These banks stood rock solid during the late Nineties and throughout the twenty first century with out any exposure to those toxic western banks or interests' in foreign markets by our PSUs ,unlike ICICI & some new generation Banks, were equal to zero or in single digits, that was the saving grace the only reason how our country was saved. Our Government does not have any Magic band, as they themselves admitted nor do they have any idea how to go forward.The only thing they know is not to do any thing at all.
Their only hope is that god will intervene in some way to save the day for them. Other wise they just are fools who can only talk big and know little about economics, but are mostly crooks who wants to amass wealth at any cost.How to go forward under the present circumstances is not known to them nor are they least interested to know about the subject. Their main concern being the ways and means to hold on to their ill gotten black money stashed away in tax havens and also routed through foreign entities in investments in Indian markets and real estate,mines etc etc.
But god will save our divine country. [solitairebala]