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Saturday, February 29, 2020

View from the Right: Call for corruption

RBI should start purchasing dollars for buying US treasury bills.

By: Express News Service | Published: February 5, 2015 12:07:01 am

Criticising the AAP for claiming itself as the only inheritor of the India Against Corruption movement, the Organiser says the country needs “more decentralised mechanisms of governance as suggested by Gandhiji and Deendayal Upadhyaya” to bring swaraj. “India needs morally upright and spiritually inclined individuals… That is the only way one can bring ‘swaraj’. Otherwise, hypocritical honesty will turn into another kind of corruption,” says the editorial.

“Like [the] Congress claimed the sole legacy of [the] freedom movement, [the] AAP is claiming itself as the one and only inheritors of [the] ‘India Against Corruption’ movement. It was a social movement, which created pressure and people from all ideologies participated in that crusade. Taking the contract of honesty at [the] individual level and then turning a movement into [a] political outfit is as hypocritical as [the] Nehru-Gandhi family’s claim,” it argues.

The editorial also takes an exception to an election trend in which candidates manage to win despite their criminal and corrupt background. The inability of the constitutional bodies to take action against people like Arvind Kejriwal, who has asked voters to accept bribes from the Congress and BJP but vote for him, is a matter of grave concern: “But what Kejriwal is preaching today to Delhi voters is like ‘cure more dangerous than disease’. His repeated remarks asking voters to accept bribe from Congress and BJP but vote for his party again show [a] shallow understanding of parliamentary democracy. The most unfortunate part is that such [an] open call for corruption is given by a man who is claiming to be honest,” the article says.

LESSONS FOR THE REST

Talking about US President Barack Obama’s recent India visit, the Panchjanya editorial argues that the visit was much more than the warm addresses, the long vehicular fleets and news about top-trending tweets. The editorial offers lessons that the the US, Pakistan and China need to draw. The “lesson” for the US: If it has to maintain good business ties with India, it will need an appropriate definition of issues affecting India, including terrorism. For Pakistan: The world cannot tolerate the nursery of hatred and terror. Instead of opposing India, it is time Pakistan started thinking about itself. As for China: It is time for China to think calmly. On India’s Republic Day, while the Chinese official media was stressing cooperation and not competition between the two countries, another section was advising Beijing to choose between conditional support and a guarded stance on India’s entry into the Nuclear Suppliers’ Group. The editorial also hopes that the Obamas’ “Namaste” would open a new chapter in bilateral ties.

SAFE INVESTMENTS

An article in the Organiser cautions the government against indiscriminate foreign investment proposals: “Foreign investment proposals should be subjected to a thorough technology and social audit. Only those proposals should be given [the] green light that bring in advanced technologies and do not have a negative impact on employment. Less foreign investment will reduce the risks of destabilisation of our economy due to [the] exit of foreign investors…” Criticising the character of India’s policy, it says, “India is increasingly mired in debt since it is receiving huge amounts of dollars as foreign investment. Foreign investment is a debt. [The] Indian government guarantees that foreign investors can take out their monies from India whenever they wish.” Pointing out that foreign investment taken in by India is fundamentally different from that taken in by China, it adds: “China is like a prudent moneylender who takes fewer loans than… gives… China is safe.”

As a solution, the RBI should start purchasing dollars for buying US treasury bills, which will increase the demand for dollars and its price and reduce the value of the rupee. It should be allowed till the rupee reaches about Rs 75 to a dollar. “This will make imports expensive and exports profitable and eliminate the need for us to attract foreign investment to pay for these imports. The price of coal and oil in the global markets is falling. The government should impose a hefty “energy” tax so that [the] consumption of these goods as well as [the need] for their import [are] reduced. The import tax imposed on coal and oil will lead to increased price of electricity and transport. The voter will be adversely affected. The solution is to distribute the money obtained from the energy tax among all households in the country by depositing the amount in their bank accounts”.

Compiled by Liz Mathew

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