Demo: What was wrong with that? Forget what Sasi Tharur and the like and your battalion commander say and take a unbiased look at it. Other than that you had stand in a queue wasting a few hours to change your 500 and 1000 denomination notes (they might even have been perfect counterfeits printed in a printing press across the border with our inimical neighbour Pakistan) what other trouble the common man had? For him it is life as usual post and pre demo. a mason who earns 600 per day and a Chithaal who earns 400 per day did not have any trouble and did not suffer because of demo. They just did not have a 500 or 1000 denomination note. It is the rich who cried loud. So Demo was good for the country. The money which was the lubricant helping the terro machinery run smoothly was clipped. I am happy about it. And I do understand that in such matters all can not be said openly and Govt. had its reasons in not replying to your every question.
GST: Please spell out what is wrong with GST? If you are a Commercial Tax Officer working in Stte Government Services you will certainly curse Modi Govt for bringing in GST because you and your political bosses find it difficult to hold trade and business to ransom. Many of the States are happy with the new tax system as their income has increased and what more the whole system is transparent.
Bankruptcy law: The filing of a petition by a creditor and getting a business entity declared bankrupt was an uphill task earlier. Now the legal process has been made far more clear and easy. The businessmen who were failures were going scot free to enjoy their ill-gotten wealth are now scared that they will be held accountable for the failure of their enterprises and may not be able to move around freely. And that is an achievement by Modi Govt. Tell me one reason why bankruptcy laws are not for the good of economy of the country. We are familiar with the following story:
A scheming entrepreneur gets a loan from the bank to set up a 20000 spindles cotton spinning mill. The loan is given for buying machineries and for building a factory on the land owned by the entrepreneur. The investment by the businessman is just the land only. The bank's Term loan takes care of 75 to 80 percent of the cost of machineries with 20% margin brought in by the businessman. After setting up the factory he applies for and gets a working capital loan which is a running account with drawings and deposits within a maximum limit stipulated. The business if run efficiently should yield profit every year which should help the businessman expand further the business.
The business man finds his son to be a play boy with no value addition from his education. He has failed in his graduate course and is just wasting time. He looks for a bride and decides to celebrqte the marriage. The girl's father who is also a crafty businessman looks for a moneybag and our businessman no 1 has to prove that he is indeed one. So he draws his working capital limit fully, defaults on his repayments of the machinery loan and diverts the money to start another mill with 50000 spindles and makes his son the MD of that entity which borrows from another bank for its business. The marriage is celebrated and the son, the new business magnate goes for a honeymoon to Switzerland with his wife.
The businessman no 1 becomes a defaulter and his bank files a suit for recovery of principle and interest from him. The civil suit will take anywhere between 5 to 10 year to come to a conclusion and the Bank will ultimately write off substantial portion of the total dues as not recoverable.
This has been the story which is commonly heared in banking circles in India. Now the bankruptsy laws which were complicated earlier and were of no use to banks have been now amended and banks like any other creditor can file a petition for getting the businessman declared bankrupt. And in a time bound manner the court will declare the businessman/business entity bankrupt and he will never again be able to approach any bank in India for a loan.
Now please tell me where is the hole in this new arrangement? Ofcourse if you are a businessman already declared bankrupt you will certainly have a grand view of a big hole somewhere.
Rera: Please tell me what is wrong with this. The builders and promoters in cities have ultimately been brought under a law to ensure accountability to their customers. It was not there earlier and was a free for all situation. Many families were ruined because of promoters leaving their projects midway or becuse of poor construction violating all rules and regulations. Now there is someone sitting there holding them accountable. This is certainly an improvement.
Food policy, Institutional Collapse : ??
Rafale: you may believe your commander of the battalion. But I believe Mrs. Sitaraman. She was speaking truth and nothing but truth. She never winked like your battalion commander.
Poor battalion.
