A seminar to boost “Trade & Investment in India” was held on Dec.14, 1992 at Los Angeles on the persuasion of SS.Ray, the Envoy of India, in America. Last year, On a Similar mission, Chidambaram, Minister of Commerce in Govt. of India came to this country. On returning to India he was detected as “a cheat,” woven in the net of infamous stock scam of $1.2 billion along with a favorite highflyer Harshad Mehta. Shares worth Rs.2 lakhs whose face value was Rs.60 lakhs were brought by him in the name of his wife in Fair growth Financial Services, which he considered a “minor investment.” For this came he has to resign from Minister Ship. He was considered one of the architects of “Reforms” in the economy along with Finance Minister of India.
Another “man of integrity” m Indian Govt. hierarchy was Krishnamurthy, a member of the Planning Commission, who was to sit to distribute funds for five year plans to different states. It was found that he had created his own Standard Chanted Bank along with his sons and robbed lakhs of Rs. of Govt sec unties through Harshad Mehta for the bank. The C.B.L. has also registered a case against him and his sons for receiving $10 million in the form of commissions from foreign firms for transactions for Maruti Udyog & Stcel Authonty of India which Krishnamurthy was a chairman.
Yet another person of the rank of Attorney General of the Supreme Court G.Ramaswamy was also found as to have received aRs.15 lakhs unsecured overdraft facility from Standard Chaired Bank owned by Krishnamurthy and Sons. He also had to resign his post. He was considered a custodian of the interest of the Govt in Supreme Court.
The matter does not end here, When Man Mohan Singh was asked on the floor of Parliament about the involvement of Venkitaraman, Governor of Reserve Bank of India, in this stock scam he exonerated him but Mirdha, Chairman of Joint Parliament Commit ice, probing the scam grilled and censured the Governor as a part of the scam. Then where lies the security of Investment of N.R.I.’s in Indian Banks?
As appeared in the press (India West Dec.4, 92 pg.8) the Govt. has identified 56 central Govt. enterprises that are chronic money losers, which either need to be restructured or shut down. Just to affect the closure of these enterprises Govt. wanted to introduce amendment of “The Trade Union and Industrial Relations Act. “ But fearing of the demonstrations by 250,000 laborers, made recently near the Parliament, Finance Minister Man Mohan Singh dropped this policy stating “In a years’ time labor’s attitude will change and then we can change provisions in labor law.” This shows that the Govt is not on sound footing and has no capability to enforce any policy or any law.
In fact due to so-called “Economic Reforms” carried out by the Govt. by devaluating the rupee and deli censing of new industries. The imports increased which adversely hit the industry at home and Govt. Enterprises became money losers while exports did not increase. This further developed the gap of payments required for returning the debt which stands at $78 billion. If 56 looser Enterprises are not closed and exports do not increase it will be difficult to return the interest to the World Bank. “We are really on the razor’s edge night now. If the export-import imbalance is not rectified within next six months to a year, we shall have other crises like Situation,” says Ajit Majumdar, previous Finance Sect, “simply puts us deeper in debt” Japan is not making any investments due to heavy debt in India.
It is all due to wrong policies being followed at home by the Govt of India, that funds obtained in the form of loans from World Bank or grants from foreign countries are being misappropriated, and the economy is on the verge of failure. For instance, it is an established fact that farmers of the Punjab, by dint of their hard labor, provide 72% of grain annually in the coffers of India to feed the population 38% of which is below poverty level. But last year the procurement price of Wheat was declared Rs.280/qu. While Wheat was selling at the raid of Rs.350400/qtl in open market of India. The Govt. did not allow the farmer to sell his yield in open market but preferred to buy Wheat at the rate of Rs.560 to 600/ qu. (just at the double rate) from abroad paying the price in dollars out of the tight reserve of India which hit the economy adversely. This is done out of shear vengeance against their own farmers.
Again, instead of finding political solutions for the States of Punjab, Kashmir, Assam, and other states bulk of funds are washed for keeping military and paramilitary forces in these states. In the name of keeping law and order, unnecessary blood is allowed to flow, violating the fundamental nights provided in the Constitution of India.
The Chief Guest of this seminar SS.Ray, who was Governor of Punjab during 198689, got an amendment of the Constitution of India passed by which even the fundamental “right of life” was snatched from the citizens of India residing in the state of Punjab. He also got such acts as TADA and National Security Act passed which have been decried by the House of Representatives of USA as violative of Human Rights as enshrined in the Declaration of Human Rights of the United Nations. Even monetary awards are started to be paid to the police merchants on the heads of those who are seeking justice, arranging Rs.40, 000 to 1,000,000 as reported by India Today (published Oct15, 92). The total amount of such Awards accumulated to Rs.9.1 crores which was paid by the central Govt. to the Punjab police recently. [S it not bribery? Again in Ayodhya on Dec.6, 92, Hindu fanatics were allowed to raze the Muslim mosque to ground in the presence of security forces violating the orders of the Supreme Court. Inspite of the unanimous authorization given by the members of the National Integration Council of India to the Prime Minister and the pledge the Prime Minister himself took on the rampart of the Red Fort on Independence Day Aug.15, 1992, that he would not allow the mosque Lo be demolished, his inaction and indecisiveness resulted in throwing the country to the bloodiest notes resulting in the killing of thousands of Hindus and Muslims. Now we are holding a seminar to sack investment for Indian Industry where all the towns with industry namely Bombay, Ahmadabad, Gujrat, Surat, Delhi, Agra, Kanpur, Patnaand Calcutta are closed under curfew. On the basis of the reports from the Indian newspapers and politicians, the media in Amenca has reported that the Hindu Police are killing the Indian Muslims, the aggrieved party, for protesting against the demolition. The protectors have become murderers. Is this fair for a’s called’ democracy?
Now may we be allowed to ask the following why an NRI should invest; 1) when the Govt is indecisive and unstable? 2) Where the economy is not stable? 3) Where the life is not safe? 4)Where the ministers, the Govern of The Reserve Bank of India, Attorney General of Supreme Court, and members of bureaucracy are corrupt? 5) Where there prevails a law of jungle with no regard for Human Rights, and no respect for human blood?
Actually, since the Govt of India is aware that the I.MF. Will not grant anymore loans to the morally and economically bankrupt State of India now they have turned to rob their own NRI’s directly.
“Beware; don’t fall to the trap of Ray!”
Article extracted from this publication >> January 15, 1993
