Friday 11 July 2014

INDIAN BUDGET AND INDIAN POLITY

Today, the finance minister of India, Sh Arun Jetley presented budget 2014 in the parliament. The budget did have some positives but under the circumstances, with little money available for development, courtesy the ten years' economic mess created by the previous government. The approach of the previous government to the problems India is faced with was not only against all basic tenets of economics by the so called economists of world repute, it was void of even the common sense and they chose even to flirt with the age old adage 'cut your coat according to your cloth'. 
In politics one is either with the government or against it. But there has got to be some difference between opposing and simple howling. All the stalwarts of the previous government have been crying themselves hoarse over everything that the new finance minister has put up on the plea that he has hijacked their agenda, the never ending agenda of the last sixty five years of independent India, the agenda of  poverty eradication which was shamelessly diluted to poverty alleviation by this nobility in the service of mankind. All other programs whether of imparting skill and education or providing drinking water or providing good health services or providing food and shelter are the patents of Congress party and all other political parties of the country should perhaps say that they will not provide these otherwise they will be taken to task for infringement of  the patent rights.

Sunday 6 July 2014

A dark, bustling business: How India's black money racket runs

Gaurav Choudhury, Hindustan Times  New Delhi, June 30, 2014


First Published: 14:39 IST(30/6/2014) | Last Updated: 19:42 IST(30/6/2014)
Prime Minister Narendra Modi is moving fast to repatriate hundreds of billions of dollars in slush funds or black money stashed abroad, as part of a wider clampdown on corruption that he promised during his election campaign.

The Indian government has written to Switzerland seeking details of Indians who have stashed away unaccounted money in the country. (Photo representative/Thinkstock)
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The government is building pressure particularly on Switzerland, seeking details of Indians who have parked unaccounted for money in the Alpine country's highly secretive banks. It has quickly implemented a Supreme Court directive to set up a high-powered special investigation team, headed by retired judge MB Shah, to look into the issue of black money that is said to run a parallel economy in India.

The efforts to rid India of corruption comes at a time when public patience with graft has run thin, underlined by massive street protests across the country three years ago that forced political parties to start addressing the scourge.

Read | Easier said than done: Busting India's black money racket

Hindustan Times presents a lowdown on how deals thrive outside the financial system in a bustling cash economy, hoodwinking authorities by creating a web of transactions to obscure the source of slush funds.


What is black money

Black money arises mainly from incomes not disclosed to the government usually to avoid taxation, and, sometimes, because of its criminal links