Corny Capitalism in India

The Above article was published by The Times of India

24 December 2016 SATURDAY

Text of the above Article

New Delhi: Peeved by Congress vice-president Rahul Gandhis accusation that the Modi government is
pro-corporate", BJP shared data on Friday intended to nail the claims that the NDA dispensation is
Adam- Ambani ki Sarkar.
Responding to the charge that the government has benefited corporates and Rahuls allegations that PM
Narendra Modi received money from Sahara and Birla groups when he was Gujarat CM, BJP said it
was NDA that actually initiated recoveries of UPA-era loans to major business entities.
During the UPA tenure, Adani was granted a loan of Rs 72,000 crore and the Am-bani group was
given loans worth Rs 1,153,000 crore. The process of recovering loans from several corporates,
including these two, was initiated only after PM Modi took over in 2014, said BJP spokesperson
Shrikant Sharma. Sharma shared a long list of bank statements and
other documents with media to prove his point that Congress was more into distributing khairat (doles)
and it is the Modi government that has been in the wasool i (recovery) mode.
Documents provided suggest that loans worth Rs 36.5 lakh crore,'granted to various corporates between
2005 and 2013, were waived during the two successive terms of the Congress-led UPA government
under Manmohan Singh.

The details are aimed at turning the tables on Congress and other opposition parties which claim that
the Adanis and Ambanis have been favoured since Modi became PM. BJP has also countered the
allegation that the NDA government was lenient to liquor baron Vijay Mallya, currently ensconced in
the United Kingdom, when banks were about to initiate recovery of loans.

The SBI had frozen Mallya groups accounts after he failed to repay loans of over Rs 1,450 crore in
2012. However Mallya was 'given loans of Rs 1,500 crore. Again it was the BJP government which
started the process of recovery after forming the government in 2014, Sharma claimed. He said
properties of Mallya valued at over Rs 700 crore are being auctioned to recover loans granted to the
defaulter group.

Adani, Ambani and Malya were not born in the past two and a half years .... these are as old as
Congress and have been flourishing since the time when'Rahul Gandhi was not even born. Therefore,
Congress owes more explanations about how these groups flourished if they had tainted background,
questioned Sharma.
BJP cited Manmohan Singhs statement and subsequent efforts by the UPA government to bail out the
Kingfisher Group even as options had been exhausted and the group had collapsed. There are ample
reports suggesting UPAs leniency towards Mallya and the Kingfisher Group.

Rahul should answer these questions before seeking answers from others, the BJP leader said.
Refuting the recent allegations of waiving bad loans to a few corporate, BJP claimed that the ratio of
bad loans had increased by 132% from 2005-06 to 2013 - 14 but Congress had no explanation about
how the ratio increased so rapidly Rahul Gandhi should explain who all were beneficiaries of the bad
loans, Sharma said.

Documents provided
BJP says Adani was granted a loan of Rs 12,000 crore and Amhani group was given loans
worth Rs 1,13,000 crore under UPA rule. Process of recovering loans was initiated only
after BJP took over in 2014

BJPs Shrikant Sharma shared a long list of bank statements and other documents with
media to prove his point that Congress was more into distributing khairat (doles) and it is
the Modi govt that has been in wasooli (recovery) mode

Documents suggest loans worth Rs 36.51. cr. granted to various corporates between 2005
and 2013, were waived during UPA terms
 The Above article ( Did US $ 505 Billion
flow out of India from 2004 to 2013 ,
SIT asks DRI ) was published by The
Times of India
17 December, 2014 Wednesday.

An estimated Rs 32,00,000 Crores (US $

505 Billion ) went out of India FY 2004
and FY 2014, when UPA Government was
in power.
Former COAS V.K Singh had called
for custodial interrogation of Congress
President Sonia Gandhi, over the
revelations of Augusta Westland Scam.
Congress President Sonia Gandhi is
known to attend a secret conference
hosted the Rothschild Banking Cartel known as Bilderberg conference.
The money stolen from India is now lying in foreign banks owned by
Rothschilds, which comes back to India as FDI and loans from World Bank,
sinking India into further poverty.
Indians are impoverished with their own money.
British colonial rulers would smirk in front of
foreign dignitaries and diplomats :
..how India paid for its own conquest..?
History is repeating itself once again. Narendra
Modi Government is now sinking India in
foreign debt.

The Above article ( Rs 6,00,000 Crores went

out of India in FY 2012 )was published by
The Times of India
17 December, 2014 Wednesday.
 Both BJP & Congress Party ( under Sonia Gandhi )
work like a team against national interest.
Raghuram Rajan as RBI Governor tried to recover
the astronomical amounts given away by PSU Banks
when UPA Government was in power.
Narendra Modi Government forced Raghuram Rajan
to resign as RBI Governor at the behest of RSS.
Raghuram Rajan announced his resignation as RBI
Governor, on 19 June 2016
On 27 July , 2016 Wednesday, Narendra Modi
Government asked PSU Banks to write off loans
worth Rs 59.6 K Crore in FY 16.
The figure - Rs 59.6 K Crore is equal to Rs 59,600
Crores that was written off by PSU Banks under
orders of Narendra Modi Government.
On 9 November, 2016 Wednesday, Narendra Modi
Government announced DEMONETISATION.
When UPA Government was in power, it emptied the
vaults of PSU Banks and

The Above article Rajan forced out to aid Loan defaulters

was published by The Times of India
21 June 2016 TUESDAY

Google
Why former RBI Governor Raghuram Rajan was forced to RESIGN..?

What Liquor Baron Vijay Mallya said in his defence

PSU Banks have NPAs of Rs 11,00,000 Crores and have borrowers, who
owe much more than the amount allegedly owed by Kingfisher Airlines to the
banks a fact never alluded to or widely reported by the media as in my case..

Actually the story is much Bigger as how PSU Banks were LOOTED by Sundry. Astronomical
amounts of money disappeared from PSU Banks , because UPA Government under Sonia Gandhi came
with enormously corrupt PPP model to build infrastructure.
PPP model means Private Public Partnership.
The excuse given was that Private sector would bring Funds, out of greed for profits. This was of
course a BIG Lie. Another big lie was government did not have funds to fund infrastructure projects.
Private sector NEVER infrastructure projects because they are NEVER profitable. It is always the
government. Within PPP Model was another NEW model to build infrastructure Projects, called
( BOT ) Build Operate- Transfer. As per the clauses in BOT contract, after a few years of operation ,
once the Infrastructure Company has recovered the money, ownership of concerned
Infrastructure project is transferred to the government. In this way , the company would recover its
costs , make profit and repay the PSU Bank , then transfer the ownership of the Project to the
government. In practice , exactly the opposite happend, private infrastructure companies were offered
Multi Trillion Dollars loans from PSU Banks, if they bagged an infrastructure project.
National Highways Authority of India ( NHAI ) a government owned company that builds highways
and roads ) was not given any contract but rather newly formed private infrastructure companies, were
given Multi Billion Dollar Contracts.
As expected , many newly formed infrastructure companies, inflated Total Project Costs ( TPC ) for
Infrastructure projects by about 323% in several cases , in most cases upto 200% and took huge Loans
from PSU Banks.
In most cases, they NEVER started the infrastructure project, giving various excuses for delays such as
environmental clearance, as a result of which , PSU Bank Loans turned into Non Performing Assets
( Politically correct word for Bad Loans ). They further took more loans from other PSU Banks , paid
other PSU Banks some interest on loans taken previously, only to take more loans from them or get
their loans restructured as happened with Vijay Mallyas Kingfisher Airlines. Furthermore, to replenish
the lockers of PSU Banks, UPA government replaced the looted money with FAKE currency.
Not many Indians would remember that huge amounts of fake currency was in circulation when UPA
Government was in power.

Ever greening of Billion Trillion Dollar Loans

Many newly formed infrastructure companies that came up to build infrastructure projects, resorted to
ever greening of loans, especially by taking loans from one bank to pay only the interest portion of
loans taken from another bank. Eventually these promoters defaulted on loans to all banks and went
scot-free.Many Big Business Houses deliberately defaulted on their debt obligations, they managed to
retain all their assets as their loans got restructured ( once Narendra Modi Government came to power).
Former COAS V.K Singh had called for custodial interrogation of Congress President Sonia
Gandhi, over the revelations of Augusta Westland Scam.
Former Union Finance Minister P Chidambaram, is a close friend of current Union Finance
Minister Arun Jaitley, who has been appointed to the cabinet by Narendra Modi Government at the
behest of Senior RSS Leaders.

Even Narendra Modi Governments ..SHAM.. Development agenda is based on previously UPA
government flawed policy of Public Private Partnership ( PPP ). Cash strapped Modi Government is
resorting to selling off Government owned companies to raise funds for infrastructure projects.
Ofcourse, Narendra Modi government also loves flawed PPP policy, as it has increased scope for
KICKBACKS.

Why RBI Governor Raghuram Rajan was removed by Narendra Modi

Government..?
Once Narendra Modi Government came to power, former RBI Governor Raghuram Rajan declared
war on CRONY CAPITALISM. He was obviously thinking Narendra Modi Government would be
different than UPA Government. He did not know that Narendra Modi Government is just an extension
of UPA Government ( under Sonia Gandhi ).
In any other country, a politician like Sonia Gandhi would be jail, facing various charges of Corruption,
but it hasnt happened in India. This is because both BJP & Congress Party (under Sonia Gandhi ) work
like a team against national interest.
Raghuram Rajan as RBI Governor declared war on bad loans, forcing PSU banks to declare massive
losses and turning the screws on business groups that had flourished for years by not repaying debts.
Under him, RBI forced PSU banks to classify several loans as Non-Performing Assets (NPA), which in
normal course would have been treated as standard.

Raghuram Rajan as RBI Governor, had begun to turn the heat on some of these powerful business
houses, many of these entities had already got their loans restructured a euphemism for postponement
of interest and principal repayment. He asked PSU Banks to tighten the screws on the big business
houses that had not repaid interest and principal for a considerable period. The PSU banks, which had
been lax for some years, suddenly started pressuring these groups to sell their profitable assets to pay
back the debt on projects that had not taken off, especially in the infrastructure sectors.

Raghuram Rajan as RBI Governor,, the PSU banks were quite emboldened and have refused to meet
promoters to re-
negotiate deals. Under him , RBI regularly conducted Asset Quality Review, which forced PSU Banks
to classify Non Performing Loans as NPA, which forced PSU Banks to set aside more funds to cover
for potential losses due to non-payment of dues.

Under him, PSU Banks were given a deadline of March, 2017 to clean up their bank balance sheets
(disclose the NPAs).
No one before RBI Governor Raghuram Rajan attempted to create a database of large borrowers along
the lines of the credit bureau for retail borrowers.

If given a 2nd term, he would have carried out the ..deep surgery.. that was needed to cleanse Bank
Balance Sheets of bad loans, ending the usual practice of endlessly bailing out the banks at hapless
taxpayers expense.

Big Business Houses Hit Back

Here is the answer given by

..Rajans being attacked for fighting crony capitalism. He is the dream of the new
India: young, competent, and reached the top of the Indian central bank because of
his skill, not because of his political alignment..

- LUIGI ZINGALES | PROFESSOR, UNIVERSITY OF CHICAGO & RAJAN'S CO - AUTHOR,

(HIS COMMENT IN AN ARTICLE)

Some of the business groups and Big Business Houses are also known to have strong historical links
with the RSS leadership. Raghuram Rajan as RBI Governor, did not have fully understood the complex
nexus between business and politics as he went after the big loan defaulters.
Senior BJP Leader Nitin Gadkari known to be close to Senior RSS Leaders, told that PSU banks have
to be more pragmatic about dealing with bad loans. This too is a euphemism for adopting a softer
policy on loan defaults by big business houses.

RBI Governor Raghuram Rajans attitude has not gone down well with the big business interests, who
decided to run a subterranean campaign against him. Senior RSS Leaders accused him of not cutting
down interest rates and kick start growth, and instead focus almost single-mindedly on inflation. He
was also accused of not being patriotic enough as he wasnt an Indian citizen by Senior RSS Leaders.

Senior RSS Leaders stated that NPA tag to Big Business Houses choked their funding, impacting
economic revival as these Big Business Houses would be unable to add more capacity to their factories
at Tax Payers expense.

It seems that RBI Governor Raghuram Rajans run in with the Narendra Modi Government appear to
have begun in the first few months itself, as strong words were exchanged on the need to cut interest
rates, which Senior RSS Leaders claimed were affecting small businesses.

Raghuram Rajan announced his resignation as RBI Governor, on 19 June 2016 Sunday, which was
gladly accepted by Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley.

Who brought Raghuram Rajan to India ..?

Raghuram Rajan was brought to India in the year 2007 by Former Prime Minister Dr Manmohan Singh,
not by UPA Chairperson Sonia Gandhi or Former Union Finance Minister P Chidambaram.
Dr Manmohan Singh is an economist himself and former RBI Governor knew Raghuram Rajan as ex
Chief Economist of IMF, as one of the Worldss Best Economist and wanted him as his Chief
Economic Advisor.
Dr Manmohan Singh as Prime Minister wanted Raghuram Rajan as RBI Governor to stabilize the
Indian Economy and stabilize the rupee, while managing inflation, which was spiraling out of control.
He wanted Raghuram Rajan to clean Bank balance sheets of bad loans and end the usual practice of
bailing out banks at taxpayers expense.
Dr Manmohan Singh himself widely considered to be a clean and honest politician, whose political
career got kick started when former Prime Minister P.V Narasimha Rao appointed him as Union
Finance Minster.

Other reasons for removal of RBI Governor Raghuram Rajan

Raghuram Rajan as RBI Governor claimed that Indias economic policies under Narendra Modi
Government are tailored to benefit Big Business Houses in the name of development and
employment creation.

Raghuram Rajan as RBI Governor claimed that Modi Government has a Big Business-Oriented
Policy Framework rather than much more broad based, pro-market one..
Other reasons, Raghuram Rajan as RBI Governor attacked CRONY
CAPITALISM in India

Raghuram Rajan as RBI Governor stated that many Big Business Houses in India enjoyed ..Riskless
Capitalism..; in good times they enjoy profits and in bad times they are bailed out by PSU Banks.

His remarks did not gone down well with the big business interests, which later ran a subterranean
campaign against him. It must also be noted that prominent industrialists running their business well
with modest debt from banks have supported Raghuram Rajan fully and endorsed a second term for
him as RBI Governor.

Resignation of RBI Governor Raghuram Rajan

After a subterranean campaign, Raghuram Rajan resigned as RBI

Governor on on 19 June, 2016.
On 27 July , 2016 Wednesday, Narendra Modi Government asked
PSU Banks to write off loans worth Rs 59.6 K Crore in FY 16.
The figure - Rs 59.6 K Crore is equal to Rs 59,600 Crores that was written off
by PSU Banks under orders of Narendra Modi Government.
On 9 November, 2016 Wednesday, Narendra Modi Government announced
DEMONETISATION.

After Resignation of RBI Governor Raghuram Rajan, Narendra Modi Government also diluted the
powers of RBI. 2. On 6th September, 2016 - Finance Ministry under Arun Jaitley announced that
Public Debt Management Cell (PDMC) to take away Debt Management functions from RBI.
After RBI Governor Raghuram Rajans exit, a research report by State Bank of India said that RBI
raised Long term Inflation target from 4% to 8%, which meant RBI has reduced interest rates. With
ouster of Raghuram Rajan as RBI Governor, PSU Banks decided to cut rates and easing credit cost
pressure on Loan Defaulters. RBI gave PSU Banks Rs 70,000 Crores as relief.
Union Finance Ministry under Arun Jaitley has taken all these steps to dilute the power of RBI & RBI
Governor. This was because Raghuram Rajan was pain in the ass for Narendra Modi Government.
Former RBI Governor Raghuram Rajan also attacked Narendra Modi Governments economic policies
which aimed at integrating Indian economy with world economy, which he claimed would make India
susceptible to external shocks.To all Indians, Narendra Modi is a ..Desh Drohi.. Prime Minister.

Sorry to see , someone with such deep intellect and globai credibility choose to go.
Weve seen more innovation in RBI under Rajan than ever in the past..
- SHIKHA SHARMA, MD & CEO, AXIS BANK

Rothschild controlled ..Desh Drohi.. Newspaper The Times of India which will always support
any ..Desh Drohi.. economic policies announced happily on 21 July , 2016 Tuesday, that as
Narendra Modi Government has turned India into Worlds Biggest Departmental Store ( with 100%
FDI in every sector of Indian economy) would blunt the exit of Raghuram Rajan.
Former RBI Governor Raghuram Rajan often openly targeted ..Desh Drohi.. economic policies of
Narendra Modi Government, so on day of his exit, Modi Government in order to spite him, declared
100% FDI in every sector of Indian economy.
FDI is nothing but black money coming back to India from Tax Havens as White money.
So this would turn India into Worlds Biggest Departmental Store, where anything can be brought
with Black money.
Below is Narendra Modi Sarkar ka Chamatkaar

The Above article

( PSBs write off loans worth Rs 59.6 K Crore in FY 16 )
was published by The Times of India
27 July , 2016 - Wednesday

Rothschild controlled The Times of India deliberately doesnt give the full figure of
Rs 60,000 Crore to confuse the common public. The figure - Rs 59.6 K Crore is equal to
Rs 59,600 Crores that was written off by Narendra Modi Government

BJP spokesperson Shrikant Sharma. Sharma shared a long list of bank statements and
other documents with media to prove his point that Congress was more into distributing
khairat (doles) was also not published by - Rothschild controlled The Times of India.

Just Google
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