India is in the grip of crony capitalism. Some big bosses of big business houses are having their pounds of flesh at the cost of common people. This is evident from the largest ever corporate scam by Adani Group. This is a direct consequence of the government’s policy of mortgaging Indian economy to a few selected favourites. The US-based Investment firm Hindenburg Research has alleged that Adani Group indulged in stock manipulation and accounting fraud which caused unprecedented loss to investors. Adani Group firms have lost more than `4.17 lakh crore.
The Opposition leaders are questioning the exposure of Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) to this scam. They asked why the BJP government is silent on the loss these public institutions, in which crores of Indian citizens have invested their hard-earned money, will suffer.
Value of LIC investment in Adani Group shares has fallen from `77,000 crore to `53,000 crore. Questions have been raised why is LIC still investing money in Adani Group? Leaders are asking why Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) and the Enforcement Directorate (ED) are silent. Why they are not initiating investigation in the Himalayan fraud which has affected crores of common men. The leaders have said that for every big investment a sanctionfrom FM or PM is required. They want to know why “they are out to destroy excellent institutions that cater to middle class.” There are no answers to the pointed questions. They are busy in canvassing for forthcoming elections in Karnataka, Tripura and some other States.
Misgovernance is complicating the economic situation of the country. It is need of the hour that the concerned citizens, opinionmakers and Opposition leaders join hands to do the needful and go to the people and convince them to put an end to the crony capitalismin the country. Otherwise people’s sufferings will increase and inflation and unemployment will destroy the lives of the 144 crore people of the country. India will overtake even China in population in April 2023. Don’t forget that China’s per capita income now stands at six times more than that of India. Our small neighbour Bangladesh has better per capita income than us. Power should be returned to people. India’s fate should not be in the hands of one or two persons who follow their whims and fancies.