I dont know whether the Minister is aware that the money in the banks is the hard earned savings of millions of middle class citizens and not the private property of the Minister. Wonder what he would do if he were a money lender. Would he let go someone go scot free if they default in repaying him. He has no right to advocate this to the banks. This “rob Peter to pay Paul” strategy is unethical and against the law. Who will pay for these defaults. Ultimately the larger society. The banks will become unprofitable and go into loss. Governments will have to bail out loss making Banks and will have to compensate by increasing taxes and am sure will not allow Banks to default on their creditors. The larger section of the society will be penalised to appease to this weaker section / minority community. Am sure if challenged in the Court of Law, this will be seriously viewed by the Courts of India – who seem to be only Savior of our democracy along with the Media.
Our Indian economy is already in shambles. The GDP is dipping faster than ever before and is at an all time low of 4.5% – a far cry from the double digit growth about 5 years ago. Inflation is nearing double digit. Rupee at an all time low. Employment generation at an all time low. Fiscal deficit is higher than budgeted and nearing all time high. If there is still some semblance of safety in the Indian economy, its because of the vigilant RBI and the strict controls by the Banks. No doubt the NPA (non performing Assets) is also rising, the Banks are still sound and reliable, unlike the situation in the US where Banks went bust due to reckless lending and subsequent defaults in payments by the creditors.
Our politicians must realise that even in their interest of vote bank politics, this strategy is not prudent and is detrimental to the society at large. A stable and a vibrant economy is a must. They must realise that the middle class is rising – an estimated 400 million people and growing. The youth are no longer enamored by the vote bank politics. Religion or caste based electoral strategy is not going to win them elections.
People look for good Governance, vibrant & growing economy, secure jobs, safe place to live and some fun for recreation. No wonder a Gujarati is making waves and is able to connect with the large neglected middle class population.
However it also leaves us to wonder who is the weaker section of the society and if the middle class has become the Children of the Lesser GOD………or do the politicians think “who’s money is it anyway!!!!!”