Posted on 16/10/2023 (GMT 11:10 hrs)
I. INTRODUCTION
The article cum compilation introduces a hypothesis standing for a supposed correlation in the political economy of India: rising assets of the current ruling party and the rampant bankruptcies witnessed in the past nine years, i.e., during the regime of the BJP. In order to extend the hypothesis, various particular points of concern are raised through a (bri-)collage of hyperlinks, which include facts/reports that contribute or participate in the formation of the said correlation between the two attested variables/factors, e.g., the role of the Insolvency and Bankruptcy Code (2016), the case of the wilful defaulters and so on. It seems, as correctly suggested by Mr. Parakal Prabhakar⤡(Hon. Finance Minister Mrs. Nirmala Sitharaman;s intimate enemy), that our present Prime Minister who portrays himself as a king with a sceptre is “staggeringly incompetent”, along with his council of ministers, to effectively manage the country’s economy⤡.
II. METHOD
· The compilers of the article act as ‘bricoleurs’ to achieve observational and descriptive adequacies. To elicit readers’ responses, the compilers do not touch the domain of explanatory adequacy. Thus, the compliers reproduce an open-text.
· Apart from the method of bricolage, the article follows the method of concomitant variations as explicated in Mill’s method. Concomitant variations is deployed because of an obvious reason: the hypothesis standing for a positive correlation: the rise in bankruptcies (+B)-the rise of BJP’s assets (+A). The term “one-to-one-correspondence” betwixt two variables or sets of variables refers to the injective (each member of one set is associated with one member of another) function that maps one variable/variable-set to the other and vice versa.
III. BANKRUPTCIES IN INDIA DURING BJP REGIME
Let us view some source-reports about the unprecedented number of bankruptcies that have taken place:
8 Biggest Bankruptcies in India in the Last 10 Years
How in First Eight Years of Modi Government, Nearly Rs 12 Lakh Crore ‘Disappeared’ VIEW HERE ⤡ (As reported on 16th January, 2023 ©The Wire)
Bankruptcy recoveries on the rise VIEW HERE ⤡ (As reported on 13th May, 2023 ©The Times of India)
As bankruptcies hold sway, public money is lost, and only the superrich and the ruling political party benefit from this entire state of affairs.
IV. BJP’S ASSETS
After viewing such a sorry state of affairs of India’s financial sector, let us now ponder over to BJP’s concomitant, simultaneous, parallel, correlational rise in assets.
IV. a) Data regarding BJP’s filling coffers
BJP’s Declared Assets Increased By 627% in 10 Years: ADR Report VIEW HERE ⤡ (as reported on October 17 2017 © BloombergQuint)
BJP’s assets increased by 22% in 2017-18, Congress’ down by 15%: ADR VIEW HERE ⤡ (as reported on 01 Aug 2019 © Economic Times)
BJP highest earner in FY19 at Rs 2,410 crore; TMC’s income spikes 3,628% VIEW HERE ⤡(as reported on January 16, 2020 © BusinessToday)
UPDATED-ANALYSIS OF INCOME & EXPENDITURE OF NATIONAL POLITICAL PARTIES FOR FY 2018-19 VIEW HERE ⤡(as reported on 25th June 2020) ©Association for Democratic Rights in India (ADR)
ANALYSIS OF ASSETS & LIABILITIES OF NATIONAL PARTIES– FY 2016-17 and 2017-18VIEW HERE ⤡ (as reported on 31 Jul 2019 © Association for Democratic Rights in India ADR)
ANALYSIS OF DONATIONS FROM CORPORATE & BUSINESS HOUSES TO NATIONAL POLITICAL PARTIES FOR FY 2018-19 (KNOWN DONATIONS ABOVE RS 20,000 ONLY) VIEW HERE ⤡ (as reported on 20 Nov 2020 © Association for Democratic Rights in India ADR)
IV. b) PM CARES & Electoral Bonds: “A Masterful Secret”?
‘BJP assets highest at Rs 4,800 crore, Congress liabilities most at Rs 49 Cr” VIEW HERE ⤡ (As reported on 29th January, 2022 ©The Times of India)
BJP received Rs 5,271 crore through electoral bonds, Congress slams PM Modi VIEW HERE ⤡ (As reported on 9th August, 2023 ©ADR)
Mr. Abhisar Sharma rightly said the trajectory of money-laundering through electoral bonds and PM CARES fund. The trajectory is as simple as follows:
The secret bonds are masterminded by the BJP leaders through which money is laundered within the bank by means of secret transactions by the corporate to heal the itching palms of the ruling party. The corporate is then bound to open shell companies to fulfill the greed of the BJP (a sort of compensation process). In the case of wilful defaulters also, the BJP allowed superrich wilful defaulters to fly away from India (or Bharat?? or I.N.D.I.A.??). How were those fugitives allowed to simply fly away if they did not but take the help of the ruling party? The answer, my friend, is blowing in the wind as “Andhbhakts, Gandhbhakts” are suffering from severe psychosis or foreclosure.
It is obvious enough that BJP’s assets are increasing on the basis of corporate funding, mediated by the shadow economy/underworld: the dons, who can kill the dissenters’ voices by taking supari from the BJP, e.g., Haren Pandya’s case, The Caravan’s expose⤡ of the Classified Report on Godhra Train Incident etc.
It can be seen that Chinese Companies have donated to the PM CARES as well despite our PM’s simulated “Boycott China” Initiatives!
Chinese Companies donations to PMCARES Fund Xiaomi: ₹10 Crore Huawei: ₹7 Crore One Plus: ₹1 Crore Oppo: ₹1 Crore TikTok: ₹30 Crore — Dhruv Rathee (@dhruv_rathee) June 28, 2020
V. ENUMERATING THE WILFUL DEFAULTERS
While the coffers of the BJP are getting filled in such a way (away from the public eye), they are also enabling the superrich to escape from all blames and obligations. The issue of “wilful defaulters” who have fled the country [and their loans have been waived off/written off (the Différance between the two is blurred in the context of Orwellian doublespeak) by the Reserve Bank of India] with political protection further complicate the matters of the Indian economy and proves that the latter has reached to a worrying depth:
Consolidated list of Wilful Defaulters as on 31 March 2023 VIEW HERE ⤡ (As reported on ©Watchout Investors)
Top 50 wilful defaulters, including Mehul Choksi’s Gitanjali Gems, owe Rs 87,295 crore to banks: Finance Ministry VIEW HERE ⤡ (As reported on Aug 02, 2023©The Business Today)
Why is the Interpol not taking steps against the Indian super-rich willful defaulters listed under the red notice?
A Note On “Waive Off” vs “Write Off”
Write-off has no direct impact on the borrower, as the debt still exists but is not considered collectible by the lender or creditor. Loan waiver provides relief to the borrower, as they no longer have to repay the portion of the loan that was waived off.
When a loan is waived off, the borrower is freed from the obligation of paying it back. A loan waiver also implies that the bank, under no circumstances, will not try to recover the loan money or take any legal action against the borrower.
What is the difference between write-off and charge-off?
A charge-off and a write-off are the same thing: A creditor decides you probably won’t pay back the debt and stops you from making additional charges on the account after your account has become seriously delinquent. This can have a negative effect on your credit.
VI. CAG’S REPORT ON THE BJP’S DIRTY HANDS
In August 2023, the Comptroller and Auditor General of India (CAG) revealed through its report that much of the corruption happened actually during the BJP regime. For example, the PM-JAY scam by creating fake phone numbers and thereby diverting the funds. Same goes for the Ayodhya Development Plan scam, the Bharatmala project scam and so on.
CAG Report Finds Glaring Holes, Violation of Cardinal Rules in Centre’s Accounting Practices VIEW HERE ⤡ (As reported on 18th September, 2023 ©The Wire)
VII. THE “SUCCESS” (?) OF THE ILL-CONCEIVED IBC (2016), INDIA
The Insolvency and Bankruptcy Code (2016) was introduced by the Arun Jaitley-led Ministry of Finance, and was amended multiple times in the past few years due to the various inconsistencies between the elemental parts of the said act. It is said that the IBC is more for “liquidation” rather than for “resolution”.
IBC’s quick-fix problem VIEW HERE ⤡ (As reported on 23rd February, 2023 ©Businessline)
“A month ago, the Ministry of Corporate Affairs released a list of about 30 changes to the Insolvency and Bankruptcy Code, 2016 (IBC) being considered by the government. Some proposed changes are structural , such as the introduction of the long-awaited “out-of-court” pre-pack for all companies (in contrast to the largely “in-court” pre-packaged insolvency resolution process introduced for MSMEs in 2021) and a comprehensive group insolvency framework.
However, most changes are in the nature of “quick fixes” to address issues that have emerged in the application of the IBC.
While the merits of each individual change can be debated extensively, it is concerning that even seven years after the enactment of the IBC, the government has to introduce changes almost yearly to address issues arising in practice. Why is this the case?”
IBC is less of resolution and more of liquidation VIEW HERE ⤡ (As reported on 24th March, 2021 ©Economic Times)
Standing Committee on Finance raps IBC over unsustainable haircuts, says 13,000 cases worth Rs 9 lakh crore pending VIEW HERE ⤡ (As reported on August 03 2021, ©Moneycontrol)
IBC: Govt. working with RBI on CoC’s conduct VIEW HERE ⤡ (As reported on 27th August, 2021 ©The Hindu, PTI)
Impossible to accept 95% haircuts for banks under IBC: Sitharaman VIEW HERE ⤡ (As reported on 1st October, 2022 ©The Hindu)
In the case of the DHFL scam, the problematic implemention of the IBC was well-foregrounded:
Non-Applicability of IBC 2016 on DHFL Scam (with relevant documents for litigation)
IBC Section 66 Overlooked by the DHFL-CoC: A Big Conspiracy?
Insolvency and Bankruptcy Code: BJP claims Rs 4 lakh crore recovery; RBI data tell a different story VIEW HERE ⤡ (As reported on: April 16, 2018 ©The Indian Express)
“As against this claim, the Reserve Bank of India’s latest data shows that the public sector banks could recover a total of only Rs 15,786 crore in the fiscal year 2016-17 and 2017-18 till December 31 through all recovery channels, including IBC.“
However,
How in First Eight Years of Modi Government, Nearly Rs 12 Lakh Crore ‘Disappeared’ VIEW HERE ⤡ (As reported on 16/JAN/2023 ©The Wire)
“Based on information supplied by the finance minister, we estimate that the total non-performing assets between 2014-15- 2021-22 years amount to Rs 66.5 lakh crore. Of this, the written-off quantum appears to be Rs 14.5 lakh crore.”
Amidst the claims made by the ruling-party associates, more things have simply “vanished off” in the domain of Indian economy:
500 notes worth 88,032.5 crore missing from Indian economy: Report VIEW HERE ⤡ (As reported on 17th June, 2023 ©The Mint)
However, Union Minister Mr. Piyush Goyal claimed that there is a positive (?) turn after the introduction of the IBC.
8 years of Modi govt: A look at Insolvency and Bankruptcy Code VIEW HERE ⤡ (As reported on Jun 06, 2022©The Air India Radio)
“Due to reform of IBC, India which was ranked 136th in the World Bank Resolving Insolvency Index in 2017, jumped to 52nd position in 2020. This Index is one of the parameters to measure ease of doing business ranking in the world. Through the implementation of IBC, government has improved financial condition of the employment, business, banking and financial sectors. The government has achieved remarkable success in protecting the taxpayers’ money.”
But it is evident from the sheer number of the bankruptcies that IBC has failed to function as a mechanism to restore a beleaguered company to its “ongoing” balance by maximizing the values of its assets.
VIII. THE “TRUTH” ABOUT THE DEMONETIZATION
The so-called “truth” about the Demonetization entails that there are no bankruptcies, terrorism, counterfeit money and money laundering (as promised). Therefore,
THERE IS NO “DHFL SCAM”– IT DID NOT HAPPEN!
There is no counterfeit money
PULWAMA ATTACK IS A MYTH
and so on..
AN OPEN LETTER TO MODIJI: THE HORNS OF THE DEMONETIZATION DILEMMA
Logistics of Logic: (non-)argumentative Indians
IX. CONCLUSION
To conclude, the main problem in discussing about the correlation is the political donation, for which the corporate and the state (rather, the ruling party) are entering into unholy collusion with the mediating link of the religious gurus and the underworld.
How Savage Capitalism works in India
Dear DHFL FD and NCD Holders,
Please try to understand
a) Who is your opponent?
b) Who is the source of your miseries?
SEE ALSO:
Kissa Crony Ka (The Tale of Cronies): A Video Collage