Saturday, 23 May 2020

SUPPLEMENTARY BUDGET FOR THE RICH, IN THE NAME OF COVID-19 AFFECTED POOR


First of all I would like to inform my readers that I am writing this with a simple common sense of a humble common man and not as an economist or a financial wizard. With this introduction I am coming to the point.

My first question is whether anybody could see anything substantially meant for the common man except a few peanuts here and there in the Prime Minister’s recently announced and Finance Minister’s elaborated MEGA RELIEF PACKAGE related to the COVID-19 EPIDEMIC? I can say with confidence that the major portion of the ‘Rs. 20 lakh crores plus’ relief package is not related to the incidents associated to the recent COVID-19 epidemic. Let us examine why it is so.

First of all, let us take the breakup, of the  Rs 20 lakh crore plus package nick named as Atmanirbhar Bharat.
1.    
a.       The major part of the relief (Rs.3.5 lakh crores) is going to the MSME segment only on a flimsy ground of infusing liquidity since the segment employ a large number of workers. What we have to keep in mind that, the present epidemic issue is not like a natural calamity like flooding, cyclone, earthquake, etc.  In a natural calamity, whole community around the area is affected. However, this epidemic issue is not like that. The main affected persons are the employees who lost the salary or the employment itself since they could not attend their work place. What is the loss of the employer? The entire setup like the building, plant and machinery, raw materials, finished products etc. are there intact. If at all any minor loss due to wear and tear which can be written off from the account.

b.      PM and FM should also explain the relation between the Covid-19 epidemic and the relief (30000 crore) now announced to the NBFC, HFCs etc. According to my memory, the NBFCs, etc. started bleeding since October 2018, when a major corporate house along with its associate companies started defaulting payments.

c.       Again, the PM and the FM should also explain to the public as to how the present relief of Rs.90,000 crore to power distribution companies is related to the COVID-19 epidemic.

2.       Similar is the case of Rs.48,100 crores to the sectors of coal, mineral, etc. for their reforms.

3.       The only relief to the actually affected employees, workers including migrant workers, farmers, fishermen, etc. is the Rs.3,10,000 crores plus Rs.1,50,000 crores out of the 20 lakh plus crores.

In short, the Hon’ble Prime Minister and the Hon’ble Finance Minister, very cleverly made a Supplementary Budget without the approval of the Parliament under the guise of an emergency relief package to the COVID-19 affected persons, even though the major part of the relief package do not have any remote connection to it. *www.manjaly.net
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1.            “A FRAUD IN THE INDIAN CONSTITUTION” part of my autobiography detailing my crusade against corruption/scams while in service
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3.            Also variety of subjects are covered in my blogs. For details go to link: www.manjaly.net 



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