[yt_dropcap type=”square” font=”” size=”14″ color=”#000″ background=”#fff” ] Y [/yt_dropcap]ear 2017appears to be an eventful one, for, India as there will be important for Indian politics. Besides facing the crucial Presidential elections, five states such as Goa, Manipur, Punjab, Uttar Pradesh and Uttarakhand have gone to polls in February-March, Gujarat (PM Modi’s home state) and Himachal Pradesh will go to polls in 2018.
While Uttar Pradesh (UP), Uttarakhand and Punjab have given clear mandate to BJP and Congress party respectively, Goa and Manipur refused to give a clear mandate either Congress or BJP, but the federal ruling party BJP has got the upper hand as its governors supported BJP to form the government in these states, though the party did not get either a majority or at least maximum seats, though it has got less seats than Congress in both instances.
The BJP is the clear winner in this round of Assembly elections in five states. With an apparently decisive mandate in Uttar Pradesh, Uttarakhand and its impressive showing in close races in Manipur and Goa the party is giving all credit to the Modi wave which has apparently succeeded in combating people’s perceptions about demonetisation. For Congress, the only saving grace was Punjab.
The extremely right wing political party Bharatiya Janata Party (BJP) with military support under a highly “sophisticated” and very energetically dynamic leader Narendra Modi has had an easy win in the by-poll held last month in 2 of 5 states in a polarized India’s corrupt polity. At the outset, the election, conducted as a referendum for his demonetization drive to check and end black money flow and stop financing of terrorism operations in the country and around, was out and out PM Modi’s “historic” win. However, many factors like anti-incumbency, indirect support of Congress and Samajwadi Party in UP, absence of any credible honest leader or genuinely people’s party at national or regional level etc, contributed greatly to Modi’s fortunes.
Today after the regional polls, Narendra Modi has become the most important leader of India, above Hazare and Kejriwal who caught the imagination of entire nation with their anti-corruption movement against the Congress-BJP governments. BJP and PM Modi do deserve well wish for the electoral victory for working for equality in the nation. In a democracy, seats in state and federal assemblies decide government formation. However, seats could be won by politicians through cheap and undemocratic means.
The outcomes of the by elections have revealed anger and disappointments of voters towards the ruling dispensations including Congress, BJP, SP, etc and opted for the opposition parties, almost everywhere. Political parties cannot take the voters for granted in polls, at least. People have displayed a great sense of responsibility in punishing the ruling class for being dishonest.
BJP has sage managed the show in Goa state even without a majority by horse trading the independent MLAs. Congress secured more seats than the incumbent BJP but it did not stake its claim to form a government while BP did exactly that and now ruling the state and now Congress has approached the court, maybe as a mere formality to fool the world. ..
Close races in Goa and Manipur but with bargaining and deflections, BJP staked claim There were four major contenders for the 40 seats in the Goa Assembly – Congress, BJP, Aam Admi Party and the smaller Maharashtrawadi Gomanthak party and the Goa Foward. While the present Chief Minister Laxmikant Parsekar has lost his seat, Congress’s Digambar Vasant Kamat who is also former Chief Minister, has won in his constituency, Margao. During his door-to-door campaign, Digambar Kamat repeated one mantra frequently. “Call me any time, 24×7. You need no agent to come to me. Although the Congress had 17 seats, just one lesser than BJP the latter has staked claim to form government.
Congress, as usual, played mischief and let BJP become the ruling party but when BJP became the winner, it called it a foul play by the governor who just obey he federal government’s orders. . Even as counting as underway it was expected that neither party would be close to the magic figure of 21 seats. The Indian Express reported that the MNP and smaller parties may play the king maker and that is exactly what happened.
The night long negotiations finally sealed the deal for BJP as both the MNP and Goa Forward Party agreed to support the BJP after they were promised ministerial berths by Nitin Gadkari. The Congress leaders, including party general secretary Digvijaya Singh and top state politicians, camped at the iconic Mandovi hotel in Panaji, where for five hours they wrangled over the choice of CLP leader, apart from waiting for Sardesai and other Independents. The Governor invited the BJP to form the government and current Defense Minister Manohar Parrikar will be sworn in as Chief Minister.
Goa and Manipur experiments of letting the Hindutva party control government show that there is a consensus between Congress and BJP that the latter should rule India and its states to solve many issues (like Muslims, Pakistan, China, security, etc)
In Manipur also, BJP stage managed and formed the ministry and Congress party that ruled it for many years has quietly gave in, almost signaling that its time is over as ruling party and BJP could take its place and communal pride. With the BJP and its alliance of regional parties together got 30 seats. By using ‘security issues” and using Sharmila as a serious threat to India as she wants all extra military laws withdrawn to let people live without fear, the BJP made a stunning debut in Manipur, winning 19 seats and leading in two of the 60 assembly seats in the states. The party’s concerted efforts to make inroads into the conflict state paid rich dividends. Ram Madhav of the BJP said that the performance of the BJP has been satisfactory given that the state unit was weak. Manipur too saw a record turnout of almost 86% in the second phase of polling as BJP intensified its security campaign.
The Congress has been ruling the North-eastern state Manipur for almost a decade and a half and faced a tough challenge from the BJP which, supported by the military establishment, as usual, made security issues to win poll. Since Manipur does not have any Muslim population it needs not to target anti-Muslim sentiments for Hindu votes but Sharmila gave the stuff for the BJP to talk at length about the security issues threatening India.
With communal agenda on cards, the BJP has very cleverly exploited anti-military feelings in Manipur state being represented by Irom Sharmila to expand its vote share in the Northeastern state.
On 11 March, as the results for Manipur Elections started coming in, Thoubal constituency was among the first few seats from where the results started coming in. This valley seat from where Manipur Chief Minister Okram Ibobi Singh was contesting the elections, had another key player who for 16 years was on fast for Manipur’s rights. Social activist Irom Sharmila Chanu aka ‘Iron Lady’ was the icon of Manipur who with her decade-and-a-half long fast against the Armed Forces (Special Powers) Acts (Afspa) garnered a lot of national attention sympathy and support. Upon ending fasting, Sharmila soon formed the PRJA which garnered support and attention from national parties like Aam Aadmi Party (AAP), Left and Democratic Front (LDF), etc. The party with its clear intention to revoke the draconic military law Afspa and redraft Inner Line Permit system set about campaigning through the state and gathering political funds.
In a state which is rife with violence, corruption, administrative struggles, and development deficits, her fight seemed watered down. While the BJP gathered votes by making promises about removing the economic blockade, creation jobs, removing corruption, ensuring rights to the Nagas, etc. Sharmila kept mum on all these issues.
Military played important role in the defeat of Sharmila and she lost so badly in her maiden election contest that she became panicky and vowed to quit politics altogether. Sharmila was mostly treated as a laughing stock by both Congress and BJP and its chief minister, because victory for Sharmila can be disastrous for both parties. When they all joint tempered with m voting machines remains to be investigated.
But the story in this 60-Assembly seat state is very different as there seems to be anti-democratic operations during poll day. Sharmila’s party Peoples’ Resurgence and Justice Alliance (PRJA) failed to secure a single seat in the state and its leader lost the fight against Manipur’s three-time chief minister Ibobi who won with 18,649 votes, Sharmila didn’t get more than 90 votes, giving rise to genuine suspicion of voting machine tampering during the poll by the Modi regime.
Many in the national media hailed this as a tragedy that an internationally renowned human rights activist couldn’t manage to secure even a 100 votes. However, the local populace has a different picture to share. When the 44-year-old decided to quit her 16-year-old fast in 2016 and join politics, it was welcomed by both national media and political parties. She soon formed the PRJA which garnered support and attention from national parties like Aam Aadmi Party (AAP), Left and Democratic Front (LDF), etc. The party with its clear intention to revoke Afspa (through legislative means) and redraft Inner Line Permit system set about campaigning through the state and gathering political funds.
In a state that has some 1,500 cases of extra-judicial killings, she was the face of the revolt against Afspa. When she ended her fast, people perceived it as the end of the movement. This angered a lot of people. Her popularity also tanked after she revealed her plans to get married to Goa-born British national Desmond Coutinho, whom her supporters have always accused of diverting her attention from the fight against Afspa. She had plans to tie the nuptial knot after the 2017 polls but Desmond recently said the marriage would not take place before 2019. While the party has allied with the Nagaland People’s Front of the neighbouring state, it chose to not announce an alliance with the regional party in Manipur. The reason, a senior party leader said, is a clause in the NPF’s manifesto that talks of Naga integration. “That made the party a bit uncomfortable,” the party leader said. A post-poll alliance, however, is not ruled out, the leader added.
Congress and BJP one and same!
BJP could easily target both Congress and Sharmila to victory. In a state hit badly by anti-incumbency against the ruling Congress government, the neglect that the various hill tribes suffered under Chief Minister Okram Ibobi Singh’s government helped the BJP make inroads in the hill areas. Of the 60 assembly seats, only 20 seats are set aside for the hill areas, while the Valley has 40 seats. While the hill areas account for 85% of the state’s geographical territory, the Valley accounts for 15% of the total area.
BJP didn’t just have a national appeal, it also went door-to-door to campaign about the party. They had swayamsevaks (volunteers) who regularly held meetings to discuss local issues, way before the elections were announced. The people in the hills (Naga districts like Senapati, Ukhrul, Tamenglong) saw an alternative to Congress, which with the creation of the seven new districts in December 2016, had lost the vote of the Naga tribes.
Sharmila, who has won several international human rights awards, said in her interview with HuffPost India that both the leading national parties — the Bharatiya Janata Party (BJP) and Congress — were practically “the same”. However, this did not stop either of the two national parties — Congress or BJP — from using the funds in their deep pockets, to campaign extensively in the state. The state which rarely received any national attention was suddenly getting visited by senior leaders of the BJP like Amit Shah, Rajnath Singh, Narendra Modi, Prakash Javadekar, etc. Their rallies gathered thousands of Manipuris, whereas Sharmila’s PRJA went house to house to campaign for their party.
Sharmila decided to compete from a Meitei populated seat against a Meitei favourite Okram Ibobi and expected victory. In the interviews before the polling began, she reiterated that she hopes to win against the three-time chief minister. However, she forgot that the highly seasoned Congress politician had managed to snag the Thoubal constituency in two consecutive Assembly elections and that too with high margins. This time too he secured the seat with a margin of 11,470 votes against BJP leader Leitanthem Basanta Singh. Even the BJP didn’t put up a strong candidate for that seat. Sharmila’s misguided political judgment cost her MLA seat.
While the core media lords we are being harsh on the celebrated human rights activists, it is a matter of concern that the state which has a million female voters failed to support their female icon. An abysmal 90 votes are what the ‘iron lady’ got for her 16-year penance.
People’s mandate does not matter in Goa and Manipur; dictatorship or democracy?
In both Goa and Manipur BJP regime has played well to deny the party that got maximum seats to form government but let BJP form the government. In doing so, PM Modi has made the BJP ideology of”BJP only” crystal clear. The message is simple: If any other party is unable to get a clear majority BJP alone can form the government by purchasing MLLAs and MPs.
In Goa and Manipur, the BJP was in a minority. It won 13 seats out of 40 in Goa, with the Congress winning 17. In Manipur, its performance was just as poor, winning 21 out of 60, to the Congress’ 28. However, the party which rules at the centre has manipulated legal provisions to ensure that a state does not remain headless to claw its way to power against the will of the people. In Goa, it put together a coalition after negotiations with a party that had projected itself as secular – the greatest sin of the virulent anti-national, in the lexicon of most supporters of the BJP.
The narrative of the BJP (even Congress) has been that the minorities have been given too much leeway, and the trolls its leaders – including a Sikh Prime Minister – follow feel the minorities should acknowledge that they don’t deserve to be treated as more than second-class citizens. The minorities they attack include Muslims, Christians, and those unfortunates with intellect. The one democratic procedure in which the minority has no right is what follows the outcome of an election.
In a country that is becoming increasingly more bigoted and hostile to minorities, people must ask themselves what strategy makes leaders out of people who have, on the surface, no qualifications to run a country. The most powerful man in the world is Trump, a businessman with no political, diplomatic, or policy-making qualifications. The most powerful man in India is a healthy orator Modi who stays silent on the most burning issues of the day, asks others to react, recently deputing his Home Minister to handle the Kashmir crisis.
Standing in long queues in extreme weather is seen in the context of soldiers dying in battle for their country. How are the two comparable? A soldier dies in the uniform he volunteered to wear, for a country that he is defending of his volition against an enemy. When a pensioner has a heat stroke or a cardiac arrest while waiting through the day to exchange notes that he was saving for an emergency, where is his volition, whom is he defending, and who is the enemy?
Indian protests generally are just a show and never intent on real changes or reforms or at least further development. BJP’s one of the main agendas is to somehow acquire majority in Rajya Sabha (Upper House of parliament) to pass all bills and enact new bills as per RSS designs. But the move that upset the RSS agenda and brought the nation literally to a standstill was demonetisation. For weeks, even months, people struggled to pay each other. People literally died from standing in queues. Yet, despite all the chaos, there was no public protest – unlike the outrage in Venezuela, whose government attempted to follow India’s move. In that country, the people will saw the government withdraw the demonetisation move. In India, though, months after the dramatic decision was announced, when the memories of standing in queues for hours only for the ATM to run out of money before one’s turn came and notes being rationed out on a war footing are still vivid, the BJP has made a clean sweep of two Northern states. BJP has enough money to get votes.
Punjab, ruled by BJP led coalition until the poll, has now opted for Congress party – of the 117 seats, the Congress was leading on 64 seats – and brought the AAP to focus by giving it a historic status with 28 seats. Two years ago, AAP had scored a sensational victory in Delhi, decimating rivals BJP and Congress. It also debuted in parliament by winning four seats in Punjab in 2014 – the equivalent of 33 seats.
While the entire country was full of energy during the counting of votes, the social networking websites were as silent as a grave with the AAP leaders going silent on the election results. The Twitter account of most of the AAP leaders, including Delhi Chief Minister Arvind Kejriwal did not show any activity since the results started pouring in.
In the initial phase of counting, it became quite evident that the AAP party scored zero in Goa while it backed 2nd position in Punjab. The exit polls had predicted that either Congress or AAP would win. Whereas Shriomani Akali Dal (SAD)- Bharatiya Janata Party (BJP) alliance which was written off by all political pundits and journalists before the elections, has sprung a surprise by becoming the second largest party in the state. While the leaders were quite excited in the morning and tweeted motivational messages on Twitter before the results, their account became dull after the initial trend. AAP leader Ashutosh tweeted in the morning saying the result will set the tone for the future politics in India. “It’s a historic day,” he tweeted. Kumar Vishwas was among the few AAP leaders who came out in open and spoke about the elections. The leader congratulated BJP and the Congress on their win. Accepting the defeat in his style, he also tweeted a poem. The AAP, which fought its first assembly elections in Punjab, was at third place with 22 seats.
BJP is increasing its national presence step by step, indirectly supported by Congress, SP and other essentially anti-Muslim outfits.
Congress party with largest black money owners’ does not oppose BJP. What is even more shocking than that is that the BJP has ensured that it will form the government in two states where another party had garnered more votes than it had.
Post-UNGA: Kashmir is somewhere between abyss and fear
Hailed as a hero for calling out New Delhi’s draconian measures in occupied Kashmir, Imran Khan warned the world of a “bloodbath” once India lifts its lockdown of Jammu and Kashmir. He persuaded global leaders to denounce the brutalities and human rights violations unleashed on Kashmiris ever since the disruption of the decades old status quo, which had been granted by the symbolic autonomy of Articles 370 and 35(A) within the Indian constitution. The constitutional coup d état ensures the alienation of Kashmiris in IOK beyond the point of redemption with massive spillover effects across the LOC. Pakistan is home to 4,045,366 self-governed and independent Kashmiris as per the 2017 census, who are desired of more than a political and diplomatic support for their brothers in IOK. India and Pakistan have already fought three wars on the Kashmir issue.
Focusing on the brazen denial of core human values, Imran Khan prognosticated a more radicalized world as the scourge of radicalism finds more fodder in a discriminated society. If climate change is ignored, the clichés of religious affiliation continues and the inherent right of self-determination remains disregarded, violent reaction is inevitable. He said, “we all know that marginalisation leads to radicalization”… “No one did research that before 9-11, the majority of suicide bombers in the world were Tamil Tigers. They were Hindus”, but Hindus rightly escaped the blame since belief and religion has nothing to do with desperation.
Imran Khan talked more like Gandhi than the nation of Gandhi itself. He reminded the world of the reincarnation of the progrom and racial ridden medieval periods when religion and state were inseparable .It has reshaped and now resides more in inter-state relations while negatively stirring regional cooperation and globalization. Already enwrapped in a world of deprivation, the fifth largest population of South Asia is fearfully seen at the brink of a nuclear war with there being very few options left for a seven times smaller nuclear state of Pakistan, which has been already driven to the wall. The speech was well received and touched a chord with many Kashmiris reeling under the unprecedented communications blackout and travel restrictions in place since August 5.
“It felt like there is someone to watch our back. It felt that someone is talking for us, that we are not alone”, was the feeling commonly displayed. Hundreds of affected Kashmiri stakeholders came out of their homes, shouting slogans in support of Imran Khan and calling for the independence of Kashmir despite the movement restrictions and deployment of additional force by India in Srinagar.A fresh charge sheet has also been filed by the National Investigation Agency (NIA) of India against the chief of Jammu & Kashmir Liberation Front, (JKLF) Yasin Malik, and other leaders including Asiya Andrabi, and Masarat Alam on October 4, 2019.
Conjuring up his dystopian vision, Prime Minister Modi made no mention of the disputed region of Kashmir in his read-out speech at the UN along the lines of diplomatically bureaucratic explanation. He only ticked the fanciful boxes of development, progress, and world peace, annihilation of terrorism and protection of environment. This speech however, was soon followed by a threat from his own government’s defence minister calling for the liberation of Pakistani Administered Kashmir as the next step in India’s quest for regional dominance.
Moreover, Imran Khan has also expressed his fears in his erstwhile meetings with Donald Trump, Angela Merkel, Emmanuel Macron and Boris Johnson on the sidelines of the General Assembly session. Trump has offered mediation, but only if both Pakistan and India agree. A senior US diplomat for South Asia called for a lowering of rhetoric between India and Pakistan, while saying that Washington hoped to see rapid action by India to lift restrictions it has imposed in Kashmir and the release of detainees there. Similarly, State Councilor and Foreign Minister of China, Wang Yi, in his address to the General Assembly on 27 September stated that,;”The Kashmir issue, a dispute left from the past, should be peacefully and properly addressed in accordance with the UN Charter, Security Council resolutions and bilateral agreements.”
Nonetheless, an arrogant denial by India to the support of Pakistan’s stance on Kashmir by Turkey and Malaysia is more of an inept understanding of diplomacy and international commitment. India needs to step out of the skeptical comprehension of the role of the UN that was pronounced by Ms. Vidisha Maitra India’s Permanent Mission to the UN. The sway of diplomatic terms espoused with preconceived historical interpretations could be misguiding for political leaders. Modi needs to keep his ears close to the ground to save his political future. It is an extensional battle for Kashmiris. No concertina wire can blur the contradiction in his approach to the issue, “when they are in India they say it is an internal issue and when they are on the international forums, they consider it a bilateral issue,” said one of the residents of Srinagar. Confusion exacerbates the fear, which consequently becomes a forerunner to terrorism. Same goes for the US whose mediator’s role gets paradoxical by Trump’s close alliance with Modi in his perusal of Asia-Pacific policy. Though, Imran Khan is perpetually using his political and diplomatic influence proactively, to mobilize both the international community and his own people, the anti-India feeling, the pro-militancy sensitivity and the general sense of despair — is stronger than before in Kashmir.
Kashmir Issue at the UNGA and the Nuclear Discourse
The Kashmir issue has more significance in view of the nuclearization of South Asia as many security experts around the world consider Kashmir a potential ‘nuclear flashpoint’ between India and Pakistan. The revocation of the special constitutional status of Kashmir by the BJP government on August 5, 2019, also referred to as Jammu and Kashmir Reorganization Act 2019 and the subsequent lockdown in Kashmir has since considerably increased political and diplomatic tensions between India and Pakistan. India’s recent moves and actions in Kashmir have once again internationalized the Kashmir dispute. This was evident during the UN General Assembly’s 74th Session, where the Kashmir issue remained a crucial agenda item for several countries.
During this year’s session prominent leaders of the world condemned Indian brutalities in Kashmir. Turkish President Recep Tayyip Erdoğan criticized the international community for failing to pay attention to the Kashmir conflict and called for dialogue to end this dispute. Malaysian Prime Minister Dr. Mahathir Mohamad said that Kashmir “has been invaded and occupied” by India despite the UN resolution on the issue. Chinese Foreign Minister Wang Yi also discussed the issue and called for a peaceful resolution of the dispute based on the UN Charter and Security Council resolutions. Based on the grave importance of Kashmir as a potential ‘nuclear flashpoint’ between India and Pakistan, Prime Minister Imran Khan, while addressing the UNGA warned the world community about the dangers of a nuclear war that according to him might break out over Kashmir due to Indian atrocities. The current situation appears to be the most critical time for both the countries and the region as both countries are nuclear-armed.
However, unfortunately, the Indian leaders and media perceived Prime Minister Imran Khan’s warning as a nuclear threat and termed it as ‘brinkmanship’. Contrary to this perspective, it is worth mentioning here that the Indian leadership itself is involved in negative nuclear signaling and war hysteria against Pakistan in recent months. For instance, the 2019 Indian General Election campaign of Prime Minister Modi was largely based on negative nuclear signaling comprising of several threats referring to the possible use of nuclear weapons against Pakistan. Furthermore, as an apparent shift from India’s ‘No First Use’ (NFU) policy, on August 16, 2019Indian Defence Minister Rajnath Singh, while on a visit to the Pokhran nuclear test site paid tribute to the late former Prime Minister Atal Bihari Vajpayee and asserted that India might review its NFU policy. He stated that a change in future circumstances would likely define the status of India’s NFU policy. Since then there is no official denial of this assertion from India which indicates that India might abandon its NFU policy.
Moreover, India’s offensive missile development programs and its growing nuclear arsenal which include; hypersonic missiles, ballistic missile defence systems, enhanced space capabilities for intelligence, reconnaissance, and surveillance and the induction of nuclear-powered ballistic-missile-capable submarines clearly indicate that India’s nuclear weapons modernization is aimed at continuously enhancing its deterrence framework including its second-strike capabilities vis-à-vis Pakistan. This is also evident from India’s military preparations under its more recent doctrines such as the 2017 Joint Doctrine of the Indian Armed Forces (JDIAF) and the 2018 Land Warfare Doctrine (LWD)which are also based upon more proactive offensive strategies and indirect threats of pre-emptive strikes against Pakistan.
As evident from the above-mentioned developments, it seems likely that India aspires to increasingly project itself as a regional hegemon and a potential superpower. The BJP government under Prime Minister Modi inspired by the Hindutva ideology is taking offensive measures under the notions of ‘a more Muscular or Modern India’ based on strong military preparedness. In such circumstances, Pakistan’s threat perception would likely remain increasingly inclined towards its eastern border. Pakistan due to its economic constraints would also likely face considerable difficulties in competing with India toe to toe with respect to its military modernization plans. Pakistan is already punching well above its weight, and nuclear deterrence would be the only way through which Pakistan can maintain a precise balance of power to preserve its security. This could only be carried out by deterring India with the employment of both minimum credible deterrence and full-spectrum deterrence capabilities. This posture clearly asserts that since Pakistan’s nuclear weapons are for defensive purposes in principle, they are aimed at deterring India from any and all kinds of aggression.
Hence, at the present India’s forceful annexation of occupied Kashmir and the resultant nuclear discourse at the UNGA has further intensified Pakistan-India tensions. Under present circumstances, the situation could easily trigger another politico-military escalation between India and Pakistan. Prime Minister Modi has bet his political reputation on his move to annex the region and his political career is on the line. The same way Pakistan’s politico-military establishment is equally unlikely back down from its stance on Kashmir. It would be difficult for both countries to come down from the escalation ladder because politico-military reputations would be at stake at both ends. Consequently, Pakistan might be forced to take action before India’s modernization plans get ahead and might respond even sooner.
The nuclear discourse in Prime Minister Imran Khan’s speech against the backdrop of the Kashmir crisis at such a high forum like UNGA would likely keep the issue internationalized. The situation demands the UN fulfill its responsibility of ensuring peace and to prevent billions of people from the dangers of a nuclear war. However, Indian blame game, aggressive behavior and offensive nuclear signaling against Pakistan all present a clear warning of nuclear war. It would greatly limit the prospects for international mediation especially by the United Nations whose resolutions on Kashmir clearly provide a right of self-determination to decide Kashmir’s future.
1.2 trillion rupees on the move: Modi’s greatest piece of purchase yet
Last week, the RBI (Reserve Bank of India) was taken aback by more than a surprise. Just when it was dealing with the uncomfortable series of events that led to the transfer of surplus 1.2 trillion rupees into the government of India; social media erupted. It quickly realized that losing the battle regarding the transfer would only add fuel to the hoax of closing down nine commercial banks. RBI enjoys considerable amount of autonomy and independence in the largest democracy, and still, it had to kneel down to Modi’s alleged quick fix.
The RBI would have to vouch for the government in times of need, it is primarily what is expected of the institution; but there was a great deal of discomfort in how the government justified it. A committee set up under the ex-governor, Mr Bimal Jalan, cited how central banks would not need so much of surplus to carry out their affairs. Effectively, it was an order, not a request, which became the underlying discomfort behind RBI’s hesitancy in adhering to the views of capital transfer committee. Not that anyone expected the central lender to protest longer, it did however, request Mr Jalan to reconsider the decision at the face of various consequences. To say the least, it was embarrassing for a premier financial institution to be put under the public eye. The social media hoax was another ridicule of the sickly RBI. In the tales of grand conquests, the victorious army steals the wealth from the losing party. Similarly, the BJP led government in India are redefining all forms of state tools in favour of their interests.
Stolen wealth is most often than not used to correct economic blunders. Just like in the tales of grand conquests, the decision to transfer national wealth from the reserve bank is nothing new. It is nevertheless baffling, that the money transfer is looping in the same direction. While the BJP government in India were imposing a comprehensive GST (Goods and Service Tax) policy, they would not have anticipated complaints from large industries over decreased consumer consumption. For a party that is now known to redefine the legitimacy of governance, falling prey to NBFC’s (Non-bank Financial Companies) incompetence or bankruptcy is a visible defeat. Unlike many other soaring economies, there are large group of subsidiary lenders operating in India. On hindsight, economic policies are barely creating tunnels through which the capital is getting recycled in the same loop. Revenues are not generating further revenues. It is merely closing down on its self-inflicted gap.
The Security and Exchange Board of India (SEBI) almost played with fire. Uncharacteristically, it proposed a framework to work together with the RBI in order to claim outstanding defaults from high value clients. The RBI was never going to agree with a defaming offer as such but the incident did fuel the argument of capital shuffling. It only makes the bluff look more real. A strategic plan to counter all measures that would have blocked the transfer of trillions. As Mr Jalan sheepishly implied how the importance of central bank and what is does is only limited to the public perception, RBI fought a fix in between larger or rather dangerous political agendas. Consolidating requests from SEBI to only fall into the whims of the government shows the lack lustre personality of the central funding institution. For the time being, Narendra Modi has his way, a theft of national treasure-like his opposition colleague Rajiv Gandhi expressed in the media. However, there will also be a far-fetched evaluation of Modi’s actions. A move of 1.2 trillion rupees in the same pot. Not by any means, a cunning cover up.
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