Ramdev is the first movement to search out India's black money whatever the political motivation is.Because ,during 60's, a hue and cry was raised against black money but no result was found and India fell into debt trap.I think the time repeats.The financial scam is accelerating,debt burden is stepping up and financial crisis is clouded in the Indian economic horizon.Presently,Indian has $1500 billion black money in Swiss Bank followed by Russia amounting to $470 billion, UK $390 billion ,Ukrain $100 billion and China $96 billion respectively.This black money is equivalent to 40% of India's GDP.Indian money slashed away in Swiss Bank $1.4 trillion ie Rs 71 Lakh Crore in which the share of Swiss Bank is $45 billion out of 136.5 billion of India.Or in other words, each Indian has Rs 52000/- black money.On the other hand, India has 450 million people living below the poverty assuming $1.25 /per day/per person is considered as poverty line.40-45% of Indian people are living below this poverty line.And India's debt GDP ratio went up to 56% which is too high and is above the critical zone.No body protests against this situation.Moreover,food inflation is soaring by leaps and bounds.Poor people is becoming exstremely poor and thus inequality is widening.Ramdev is a symbol of protest which India needs most.Government is silent on black money,inflation and inequality while it is interested in hindu growth rate.But the growth rate for whom? Widening inequality is not the criteria for development process.So,searching black money and banishing poverty should be twine objectives of the government for pro-poor growth strategy for which target rate of inflation control is the primary precondition for sustainable development.
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AuthorDebesh Bhowmik Archives
January 2019
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