Monday, December 02, 2013

P Chidambaram's Innovation: The Racist Fuss..?
In his last budget, India Finance Minister, Mr.P Chidambaram announced the creation of a women's bank – without thinking, why women need a separate bank. However, like giving "Sarkari Awards" (government of India Sponsored Awards) the Indian "Netas" are more happy sending powerful politically correct statements.  

This was like his earlier decision to give the farmers loan waiver from Poor Tax Payers' money, straining exchequer. Though P Chidambaram tries to crucify Dr.Pranab Mukherjee in most of his recent speeches regarding flaring up of the Fiscal Deficit (FD), but his ministry, cannot escape from this bloody mess. The script of this Fiscal Deficit, started to be written much before his predecessor took charges. 

His recent, "Innovation" is to give "Food Security" to a large section of people, at a time when we are talking of doing away with the PDS system and Fiscal Deficit is a concern. His past RBI governor, Dr.Subbarao, who was given an extension, on the consent of the our "Padmabhibhusan" (India's 2nd highest civilian award) Dr.M M Singh, never forgot to talk of high "Inflation Expectation" whenever he parted his lips, causing more problems for inflation management. 

These are various shades of the "Innovative Chidambarmonomics" that we have witnessed during the last 6-7 years. Now why is this issue being discussed here.....? Just pause for a while and read the following.....

On 15 November, at the annual Bankers' Conference (Bancon) in Mumbai, Finance Minister P Chidambaram called for more innovative business models in banking. 

Well that sounds pretty strange at a time when the PSU banks are struggling to get past the NPA hurdle, as politically mandated lending to favoured sectors holding the hands of crony capitalists, took precedence over all economic cannons. 

Chidambaram said: “I sincerely hope that when new bank licences are given out, they are given to people with innovative models. It will be a pity if the new banks are clones of existing banks...We need different kinds of banks to cater to different segments of Indian society.” 

Okay, so sowing the seeds of RACISM in an INDEPENDENT country is a part of the "INNOVATIVE" think tank, of P Chidamabaram's, FMO?

Our dear Finance Minister should note that many ideas are possible, but innovative thinking which germinates at the FMO, must be backed by valid reasoning instead of looking to get the endorsement from the Lunatic NCW quarters. 

The fact of the matter is that though Harvard educated, P Chidambaram himself may be happy to privatize a few public sector banks and tread a different path, his Nehruvian-Stupor-Drunk-UPA government, may still have firm belief in public ownership.

Hence, the Question is: Is this how a prime minister (Dr.M M Singh),  who is the recipient of the 2nd highest "Sarkari" Award, should lead a nation, where growth plummets to below 5% from 9 % plus, with a "Chewing-gum-like-inflation" eating the head of the RBI and other "Caged" Economists...? 

Therefore, the need for this FUSS (Racist mess of opening a Women only Bank) when the PSU banks need autonomy  or more unshackling from the government's stranglehold,  is not still NOT understood; especially in the context when Women in India even today hardly face any problem in either saving money with normal banks and for receiving loans.....!! 

In the name of women self-help-group, a swarm of unscrupulous men and women, might take advantage of the whole system, like what is happening in case of Post Office Agents (Women agents gets higher commission than men for selling NSCs and some other products coming out from the Department of Indian Post) at the cost of general mass.