oppn parties Skewed Wealth Distribution: Whose Fault?

News Snippets

  • Bengal starts paying MNREGA workers out of own funds as Central disbursement is stopped due to alleged 'discrepancies' in accounts
  • ISC chemistry paper postponed to March 21 just hours before start of exam due to "unforeseen circumstances"
  • Ghajal legend Pankaj Udhas passes away. he was 72
  • Calcutta HC says that there is no stay on arresting TMC leader Shahjahan and he should be arrested immediately
  • With latest data showing big fall in consumption of food and cereal, the government might rejig retail inflation data
  • Stock markets go down on Monday: Sensex loses 352 points to 72790 and Nifty 90 points to 22122
  • Paytm founder Vijay Shekhar Sharma steps down as chairman of Paytm Payments Bank
  • Rohit Sharma says only players with hunger to perform in Tests will be given chances, issuing a stern warning for those who play truant
  • Fourth Test: Shubman Gill (52 no) and Dhruv Jurel (39no) take India home after they slumped to 120/5
  • Fourth Test: India win by 5 wickets to claim series 3-1 with one Test remaining
  • UK writer Prof Nitasha Kaul, who was invited by the Congress government in Karnataka for the international conferecne on the Constitution, was detained and deported upon her arrival at Bengaluru airport
  • Haryana INLD chief Nafe Singh Rathee was shot dead in Bahadurgarh in the state after his car was ambushed and sprayed with bullets by suspected gangsters
  • After the Congress left late Ahmad Patel's fief Bharuch in Gujarat for the AAP, his son Faisal Patel has revolted and said that he will contest from the seat
  • BSP implodes as MP Ritesh Pandey joins BJP with 3 more MPS eyeing a switch to the BJP, 2 looking to join the Congress and 1 RLD
  • PM Modi inaugurates Sudarshan Setu, a 2.3km long cable-strayed bridge that connects Okha on the mainland to Beyt Dwarka island in the Arabian Sea off Gujarat coast
India win the Ranchi Test by 5 wickets, take an unbeatable 3-1 lead in the five-match series
oppn parties
Skewed Wealth Distribution: Whose Fault?

By Sunil Garodia
First publised on 2018-01-24 08:39:42

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator.
Even as Narendra Modi represents India at the World Economic Forum in Davos – the first Indian prime minister to be there after H D Deve Gowda in 1997 – Rahul Gandhi, taking a cue from a report that pointed out that just 1 percent of Indians held 73 percent of the nation’s wealth, has asked Modi to explain that to the august gathering in Davos.

It is really very easy to explain that. For, this skewed amassing of wealth by a miniscule percentage of Indians has not occurred in the last three or four years. It has been allowed systematically by Congress governments of the past through their economic policies that encouraged protectionism and monopolies through the licence-quota raj on the one hand and allowed massive leakages in public welfare programmes to create crony capitalists who siphoned out mind-boggling funds meant for the poor, obviously with appropriate kickbacks for the ruling class. In the absence of competition and fair licensing system, people with money and connections kept cornering licenses and money continued to beget money. Even in the 2G scam, though corruption has not been proved, the courts have frowned at the way licenses were issued. Nepotism and favoritism have been the hallmark of the governing style of the Congress and this, more than anything else, has resulted in both the middleclass and the poor remaining where they were – even becoming worse in the face of rising inflation – while the rich continuing to get richer.

Although the dismantling of the barriers and reforms were also started during the Congress regime only, it was under P V Narashima Rao and not under a member of the Gandhi family. Since then, there has been a remarkable jump in talented people starting new and successful ventures, a luxury that was not available to them before the 1990’s. So, instead of needling the prime minister, Gandhi must study the economic history of India under the Congress before 1991. He will get all the answers why just 1 percent of Indians hold an absurd amount of the nation’s wealth.