The fate of Indian Economy is as good as a sinking ship and the dream of reaching 5 trillion dollar economy which the “Modi Government” promised is now starting to feel like a reverie for every citizen in India. In the first quarter of the financial year 2020 the GDP growth rate has dropped down to 5% which is turning out to be the lowest in last 6 years. When we talk about the nominal GDP it has dropped below 8% which is said to be the stunted in last 17 years. One of the major thing here is that we only know these figures by internet or through the help of news channels who on the contrary beat around the bush when it comes to the topic of downfall of GDP and how a working class is been affected by this. So the ground reality of today’s modern India is that there are lack of jobs, India stands at 49th rank when we talk about poverty and hunger and then the downfall of GDP. Catch by surprise even Bangladesh’s economy is growing at a rate of 7.8% whereas India stands at 4.79% in the year of 2019-20. Despite all the facts about the slowdown of economy our government is more inclined towards the topic of “Hindutva” as they say “HINDU KHATRE MEIN HAI”. So in crisis like these who should be held responsible?
Adding insult to the injury for the people in India is the crash of country’s one of the most prominent and fourth largest private lender bank. Few days back the headline of all the mainstream media channels was “Yes Bank has no cash” which created a major agitation among the public and many panic scenes emerged in various corners of the country. The whole account started when RBI placed Yes bank under moratorium on 5th March 2020 and people were allowed to withdraw only fifty thousand rupees from their respective accounts. Yes bank which was founded by Rana Kapoor and Ashok Kapur came into difficult times when Rana Kapoor was asked to step down as CEO in 31st January 2019 by RBI and Ajai kumar was appointed as the interim CEO. However, later on Ravneet Gill was appointed as the new CEO and took the command on 1st March 2019 after which the bank started to face a lot of financial crisis. In February 2019 the risk assessment report was conducted by the RBI where in the RBI did not find any bad debts, however a day later RBI pulled up the bank for selectively disclosing a confidential report which stated that the bank has several lapse and regulatory breaches and the selective disclosure by the bank was a calculated attempt to mislead.
After this the fate of the bank took a U-turn and RBI imposed a ton of fines for the violation of various norms which included non- compliance with the swift system and prepaid instruments regulations and others. The crisis of Yes bank was reported under the command of Rana Kapoor but Ravneet Gill later made several attempts to raise the bank. Each of Gill’s effort went in vain as the bank managed to raise only $270 million in August and in all its subsequent attempts. Seeing this kind of scenario the central bank had to interrupt in the working of the Yes bank and place it under moratorium after which lots of questions were raised over Rana Kapoor, in reply to which he directly refused to take any responsibility of the current crisis by saying, “That it had been 13 months as he had stepped down as the CEO of the organisation”.
The whole fiasco is turning out to cost arms and legs to the crowd as there are n number of people who have their life time savings deposited with the bank. On the contrary the finance minister Nirmala Sitharaman has assured all the people that their money is safe and there is nothing to worry about however the promises doesn’t look very believable to the public. In crisis like these the ruling government have not left any stone unturned in the blame game. The Bhartiya Janta Party is blaming Congress as they say that the Congress party and P. Chidambaram are wholly responsible for letting the bank off the hook. The irony which depicts itself here is no one is bothered for a cattle class who has eventually become the prey between the two political parties and their agenda along with their dirty politics.
The views and opinions expressed by the writer are personal and do not necessarily reflect the official position of VOM.
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