Be a PM of people, not of Dalal Street

via Dr. S.Kalyanaraman published on November 7, 2008

(Joseph Stiglitz is talking about United States of America and the follies of free-markets. – Reversal of Fortune



The lessons drawn by Joseph should apply with equal force to India. 


First, Hon’ble Substitute PM, Manmohan Singh and other UPA chamcha-s should work for the people and not be at the service of Dalal Street. For, Dalal Street is NOT bharatam. Bharatam lives in the rural space where over 65% of the people work hard just to make a living.


Second, a PM of the people should promote the traditional family values by providing tax exemptions to home-makers who finance the education and health care of their extended family members. Such a fiscal policy will promote the bonds of the family as the strongest institution which is a legacy given to us by our ancestors who were dharmaatma-s. If the family bonds are strengthened through fiscal measures, the kulam and jaati as social enterprises, as guilds promoting entrepreurship will flourish and lead to abhyudayam.


We have witnessed the spectacle of UPA chamcha-s playing second-fiddle to the big daddy of the free-markets, USA and even getting bought up to vote for the nuke deal. I am not suggesting that the nuke deal was bad but that the way the deal was sought to be validated smacks of the utmost criminality in politics — criminality which has reached its lowest depths even in an already criminalised polity.


We have also witnessed the spectacle of UPA chamcha-s playing nothing but chamcha-giri to 10 Janpath which has no clue to the real Bharatam and the people who are looking for work opportunities to realise their full potential. These chamcha-s have done nothing to reach out to the people and have indulged in actions such as throwing crumbs or doles at the beggars, for e.g. the rural employment guarantee scheme or the farm loan waiver scheme. This aint’ no way to promote abhyudayam which can come only from exercise of responsibility by every bharatiya and from work to enhance the wealth of the nation.


The dole economy, my-hoon-na arrogance should yield place to true governance at the service of the people.


Playing casino games with interest rates or currency purchases by the Central Bank, or encouraging free-runs to financial institutions increasing their non-performing assets, or promoting hawala transactions through fetishism of money instruments such as Participatory notes are NOT the way to achieve abhyudayam.


While living becomes a chore with the run-away inflation, attempts are being made to shore-up the Dalal Street operatives with interest subsidies through finanancial instruments available at the disposal of the Central Bank (RBI). How come none of the chamcha-s talk about inflation and the devastating effect it has on the already poor farmer and wage-earner?


Treason takes many forms. Playing casino capitalism games is the worst form of treason virtually crippling individual and family initiative and reducing the already crippled families to total financial despondency and ruin. Witness the thousands of suicides reported from farmers unable to repay the debts to the money-lenders and land-owning-water-dogs of the rural space.


I suggest that the next Central Government should restore the primacy of the family through fiscal  measures and shield the Indian financial system from the global financial mess. Two simple solutions exist: Solution 1: Scrap Foreign Institutional Investments through the Stock markets. Instead, promote direct foreign investment in specific development project which require new technologies. Solution 2: Scrap all complex financial instruments (fetishism of money) such as credit swaps, Participatory-notes, options — puts and calls–, and enforce measure in the marketplace to reflect the true market-value of a private enterprise listed in the Stock Exchanges.


On the economic front, a lot of measures have to be put in place to undo the treasonous damage done by the 10 Janpath chamcha-s. Promote janapadas, that is, restore the primacy of the Panchayat Raj Institutions as the true foundations of the Indian polity. Empower them and remove the shackles imposed by a District Magistrate overseeing these institutions. Hand over governance back to the people through these institutions. Let us restore the Uttaramerur (9th century) type of polity where the local elected committes manage their own water structures, roads, schools. This means that the Finance Commission should be called into action IMMEDIATELY to redraw the financial allocation system in such a way that the Panchayat Raj Institutiond directly get their share of the nation’s GDP credited into their Savings Accounts operated jointly by the President and VP of the institution. Let each of the 900 districts (District Panchayat Samitis) be asked to draw up a District Developmental Plan within the a month of the new Government assuming office. These plans should be the framework for the Abhyudayam initiatives of the new Government. Central Government should restrict its role to manage the currencies and financial system, encourage the constitution of an Indian Ocean Community, create a National Water Grid (with every panchayat institution as a stake- and share-holder), take care of Nation’s defences, construct a National Martyrs Memorial to pay the nation’s respect to the brave defence forces who have defended the Nation, enact an national anti-conversion law and fight against islamist jehadi terror by constituting a Federal Bureau of Investigation and Federal Anti-Terror Squad under the Armed Forces Chief.


The people will deliver. The criminalised polity has to yield place to a dedicated team which will enact and enforce Nation’s Patriots Act.


This will be dharma, aka abhyudayam of the samajam

Welcome to Haindava Keralam! Register for Free or Login as a privileged HK member to enjoy auto-approval of your comments and to receive periodic updates.

Leave a Reply

Your email address will not be published.

 characters available


Latest Articles from Bharath Focus

Did You Know?