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News Analysis

Ring out the rift : Let nation be first

In a democracy, a creative opposition has an important place, but not for animosity. When the concept of “give and take respect” is consigned to
flame, the establishment called democracy becomes foe-crazy. The end result is, economy suffers the worst, denizens become the victims of rift and every growth opportunity is aborted.

It is sad to say that our judiciary is questioned, reaching to the extent of bringing impeachment motion against the former Chief justice of India once. Hail the democracy; no doubt, that was aborted later. But the gesture indicated a bad sign, a crazy mind and a foul brain. The signs of intolerance are seen everywhere. The Supreme Court is the custodian of justice for every Indian and its integrity is beyond anyone’s misgiving. The honesty of armed forces and their battle claims are questioned. It is the unquestionable guard for every citizen’s life safety and the country’s assets from the attack of alien force.

They guard us against our enemies keeping their life on edge. Everyone knows, the Indian soldiers are fighting with crazy terrorists spending nights of sub-zero temperature on the long stretch of borders. Terrorists are not allowed to move an inch into the Indian territories by our brave soldiers. The fights never stop even in hostile winter across the tumultuous border to protect the motherland and life of innocents. Even that is put to suspicion, unfortunately. Worse, someone wants to create a foul picture out it. It is high time to delve into the source of such minds and the intention behind the brain.

People standing in a queue

It is sad to say India’s banking regulator Reserve Bank is also brought on the political arena, talking too much about the rift between RBI and the government in bad light. RBI is the custodian of the country’s wealth, including foreign exchange and money. It already has enough freedom to function on its own. That doesn’t mean the Finance Ministry should not say anything or share its opinion with it. Finance Ministry also has think tanks and the best of economic brains. Making suggestions under given power to the Finance Ministry as per the provisions in the RBI Act should not be construed to dictating terms by the Central government. It is only a question of amicable exchange of views. When the RBI Governor Urjit Patel resigned, some thought that was the end of the day of RBI. Earlier last year, some politicians marched down to the Mint Street in Mumbai with a memorandum demanding Urjit Patel’s resignation alleging him that he was unable to answer all questions leveled by the Joint Parliamentary Committee (JPC) with regard to the demonetization.

Finally when Patel resigned for totally different reasons nine months ahead of his tenure, the sky was temporarily dark. But that did not dominate the prime time talks because the ruling NDA’s debacle in three of its ruling states stole the show. The debacle showed Modi’s return in summer this year a bit tougher. The market and political circle reacted temporarily but settled soon .

There had been difference of opinion between RBI Governors and the Central government in the past too – since the days of Jawaharlal Nehru. As Raghuram Rajan in his book I do what I do”, points out, “Today the RBI Governor has the salary of the Cabinet Secretary………..The Governor’s rank in the government hierarchy is not defined but it is generally agreed that decisions will be explained only to the Prime Minister and Finance Minister.”

There was a time Finance Minister used to fire at RBI governors. In the past many RBI Governors used to face the insult of Prime Minister and Finance Minister, though the RBI Governors were more qualified for their job than those individuals at the helm of ruling.

When the responsibilities of the RBI are fuzzy, its actions can
continuously be questioned. Instead, if the constitutional authorities outline a framework for the responsibilities of the RBI, it can take actions
consistent with those responsibilities and be held to outcomes.”

Raghuram Rajan,
Former RBI Governor in
his book titled: I do
What I do.

Those were not much of an issue in those days; because Finance Minister could make the RBI Governor take its orders and obey. Not many Governors used to resist in those days, nor any politician used to come forward to support them to rebel against the government. There is nothing wrong in Finance Ministry giving instruction to RBI, Dr Manmohan Singh, the only economist in the country to be RBI Governor, Finance Minister and Prime Minister, pointed out.

It is sad to say that the integrity of Comptroller and Auditor General (CAG) is questioned. CAG is the custodian of public finance and accounting. Many a time in the past, CAG used to clash with the government, not directly on ideological front that would never happen in India, but in terms of observation. But that is only the reflection of the beauty of the great and immaculate Indian system.

It is sad to say that the election commission and electronic voting machine are questioned. This institution is the custodian of democracy. It would do nothing for anyone’s doubt. The system is made in such a way that there is no room for any political interference within the institution. It works on an unbiased equation with no compulsion to take political orders. Doubting such institution is no less than madness.

Virtually every regulator and institution is questioned in the country nowadays. India never witnessed such storm before. What has gone wrong?

Factually, nothing has gone wrong.
Unfortunately, the foul mind is increasingly aggressive, posing a huge risk for the country’s growth and citizens’ well being. The exchange of bad words between two political groups reached a high boiling point that couldn’t be taken no less seriously.

It poses major threat on development projects, as that could be the next on the firing line. The Supreme Court chucked the cry for probing Rafale deal out of its chamber. Scams should be probed if there is any, but should not waste time on manufactured lies.

That spoils the previous time of many people and institutions. India is a democratic country of 1.30 billion people; two-thirds of them are at their age of dreaming about new India. We cannot simply play foul to spoil the golden era awaiting the country.

In ideal democracy, an opposition force with creative sense to the ruling side is a must; but the bitter rivalry or animosity is not. Bitterness has no place in democracy, wherein today’s enemy is tomorrow’s friend and vice versa.

The opposition party’s commitment to the country and country men should be as undoubted as the ruling party’s. In fact, both are equally responsible for the country’s growth and interest of the people. It is high time for both to understand this fact and isolate those foul brains, which used to subvert every forward step of the country and countrymen. India has seen hundreds of business projects, which are thrown out of backward regions for silly reasons after huge hired agitations.

Many of those projects would have created immense job opportunities for villagers and ended the backwardness of the regions.

One must suspect, it is almost the same genre of foul brains, which are at works. None knows what they take way in return of the deployment of their energy. Let no poisonous lobby be allowed to wage a war against India.

In the industrial sector the penetration of insurance is estimated only around one per cent. This shows a huge window for rapid growth when India is set to grow rapidly. The industrial sectors cannot stay without insurance for long. Sooner than later they are expected to understand the fact. It is only a matter of awareness. People will understand the necessities and will consider buying insurance against the future risk as we go ahead.

Secretary General
Insurance Council


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