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Prime Minister- whom we will always remember but for wrong reasons

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AKASH JAIN
AKASH JAIN
CHARTERED ACCOUNTANT, COMPANY SECRETARY

None other than the 13th Prime Minister of India. DR. MANMOHAN SINGH, who is the reason for India’s lost decade. 2008-19. Now he might be directly involved in corruption but under his umbrella leadership country was looted like never before.He is coined as economist PM but he defied all the basic rules of economics. Lets start where it all started:

  1. 2008-09- On 29th January 2008 FM P. Chidambaram anounced a farm waiver scheme for 60000 crore rupees which was later raised to 71600 crore rupees. That was 10 percentage of total spending of 2008 union budget. Just imagine such a huge amount which should have be used for development work was blown away just like that. Agriculturist get the taste of populist policies and even the honest agriculturist stop paying loans on expectations of loan waiver. They poisoned the whole generation, banks has to go through lot of stress. 71600 crores Were the hard earned tax payer money which were gone so that UPA will again come back to power.
  2. FUEL SUBSIDIES – he distributed fuel subsidy(only calculation of diesel and petrol) to the tune of 299000 crores approximately thereby diverting the crucial funds needed for development to fuel which get evaporated and benefited no one. In fact at its peak and fortuner owner was driving his car with a 14rs per litre subsidy on every litre of diesel which is paid by a common taxpayer. It also led to issue of oil bonds to the tune of 121000 crores to the OMC which were then discounted bt them in the market and has to be paid by successive government till 2021 along with the interest.The Oil Subsidy Shocker: Rs 800,000 Crore In 5 Years .

A figure of 245000 crores were another subsidy which although not paid from the cofers of treasury but has been asked to GAIL & ONGC & OIL INDIA to forego as revenue which could have been in their pockets if government didn’t force them.

So in all total 544000 crores of subsidy being doled out just to keep SONIA GANDHI HAPPY SO SHE CAN RETAIN THE POWER.

Another loss was oil bonds, when NDA inherited the power government had a loan of 134000 crores in the oil bonds which were issued to pay off the above mentioned subsidy. So expenses were incurred of day to day life via loan. The most bad decision from a financial point of view. But it is not over yet NDA paid 40000 crores in interest and provisioned for another 10000 crores approximately for the last year of his first term.

BAAP KARZA CHHOD KE GAYA THA BETE KO CHUKANE KE LIYE

So if we sum up all the figures only on petrolum subsidy only for 2009-14 it amounts 595000 crores rupees and still counting.

All this was done to keep madam happy and his son can one day become a PM of India.

For a better understanding this approx 6 lakh crores is more than 90 billion dollars and lets compare it to have a better understanding.

It is the total budget of modernization plan for indian armed forces for 10 years.
It is twice the annual defence budget.
It is almost equivalent of direct tax receipts im 2014.
It is the total infrastructure investment target set by UPA2 in 2009-14.

Many more lot things can be compared but just think money which could be utilized for betterment of nation is just evaporated.

3. Corruption– he let the netas to loot the country and simply being blind to all the scandals. Total known scams amounted to around 894500 lakh crores and unknown is still unknown.

4. Terrorism – The moment UPA took over till it gave back power to NDA there were 51 terrorists attacks in the country claiming 1488 lives and 4088 injured and spread to all over country to almost major cities of every state.

I have answered point 3 and 4 in another question in details along with official figures and links please refer to that

Akash Jain’s answer to Ever since the BJP won the 2014 elections, the bad days of the Congress had started. Will the Congress survive in the coming times?

5. Then many flaws policy and statements which led to appeasement of one communist and being silent when other netas were creating false narratives of hindu terror.

6. He was also always silent when soldiers head were beheaded by Pakistan Border action team. They not only behead them but also take the head with them as a mark of trophy and putting the whole country to shame.

7. NON PERFORMING ASSETS MESS – Under his tenure banks loan books grew from 18 lakh crore in 2008 to 52 lakh crore in 2014. Why so much of money being flooded in the system? And what happened we all know.

UPA’s phone banking led to underground loot of banks, says PM Modi – Times of India

Most bad loans from UPA era, banks to blame for NPA crisis: Raghuram Rajan

So if we take a average of 5 percent me being pessimistic it will amiunt another 2.5 lakh crore of NPA mess and all thanks to our great economist PM

So 17.5 lakh crore that is 290 billion dollars of loss to the country in 5 years which is almost GDP Of Pakistan, to loss of lives of our brothers and sisters and an economist PM who was expected to do wonders rather drag the economy from 7 percentage plus to 4.8% growth and huge debts and huge NPA mess to be dealth with successive government and high inflation rate of 7% and highest current account deficit of 5% of GDP please tell why should he should be forgiven??

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AKASH JAIN
AKASH JAIN
CHARTERED ACCOUNTANT, COMPANY SECRETARY
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