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Collapse of regulatory structures

The Adani affair: Collapse of regulatory structures People's Commission on Public Sector and Public Service - Statement  10.02.2023
Extracts:   SEBI’s own “investigations” into the use of shell companies has been going on for almost two years without any tangible progress. This is indeed serious because it reflects at best either lethargy, carelessness and dereliction of basic regulatory duties, or, at worst, a permissive regulatory regime that encourages cronyism.

Recent media reports reveal that the authorities in Mauritius have been in touch with SEBI, indicating that SEBI may well know or may have already been in the know about the true identities of “beneficial owners” in entities that own shares of the Adani companies.

Answering a Rajya Sabha Question on shell companies on February 6, 2018, the Corporate Affairs Minister stated “The Companies Act, 2013 does not define the term Shell Company. In effect, the Union Government, by conceding that it has no laws to check the abuse of shell companies, has accepted that it has no interest in establishing structures that promote transparency in markets that ensure that the identities of the true beneficial owners of companies are visible to all instead of hiding behind opaque walls.

To make matter worse, the Government’s decision of August 2022, deciding to allow Indian corporate entities to invest in foreign locations, provides ample scope for Indian entities to use shell companies located in tax havens to indulge in round tripping, a mechanism that enables the rerouting of black money into the Indian economy. The decision also permitted domestic entities to make overseas investments, even if they were under investigation by any investigative agency or regulatory authority, a provision that opened the overseas doors for tainted individuals and companies to continue with round tripping. This raises concerns about the motives underlying the decision

The Adani fiasco highlights the futility of the government’s reliance on private global champions to power the Indian economy. Moreover, such a misplaced reliance necessarily rests on a culture of “cronyism”, while holding back the potential of publicly-owned Central Public Sector Enterprises (CPSE).

There is widespread apprehension that many corporate entities appear to be operating through a multi-layered and complex web of shell companies set up in tax haven jurisdictions. This has the effect of creating a shadow economy, which enables them to not only evade taxes in India, but to manipulate markets, pass on funds to political parties through opaque vehicles such as Electoral Bonds, and mock at regulatory norms. The power to influence the political executive to adopt policies and laws that promote their own interests, and to the overall detriment of the public interest, is simply unacceptable to a functioning democracy.

The importance of George Soros’s Open Society – for India and the world

Rajni Bakshi writes: The importance of George Soros’s Open Society – for India and the world   https://indianexpress.com/article/opinion/columns/george-soros-indian-democracy-modi-remarks-open-society-8454825/  Rajni Bakshi February 19, 2023
George Soros’ personal history is itself proof that the most serious contest of our time is not between the 'right' and the 'left' or capitalism and communism. It was between open and closed societies
 Soros did not stop at seeing repressive communist regimes as enemies of an open society. By the mid-1990s, Soros began speaking out against what he called “market fundamentalism”. He reformulated his understanding of open society when he realised that excessive individualism and lack of social cohesion are as dangerous as excessive state control. While Popper had limited himself to critiquing communism, Soros used his knowledge as a leading market player to bust myths about the “free market”.

Market fundamentalism, he argued, is a mindset which reduces virtually all human interactions to transactional, contract-based relationships that must be valued in terms of a single common denominator — money.

Many other voices, both in the West and East, helped to puncture “market fundamentalism”. They argued that when free market ideology is treated as an ultimate truth this destroys social good and eventually undermines an open society by insisting that “There Are No Alternatives”, commonly known as the TINA effect.

This is why, in India today, the division between “left” and “right” is unhelpful to grasp what is most urgently at stake.

open society is hanging by a thread. In India, this is a strong thread because, until recently, living with differences came naturally to us. And, however distracted we may be by the controversy of the day, old mental habits cannot evaporate so easily. We know that reality is made up of competing, sometimes contradictory, yet co-existing truths. Open society lives on as long as this is the anchor for a large enough number of people and they dare to speak out.

For full speech of Soros: https://www.georgesoros.com/2023/02/16/remarks-delivered-at-the-2023-munich-security-conference/

 

The Dharmikaran of Agriculture is a Beggars Rope

Agriculture: शेतीचे धार्मिकीकरण म्हणजे भिकेचे डोहाळे! By वसंत भोसले February 4, 2023   https://www.lokmat.com/editorial/the-religiousization-of-agriculture-is-a-beggars-rope-a384-c301/ https://www.lokmat.com/editorial/the-religiousization-of-agriculture-is-a-beggars-rope-a384-c301/

वास्तविक भारतीय कृषी क्षेत्रात इतकी विविधता आहे की, एखादे पीक पुरेसे आले नाही, त्याचे उत्पादन कमी झाले तरी त्याला पर्याय असतो. भरड धान्याचे असंख्य प्रकार आहेत. या धान्यांच्या उत्पादनवाढीसाठी सरकारकडे कोणतीही योजना नाही. त्यांच्या चांगल्या बियाणासाठी पुरेसे संशोधन नाही. भरड धान्याला ‘श्री धान्य’ म्हटल्याने उत्पादन वाढत नसते. ते धान्य भरडून खायचे असते म्हणून त्याला भरड धान्य म्हणतात. श्री या शब्दाचा अर्थ काय? श्रीधान्य असे नाव दिल्याने त्या धान्याच्या नैसर्गिक गुणधर्मालाच छेद दिला जातो. शेतीलाही धार्मिक आयाम देण्याचे प्रयत्न होत आहेत. Google translate: In fact, Indian agriculture is so diverse that even if a crop does not produce enough, its yield is reduced, there is an alternative. There are numerous types of whole grains. The government has no plan to increase the production of these grains. There is not enough research for their good seed. Calling coarse grains 'Sri Dhanya' does not increase production. It is called coarse grain because it is eaten full of grain. What does the word Sri mean? By giving the name Shreedhanya, the natural properties of that grain are violated. Efforts are being made to give religious dimension to agriculture as well.

  वास्तविक कृषी क्षेत्रावर आजही ६५ ते ७५ कोटी जनता थेट अवलंबून आहे. भारताच्या दहाव्या कृषी गणनेनुसार एक हेक्टर किंवा त्यापेक्षा कमी क्षेत्र असणाऱ्या शेतकऱ्यांचे प्रमाण ८६.२० टक्के आहे. शेतकऱ्यांची ही संख्या ११ कोटी ७२ लाख भरते. मध्यम शेतकऱ्यांची (१ ते ४ हेक्टर क्षेत्र) संख्या १ कोटी ९७ लाख आहे आणि त्यांचे प्रमाण १३.२० टक्के आहे. केवळ ९ लाख ८० हजार शेतकरी पाच किंवा त्याहून अधिक हेक्टर शेतीक्षेत्र असणारे आहेत. लहान आणि मध्यम शेतकऱ्यांची संख्या मागील कृषी गणनेच्या आकडेवारीनुसार वाढली आहे. म्हणजे तुकडेकरणाची प्रक्रिया अद्याप थांबलेली नाही. याचा दुसरा अर्थ असा होतो की, कृषी क्षेत्रावर अवलंबून असणाऱ्यांची संख्या वेगाने कमी होणे अपेक्षित आहे ते होत नाही. ग्रामीण भागात रोजगाराची संधी कृषी क्षेत्रातच आहे; पण त्या कृषी क्षेत्रातील लोकांचे; पर्यायाने शेतकऱ्यांचे उत्पन्न वाढण्यासाठी कोणतेही उपाय करण्यात आलेले नाहीत.  Actually 65 to 75 crore people are directly dependent on the agricultural sector even today. According to India's 10th Census of Agriculture, the proportion of farmers with one hectare or less is 86.20 percent. This number of farmers is 11 crore 72 lakh. The number of medium farmers (1 to 4 hectares area) is 1 crore 97 lakh and their proportion is 13.20 percent. Only 9 lakh 80 thousand farmers have five or more hectares of agricultural land. The number of small and medium farmers has increased as per previous agriculture census figures. This means that the process of fragmentation has not yet stopped. Another implication is that the number of dependents on agriculture is expected to decrease rapidly, which is not happening. Employment opportunities in rural areas are mainly in agriculture; But those agricultural people; Alternatively, no measures have been taken to increase the income of farmers.

https://www.lokmat.com/editorial/the-religiousization-of-agriculture-is-a-beggars-rope-a384-c301/

Comment. It may be tag line to say natural farming or organic farming should be "Ram Bharose", But can Public Agrilcultural Policy be? Not Ram Bharose, but Decentralisation, Look for the 'Atma' Locally, not corporatised universe

Nor can us use industrial intensification principles - taylorisaiton, external inputs, externalisation of waste etc.  The only way is to diversify rural economy not just on-farm activity like animal husbandry, horticulture but also construction/building of infrastructure through NREGA,  allied services jobs, like decentralised rural based distribution using IT, localised cold storage and credit for it, export.  Today all these are being taken over by large centralised and monopoly like set-ups. 

Budget 2023: Here is what Nirmala Sitharaman said about ‘Shri Anna’ and the International Year of Millets https://www.opindia.com/2023/02/budget-2023-nirmala-sitharaman-said-shri-anna-and-the-international-year-of-millets/
On December 6, last year, the Food and Agriculture Organization (FAO) of the United Nations hosted the opening ceremony for the International Year of Millets 2023 in Rome in Italy. In her budget sppech 2023, the FM emphasised, “Now to make India a global hub for Shri Anna, the Indian Institute of Millets Research in Hyderabad will be supported as the centre of excellence for sharing best practices, research and technologies at the international level.”   The speech itself : youtube 2 mins. https://www.youtube.com/watch?v=DmjCmFL4MbM

  All About Siridhanya Millets-Health Benefits-Best Alternative for Wheat and Rice-Dr Khadar Vali  https://www.youtube.com/watch?v=ZcX3SSXfBFM