The coal scam has lead to a whopping loss to the tune of Rs. 1.86 lakh crore (as per the CAG reports of 2012) to the economy as a whole and to a country which is already facing a serious power crisis. Now what our fellow countrymen need to understand is that it is the nations assets, wealth & natural resources that are being plundered & looted for personal profiteering by a few people in power. This indirectly inflates the cost for every common man of the country. Now what financial impact does such internal scams have on India (tenth largest economy in the world by nominal GDP & third largest by PPP)?? The coal blocks were being grossly undervalued for a term of 17 years (1993-2009) as per the recent SC verdict; be it through government allocation route to PSUs or screening committees setup for the purpose of allocation. If suppose the blocks were allocated in a fair, transparent & bonafide manner, there wouldve been no revenue losses & the same money wouldve been used for the national expenditure, infrastructural projects & development of the country. On the other hand the government debt to GDP ratio averaged 73.97% for the same period (1991 to 2013) reaching an all time high of 84.30% in 2003. This is a clear indicator that the government has been inefficient on cutting down expenditure as well & is forced to look for alternate ways to raise the revenues. One of the easiest and handy way is by raising the tax rates (both direct & indirect) & imposing additional duties & cesses thereby shifting the burden on the hard earned money of common man. This is the reason why India is still in the bracket of a developing nation even after 67 years of independence. If all the nations wealth is eroded by the politicians & capitalists & stashed away in the form of green bucks in the swiss banks; there would be nothing left for the AAM AADMI one day!!
Posted on: Fri, 29 Aug 2014 02:33:58 +0000
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