3. Manmohan Singh- Sonia Gandhi -The Flight of Capital

3

 THE FLIGHT OF CAPITAL

Now, there were reports that that the LIC had taken a decision to release Re.9000 crore to the stock market. It appeared that Dr. Manmohan Singh had started large-scale manipulation of the financial institutions in private interest. Therefore, on 28 June 2004, this writer sent his letter No.34 to the President. In the letter, the President of India was requested to forbid manipulations. The letter follows.

From

V.SABARIMUTHU

Thattankonam

Vellicode

Mulagumoodu 629167.

To

His Excellency the President of India

Rashtrapathi Bhavan

New Delhi

Your Excellency

          Kindly consider a few aspirations of the people.

1.       It is the supreme duty of the new Government to strengthen the Constitution. A simple directive by the President of India to constitute benches by choosing judges in the order of their seniority without majority for the FCs, OBCs or the SC/STs in them would go a long way to achieve this. This could be done in one week.

2.      All the privatized PSUs could be restored within a span of one week through an ordinance. This is the demand of the Constitution. This will earn a lot of goodwill from the people, as it would be a triumph of public over private interest. This would guard the Government against destabilization as it has a tonic effect. Alternatively, it could be achieved through the aid of the Supreme Court within, say, in three months. Similarly, immediate steps could be taken to annul some “False and Wicked” doctrines of the Supreme Court.

3.       The policy of bulk buying could be abolished within a week through a simple notification. A consultation with the Left parties and a Cabinet meeting alone is sufficient. A notification to give contract works in pieces wherever possible could also be issued in public interest without wasting time.

4.       Anyone going through the previous letters could discern that if everything went as per the original plan of the NDA Government, there would now be a Minister for the Shipping Corporation of India (SCI) without any ships. Similarly, a Minister for Civil Aviation without airports and aircraft, a Minister for Communication without the MTNL and the BSNL, a Minister for Finance without banks and the LIC, a Minister for Industries without NALCO, SAIL and GAIL and so on. Obviously, it is imperative that all PSUs or their shares must be split equitably and given to the States in public interest. However, the Union Ministers will have the right of supervision over them. Even otherwise, it is said that those who make laws and rules or those who issue guidelines should not carry them out to make them impersonal. This will give investment opportunities for the people of all States and thwart the onslaught of the expropriators. The Government could at least issue a statement to initiate a discussion and debate in this matter.

5.       The Government could reserve proportionate number of seats for various States in Class I services, IIT and NIT, CAT and other such examinations from next year onwards. One would say that the mark sheets of candidates from some States do not support or warrant their selection. However, it is said, “each people have its particular genius”. The present system is “trampling down many an innocent flower in India”.

6.       If the President or the Prime Minister of India enters a house in India, there would be an old man or woman, a widow with two or three children, an unmarried woman or a handicapped person needing Re.100, 200 or 300 from the Government directly. The consolatory words are words without meaning to them. The present old age pension schemes of various Governments suffer from various conditions. The Union Government could implement it through a simple notification after consulting the coalition partners and the Left parties. The Government would get huge income if some unconventional methods as suggested by this writer were adopted.

7.       The first and principal source of misfortunes of Indians is the flight of capital through the LIC, HDFC and banks. Therefore, these institutions could be immediately split at least notionally into state level units. This prevails even in the USA. The surplus funds could be given as loan to the respective state Governments for, say, converting one-way roads onto two-way roads or for starting new projects such as Medical Colleges. In this connection, this writer on 24 July 2001 requested Mr. Anand. the then Chief Justice India, to restrain the State Bank of India (SBI) from giving loan to the UTI. Whatever happened, the banks refused to give money and the UTI collapsed. The former Prime Minister did not secretly ask the LIC to give money to the UTI to save it although he, later, openly wasted huge amounts through the budget. Further, the former Prime Minister, responding to letter No. 12 dated 29-8-2002 and some other similar letters discouraged the banks and the LIC from investing in the stock market. Even other wise the LIC on its own is not interested in gambling due to the manipulations in the stock market. Now, the LIC has been obligated to invest Re. 9000 crore in stock market. The President alone knows whether it is true or not. If true, it is a decision taken in private interest. It is for the advantage of a few industrialists. It harms 1000 million people. It would affect salaries, Pay Commission benefits and pension benefits, as it would cripple the state Governments. It adds to misery and poverty. It is nothing but the exploitation of the calm and peace in India. One would think that just as Mr. A.B. Vajpayee gave money to the industrialists secretly long before buying the PSUs so as someone at the behest of the old “Super Cabinet” now gives or propose to give money from the LIC and banks insidiously to the industrialists that bought the PSUs. It is a corrupt practice.   It is the overriding duty of the President and Prime Minister to stop it, as anything done in private interest is unconstitutional. In fact, the President is responsible for all acts of the Government.

8.       The system continues to reel under the “stakecocracy” – ie the rule of the industrialists. It is said “autonomous institutions can obtain good results only when they cease to be autonomous”. Obviously, the DD uses its liberty to deny liberty to all others presumably because it does not consider the Minister for Information and Broadcasting as its Master.

9.       The President and the Prime Minister are now in a position to give answers to all unanswered questions through competent authorities. Dr. Manmohan Singh could tell the fate of the “cash rich enterprises”. This grievance was submitted to the President long before the advent of the UPA Government because an advice had been given to the NDA Government to privatize all vital PSUs within a span of one year. When certain irregularities were pointed out, the Mr. Vajpayee changed the portfolio of the then Minister for Finance. In fact, the former Prime Minister spent one half of his last three years in fighting his colleagues and the other half was spent for fighting the letters of this writer. At least a similar step could be now taken to prevent mega manipulations. This is important because when the “Divine Spirit or Reason” sleeps, everyone would be susceptible for error. This impression is reinforced by the fact that yesterday a Mr.N.S. Jaganathan of  “The New Indian Express” in a lengthy article included the Minister for Finance under “three level-headed men of unimpeachable economic credentials”.

10.     The Prime Minister in his address to the Nation on 24 June 2004 asked the professionals to join politics. Apparently, the Prime Minister devoted his first and the last few paragraphs to people including this writer. Most of the political leaders act selflessly. They change the status quo. They dare to sacrifice their lives. Certainly, it is nobler than all other professions because only politicians could do huge benefits to people. Therefore, the Prime Minister is free to utilize the services of anyone inclusive this writer. It is not charitable on the part of this writer to send this letter now. However, as any delay would cause irreparable damage to the nascent Government and the Nation, this letter No. 34 is sent to His Excellency the President of India. This is the third letter to the present government.

Vellicode                                                                                      Yours faithfully,

28-6-2004.

                                                                                                      ( V. SABARIMUTHU)        

            

The letter was sent through email. On 30 June 2004, Dr. Manmohan Singh said to a questioner that they were taking the job very seriously and were learning fast. It was the only signal that emanated for the above letter. In fact, the new system refused to reveal anything to the public. The fact that this writer was watching closely the developments was known to the news media. Therefore, the news media tightened control over news and views.

In the meantime, a special court for economic offences imposed 3-year rigorous imprisonment for 4 persons for Re. 27 lakh. On the same day, a coolie worker undertaking an indefinite fast for 30 days demanding wages for his and 180 others died at Theni in Tamil Nadu. This did not catch the attention of anyone.