Accountability of NGO'S - A step in the right direction

Posted by V P Marwah

Supreme Court of India deserves to be complimented for directing all NGO'S to file a statement of account wibefore the designated authority. Although majority of NGO'S are doing a very noble job for the betterment & service of the society in their own way but since they are taking money from government, Public & CSR funds they must be held accountable for the receipts & expenditure.It has been revealed that there are about 37lakh NGO'S registered in the country & are close to availing approximately 9000 crore rupees from central & state government apart from other sources of money even foreign donations also.Due to huge involvement of public money & also some NGO'S iindulging in nefarious activities which are detrimental to national interest as well as the society at large,that they must be held accountable.
It has also come to light that some of the NGO'S act as conduit for black money conversion & also it should be mandatory for them to collect & pay all amounts above Rs2000/ by digital mode through net banking,Cheque,NEFT etc.This will ensure transparency in their working after all they are exempted from paying income tax so why not comply with a simple statutory requirement.
I am also sure that cashless mode of payments will also be followed by political parties,religious,charitable, educational trusts as well as some nursing home hospitals running as research centres so that loopholes in the economy are plugged.Let us take a step forward for a cleaner India

Demonetization effect -60 days & latter

Posted by V P Marwah

Prime Minister Sri Narendra Modi must be complemented for a bold demonetization step.Its almost 60 days & the promised deadline of 50 days to ensure enough availability of cash at banks & ATM'S has been met.This has further enhanced the creditability of PM & his government.Long ques are a thing of the past.Our PM has been criticized for this step but I think it was the right decision & yes short term problems have been faced by the public due to cash cruntch & non availability of digital or online payments. It is due to lack of knowledge & apprehension that online payments are not safe.I have used many payment options like Net Banking,wallet payments like PAYTM etc. & NEFT & IMPS mode apart from card swapping.I must say its very easy,safe & fast.
Yes there has been short term loss in business & manufacturing which may result in lower GDP but its impact will be negligible & economy will be back on track by March 2017. To boost economy interest rates must be brought down to 7-8% & vice versa on savings.This will promote growth& spending as well as consumption resulting in higher GDP.GOI will earn higher revenue by way of increased collection of VAT & excise duty & this money can be used for infrastructure spending,social & education sectors & the agriculture sectors.
My recipe to prescribe withdraw Rs2000/ ruppe notes at the earliest maybe in next 6 months to curb black money & corruption including terrorism funding.Good Luck Modi ji

Raghuram Rajan - No 2nd innings for him

Posted by V P Marwah

So finally the curtains on Raghuram Rajan  RBI Governor have been drawn.No more 2nd term for him.While i appreciate his academic acumen but as RBI Governor he was to cautious in his approach. Maybee that was his style of functioning but the aggressive style of working of Modi Government perhaps did not match his approach towards implementing economic policies of the government of the day. Inspite of repeated request by FM he did not bring down the interest rates,that in my view would have boosted demand & industrial production which in turn would have given a fillup to the markets by way of increased spending & even less NPA'S of banks.With the government relying heavily on infrastructure development & Make-In-India initiative the lower interest rates could have given a big boost by way of private sector investments in these areas.I remember the days of former Prime minister Atal Bihari Vajpai's regime when the interest rates were perhaps at the lowest & this has been the vision & policy of BJP'S economic policy as I understand.So what stopped him from toeing  the government line ? Today many congressmen are batting for him praising his academic capability but they conveniently forget that former PM Dr.Manmohan Singh was perhaps the most celeberated & widely accepted great economist but it was during his regime what happenned to the the economy is known to all.
Let's hope the new RBI Governor while continuing the good work of Dr.raguram Rajan will certainly persue the vision of the economic policies of the government by lowering interest rates & pushing more & more credit in the industry & agriculture.I am sure that stray cases of Vijay Mallya will not deter the Banks to approach the market with a more pragmatic & friendly approach.my best wishes to Dr.Rahuram Rajan for his future endeavours

Falling Ruppee & economic slowdown......Who will come to the rescue

Posted by V P Marwah

 RBI has not cut the interest rates today but why are we depending on RBI  only to bail out this country from the financial mess caused by scams,inefficiency policy paralysis & so on.Our own goverment has to step in instead of depending on RBI.It will have to stop wastefull expenditures like MNREGA,Mid day meal,subsidies on diesel for SUV users & DG sets & the upcoming brainchild of UPA the food security bill & use these funds for infrastructure development.Only this will push the economy & automatically bring down the interest rates & bring a qualitative change in the lifestyles of its citizen.One more thing all projects acrross the country needing  clearances from one ministry to another may be expedited on war foot so that huge amount of money of Banks stuck up there may be released in the economy.Is any body listening..........

National Government at the Centre---Left,Right & Centre made accountable

Posted by V P Marwah

Every politician is saying that the country is facing difficult times.corruption,non performance of governments ,economic situation & sagging image of the politicians are some of the problems which every political party has to address. .Nobody has got a magic charm that can solve all the problems at one go.Every body  agrees that coalition governments are the order of the day &none will get majority on its own then why not a National government at the center  be mooted .Every political party can join the government as per the ratio of the seats won by them.We will have a government sharing all spectrum of polity.When every legislation is discussed & finalized at the standing committee of parliament so as to become an Act then why not give governance a chance.At least we will fin a situation where blame game gets eliminated.But one thing is sure every political party if it wants to serve the nation honestly then it will have to work on a common agenda for governance & see what is good & what is bad for the country.Last but not the least political parties will have to shed their egos for the government to run.Some major decisions can be taken by the government by inviting public opinion so that they also have a say in the governance.