The Appropriation (No. 3) Bill, 2012 And The Finance Bill, 2012
Thank you very much, Sir, for having given me this
opportunity. To begin with, I may be permitted to quote a few headlines -- from
one of the financial newspapers which show
our country's economic situation today. These headlines are, and I quote,
'Gloom to Deepen: India Inc', 'Moody's Adds Insult to Injury, Scissors Rating
of 3 Banks', and 'Rupee Stays in a Hole, Sinks to 53.97 vs Dollar'.
Sir, today, every sector in India, whether it is
steel, cement, telecom, power or infrastructure, is facing huge financial
imbalance, mainly due to indecisions at various levels of the Government.
Unfortunately, for the past couple of years, the Government has been reeling
under scam after scam like 2G scam, Commonwealth scam,
iron ore scam and so
on. Because of indecision at the highest levels
of the Government, the country has been losing its
direction which is reflecting very clearly in every economic activity and which
is also directly resulting in weakening of our rupee. Sir, corporates, because
of this indecision, are forced to refer their cases to CDR for financial
restructuring, which does not augur well for an economy that has seen an
unprecedented growth in the last couple of decades. If this trend continues, I
am afraid, ultimately, all our banks and financial institutions, which are the
backbone not only of our industry but the whole of our economy, may land in big
trouble losing their credibility in the international market. Ultimately, the
country will lose its credit rating. Sir, as we are all aware, yesterday, LIC's
rating was downgraded. A few months ago SBI's rating was also downgraded. These
are great institutions of trust and faith. They are the leaders in their
respective sectors. Downgrading of the leader in a sector is a clear reflection
as to what is happening in that sector. Sir, post- Independence, all our Indian
entrepreneurs have worked very hard and created industrial growth which has
helped all the banks in developing their own networks.
Sir, today, our farmers want support for
sustainable farming but not doles. But Government after Government has
preferred to give doles, for obvious reasons! Subsidies on fertilizers, oil,
power, etc. are nothing but doles. Instead of giving these doles, Government
should formulate good and balanced policies, have a level-playing field in
business, so that different sectors of our economy can improve their financial
health and, indirectly, will help the country's economy. The Government has to
come out with aggressive plans, particularly in reducing imports which can go a
long way in helping the farming community in improving their technology,
agricultural implements and in yield-improvement technologies. The Government
has been continuously silent about any aggressive policy in regard to
production of renewable energy which can produce a lot of power, whether hydel
or solar.
Sir, today many banks and Government departments
are not taking any decision due to the 'fear of the unknown' which is a well-
known fact. Unfortunately, we all agree that there is a complete breakdown and
a paralysis of our decision-making process. It looks as if the Government is
surviving with the support of ventilator. The
country have had many scams and
many problems like various by-elections, demands for smaller States, etc. I
strongly request that the Government should deal with all these scams, etc. by
appointing a task force exclusively for this purpose, without affecting the
growth of the country.
Sir, in every developing economy, some systemic
failures are bound to happen. But, we have to deal with such kind of failures
in a matured manner and not in haste.
Sir, in any case, the time has also come for all
the political parties to work with cooperation and coordination rather than
confrontation and competition in the interest of the country. In any case, this
Bill is a fait accompli approval. Thank you.
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