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crony capitalism

“A scam bigger than Rafale”: P. Sainath on Modi government’s Fasal Bima Yojana

From The Business Standard: “Selected companies like Reliance, Essar have been given the task of providing crop insurance. In just one Maharashtra district, where the soya crop failed, Reliance earned a net profit of Rs 143 crore without investing a single rupee. Now, multiply this amount to each of the districts it has been entrusted.”

Red Alert: India and world hurtling towards financial meltdown

Ten years after the global financial crisis, a debt-fuelled world economy is headed towards another crash, the IMF has warned. With the Rupee at a record low, unemployment at a 20-year high, and 78 of its largest corporations defaulting on massive debts, India’s rapidly emerging as the epicentre of a crisis that could dwarf 2008.

Presenting Narendra Modi, ‘Champion of the Earth’ (Disclaimer: This is not a joke)

To the shock of greens everywhere, Indian PM Modi, whose government has absolutely the worst environmental track record in the country’s history, has been declared a UN “Champion of the Earth”. However, coming from Erik Solheim, the UN environment chief facing a string of corruption allegations himself, this ‘honour’ may not be all that surprising.

India is not ‘self-destructing’ – it’s being destroyed systematically

A startlingly pessimistic vision of India’s looming environmental and economic collapse by a senior business leader deserves our urgent attention and ought to revive the debate on development, democracy and policy choices. It’s also the closest we have got to a confession from an insider as to what has really been going in the country.

Modi and Adani: the old friends laying waste to India’s environment

From Climate Home News: Perhaps the most egregious fix, given the prominence of the issue and its consequences for Indians’ health, is the Modi government’s attempts to defer a December 2017 deadline for air pollution standards for thermal power plants. Without these, India’s hopes of reducing deadly air pollution from its electricity sector are nixed.

Petition: Safeguard our minerals, our children’s inheritance, from theft

From Change.org: India’s National Mineral Policy is open till Feb 9, 2018 for public comments. Minerals are a shared inheritance. The present mining system in India is leading to enormous losses of our mineral wealth, with only a few cronies benefiting. This must stop. Hence we are sending the representation to the Ministry of Mines.

The grave environmental cost of ‘ease of doing business’

India has just climbed an unprecedented 30 spots on the World Bank’s “Ease of Doing Business” ranking, which’s being celebrated as a historic moment by the mainstream media. This Down to Earth report shows how this ‘achievement’ has come at a possibly permanent damage to the environment, thanks to a steady dilution of regulatory norms.

Climate change and nuclear power: the denials, delusions and deceptions of Modi

Kumar Sundaram writes in The Ecologist: Dubbing nuclear energy as a solution to climate change has been a key strategy of the Indian government for selling nuclear projects to the public as well as justifying the spree of nuclear agreements with other countries. Here are three reasons why this is not feasible, desirable and cost-effective.

Why Adani’s planned Carmichael coalmine matters to Australia – and the world

From Guardian/Al Jazeera: Proposals for one of the world’s largest mines in Queensland threaten not only the Great Barrier Reef, but also global efforts to reduce carbon emissions. Australia’s government is changing legislation protecting land rights for Aboriginal people in order to get Adani’s Carmichael mine, one of the world’s largest, project over the line.

India’s massive corporate bad debts and natural resource auctions

India’s former energy secretary E.A.S. Sharma writes in The Wire: Everyone knows that the NPA problem is due to the lack of due diligence on the part of banks. If banks were to refuse new loans to some of these indebted companies, nearly 40% of the coal blocks assigned to them would not get developed.

Vandana Shiva: Beware of digital dictatorship

The digital economy is a design for atomisation, for separation… Imposing the digital economy through a “cash ban” is a form of technological dictatorship, in the hands of the world’s billionaires. Economic diversity and technological pluralism are India’s strength and it is the “hard cash” that insulated India from the global market’s crash of 2008.

Demonetisation, not drought, behind farmers’ woes

Devinder Sharma writes: After a month of demonetisation, the picture in the rural areas remains too bleak. I know of villages where the farmers had to return empty handed even after seven days of queuing up.  As a TISS study points out, nearly 81 per cent of the villages do not have access to banking.

Demonetisation is a permanent transfer of wealth from the poor to the rich

Shankar Gopalakrishnan writes: Demonetisation’s biggest impact will be on the distribution of resources within the economy, whatever happens to the economy as a whole. Demonetisation’s a giant vacuum, sucking up the resources of the weak and delivering them to the powerful, while acting like it’s doing the opposite. More importantly, this transfer will be permanent.

Heart of rural India has suffered a stroke: P. Sainath on the note ban

Acclaimed journalist P. Sainath reports from rural Maharashtra: The “Modi masterstroke”, a term contrived by assorted anchors and other clowns on television to hail an unbelievably stupid action, is spreading agony and misery in its wake across the countryside. If there’s been any stroke, it’s the one the heart of the rural economy has suffered.

25 years of ‘economic reforms’: The myth of growth

C.P. Chandrasekhar writes: Even the kind of economic growth that liberalisation actually delivered is proving unsustainable.  So, the belief that growth would remain high for years to come, delivering benefits even to those at the bottom of the income pyramid and those steeped in poverty and deprivation, has now revealed itself to be a myth.

Scoop: Govt cancels Rs 200-crore green fine on Adani

Nitin Sethi scoops the latest instance of cronyism: The environment ministry has withdrawn a Rs 200 crore fine from Adani Ports for damaging the environment imposed by the UPA government, the biggest penalty for green violations on record, and also extended a 2009 environmental clearance for the company’s waterfront development project at Mundra in Gujarat.

Corporate debt crackdown: Is it what pushed Raghuram Rajan out?

Is ‘crony capitalism’ behind Rajan’s impending exit? RBI has been cracking the whip on major banks, collectively saddled with Rs 5,00,000 crore of bad loans. The banks in turn started forcing big debtors–including Reliance, Essar and Adani-to sell prized assets to repay debts. The numbers in this May 8 report in The Hindu speak volumes.

Video: AAP Leader Ashish Khetan alleges “massive power scam” involving Adani, Ambani and Essar

Akhil Kumar reports: Citing an investigation conducted by the finance ministry’s Department of Revenue Intelligence (DRI), Ashish Khetan, AAP member and vice-chairman of the Delhi Dialogue Commission, has written to PM Narendra Modi demanding swift action in what he says is a massive scam in which major Indian power companies have been siphoning off public money offshore.