Will end drain of wealth from Indian families to crony corporates: Cong
New Delhi (PTI): The Congress on Thursday accused the Modi government of aiding "drain of wealth" from ordinary Indians to crony corporates, and said it will end this practice if it comes to power at the Centre.
The Congress attack came a day after Prime Minister Narendra Modi said that Rahul Gandhi had stopped "abusing" Adani and Ambani and whether his party received money from them in return.
"On June 4, as the Congress-led government takes power, we will rapidly accelerate economic growth while ensuring that ordinary Indian families are the biggest beneficiaries. We will end the 'drain of wealth' from Indian families to crony corporates," Congress general secretary Jairam Ramesh said in a statement.
"The 'Hum Do Hamare Do' effect: Net household savings fell by 9 lakh crores in the last three years. Real household savings are at their lowest since 2014. PM Modi has overseen a 'drain of wealth' - from Bharat ke Parivar to Modi ka Parivar," Ramesh also said in a post on X, while sharing his statement.
The Congress leader, in his statement, said 150 years ago, Dadabhai Naoroji's "Drain Theory" explained how the wealth of India's people was being taken away and sent to England.
"Since 2014, we have seen a similar 'drain of wealth' from Bharat ke Parivaar (India's families) to Modi ka Parivaar (Modi's family). This is the intentional effect of the prime minister's 'Hum Do Humaare Do' policy of favouring his cronies, he said.
"With each passing day of Modi's Anyay Kaal, this 'Drain of Wealth' breaks a shameful new record. The National Accounts Statistics released on 7 May, 2024 show that India's net household savings have decreased by Rs. 9 lakh crore in three years," he claimed.
Ramesh alleged that India's households are depleting their savings and falling into debt due to the economic mismanagement, incompetence, and anti-people policies of the Modi government"
He noted that loans to households have increased from 7 lakh crore to 14 lakh crore in last three years.
Citing figures to highlight there is a crisis for Indian households and consumers, he said in September 2023, the RBI bulletin showed India's net financial savings at just 5.1 per cent of the GDP, which was the lowest in 47 years.
"In a real sense, the BJP government is responsible for ripping away mangalsutras, as its economic failures have pushed gold loans to a record high. Outstanding gold loans have crossed Rs. 1 lakh crore for the first time in India's history, as per RBI data," the Congress leader alleged.
"Any growth that has happened since 2014, has been only for the crony industrialist friends of the Prime Minister: Today, 21 billionaires have more wealth than the poorest 70 crore Indians combined," he alleged.
"Today, the richest 1% have 40% of India's wealth - this is higher than it was during the British colonial times, and is among the worst in the world. This is the reality of Modi's Anyay Kaal. While Hum Do, Humaare Do have prospered, ordinary Indian families have suffered under failed economic policies like demonetisation, badly-designed GST, and unplanned lockdowns," Ramesh also claimed.
Congress leader P Chidambaram, meanwhile, said the party's manifesto on economy has promised to support the private sector and every kind of enterprise -- large, medium, small and micro.
"Regulatory oversight will be based on clearly enunciated laws and rules that will be applied fairly and without discrimination. We will ensure a level playing field for all. We are opposed to monopolies and oligopolies and crony capitalism.
"We will ensure that no company or person arrogates to itself or himself the financial or material resources or the business opportunities or the concessions that ought to be available to every entrepreneur," he said in a post.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Who is Iran's first vice president, Mohammad Mokhber, appointed acting president after crash?
Dubai (AP/PTI): Iran's first Vice President Mohammad Mokhber was appointed as acting president of the Islamic Republic on Monday after the death of President Ebrahim Raisi in a helicopter crash in the country's northwest.
Raisi's death under the constitution thrust Mokhber into public view. He is expected to serve as caretaker president for some 50 days before mandatory presidential elections in Iran.
Iran's supreme leader Ayatollah Ali Khamenei made the announcement of Mokhber's appointment in a condolence message he shared for Raisi's death in the crash Sunday. The helicopter was found Monday in northwestern Iran.
Despite his low-key public profile, Mokhber has held prominent positions with in the country's power structure, particularly in its bonyads, or charitable foundations.
Mokhber oversaw a bonyad known in English as the Execution of Imam Khomeini's Order, or EIKO, referring to the late Supreme Leader Ayatollah Ruhollah Khomeini.
The US Treasury said the organisation oversaw billions of dollars in assets as “a business juggernaut under the direct supervision of Supreme Leader Ali Khamenei that has a stake in nearly every sector of the Iranian economy, including energy, telecommunications, and financial services”.
“EIKO has systematically violated the rights of dissidents by confiscating land and property from opponents of the regime, including political opponents, religious minorities, and exiled Iranians,” the Treasury said in 2021 in sanctioning Mokhber. The European Union also had sanctioned Mokhber for a time with others over concerns then about Iran's nuclear programme.
As the head of EIKO, Mokhber oversaw an effort to make a COVID-19 vaccine during the height of the pandemic, pledging to make tens of millions of doses.
Mokhber previously worked in banking and telecommunications. He also worked at the Mostazafan Foundation, another bonyad that's a major conglomerate that manages the country's mega-projects and businesses. While there, he found himself entangled in a bitter legal dispute between mobile phone service providers Turkcell and South Africa's MTN over potentially entering the Iranian market.
Iranian media reports suggest Mokhber, who holds a doctorate in international law, was crucial in Iranian efforts to bypass Western sanctions on its oil industry.
Mokhber has been a member of Iran's Expediency Council since 2022, which advises the supreme leader, as well as settles disputes between parliament and the Guardian Council, Iran's constitutional watchdog that also oversees the country's elections.
Mokhber was born Sept 1, 1955, in Dezful in Iran's southwestern Khuzestan province to a clerical family. He served as an officer in the Revolutionary Guard's medical corps during the 1980s Iran-Iraq war, according to the pressure group United Against Nuclear Iran.
“Mokhber used the vast wealth accumulated by EIKO — at the expense of the Iranian people—to reward regime insiders like himself,” UANI said. “Managing the patronage network endeared him to the supreme leader, but at a cost.”
