Large scale embezzlement in the Central Financial Budget

Millions of IT engineers, young, farmers and professionals are unemployed. Unemployment and corruption have risen to the level of the sky. The rate of Business, Industry, and Exports has come down to the lowest mark in 8 years.

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All the promises made by the BJP’s government at the center and the soothing talk of development India will have all have been proven bogus in six years. Prime Minister Narendra Modi at the time of demonetization and GST has said that such drastic economic reforms are necessary for a fast track national development and to get back all the black money from the foreign countries. Then the Planning Commission was abolished and the Niti Aayog was formed. And the BJP continues to make the nation believe that the involvement of all the states for rural and urban development if anyone can make it happen right & plan for the country that is Niti Ayog which can do this. The inclusion of inexperienced RSS representatives with the experts has proved that all the promises and claims of the country’s development have all been hollow. Instead of the country’s economic growth, the recession has risen and GDP has dropped which has dropped from 7% to 3% in free fall kind of pace.

Wholesale price index (WPI) has seen an unforeseen rise of 13% to 26%:

Millions of IT engineers, young, farmers and professionals are unemployed. Unemployment and corruption have risen to the level of the sky. The rate of Business, Industry, and Exports has come down to the lowest mark in 8 years.

In addition to that BJP government continues to empty the central government’s treasury and un-noticed internal financial frauds are taking place on a very large scale. RSS considers the country’s 1300 million people are its slaves and is engaged in depriving them of their fundamental rights. Likewise, it views central finances and RBI and other banks as their personal property and are busy in carrying out large scale embezzlement of accumulated public funds.

On the occasion of the demonetization, senior Congress leader Kapil Sibbal had exposed a video in a press conference that had documentary evidence of the presence of 3.5 Lakh Crores worth of counterfeited currency. That disappeared from the media in a few hours. Just a few months ago, the BJP government had forcibly withdrawn Rs 2.5 lakh Crores from the RBI and the then RBI Governor Arjit Patel had resigned after refusing to accept the government’s pressure.

It has never happened in the past the withdrawal of money by the government from the RBI that why the 2.5 Lakh Crores worth of RBI reserves were transferred to the government, so far the answer has not been found by the journalists as even today that lies shrouded in mystery.

Read more: Union Budget 2020-21 Major Highlights; Cuts in Income Tax

Now another case of embezzlement has surfaced. The government also receives special CESS for the rapid development of certain sectors besides public interest tax. The government has withheld over 3.29 lakh Crores rupees in its custody. The amount that the states should receive is not ready to be distributed. Earlier 70% of the CESS was distributed among the states, now 70% is being withheld. Only a few days left for the central budget to be presented by the government for the year 2020-2021.

With the announcement of the budget for the next financial year, these funds will be cleverly transferred to some other funds. BJP government has adopted a unique method of Embezzling in the government’s central treasury. They need neither financial experts nor advisers, nor do they want to hire an internationally experienced economist. The country is heading towards the worst economic and financial collapse.

Miller, Tiller, Machine are all still. The government has been busy quietly in plundering the wealth & liquidity of both Tangible and Moveable Assets in a variety of ways.

Kruti Shah, an international economist, said that because of the low taxes of the government, there is no room for further reduction of CESS. She criticized that withholding such large sums of CESS not only had a detrimental effect on the incomes of the states but could also lead to a drastic increase in the recession rate. Cesses are those additional taxes that are collected for the development of a particular sector with increasing the percentage of normal tax collection which are related to special sectors only and are called CESSES.

Rarely used CESSES
Cesses Related to SectorsAmount of Cess Collected in Crores of RupeesUsed Cess in %
1)Secondary and Higher educational Cess61,70920%
2)Clean Energy Cess55,65130%
3)Battery Cess46534%
4)Infrastructure Cess 48257%
5)Crude Oil Cess 74,1627%
6)Research and Development Cess3,2007%

The Oil Industry Development Board received Rs.1,89,000 and Of this, only 902 crores were used, which is only 1% of the Cess. Some CESSs that was used 75% are Krishi Kalyan’s, Primary Education, Sugar and Swatch Bharat collection between 2015-2019.

The cumulative Consolidated Fund with GST of Rs 3.59 lakh crore is 21.8% of the country’s total tax.

Before the budget, Prime Minister Narendra Modi had called for an important wide-ranging meeting in which finance minister Nirmala Sita Raman was absent. She was reportedly involved with party workers in the party activities.

In his August 15 speech, Prime Minister Narendra Modi had announced that we would make all the districts of all the states of the country an Entrepreneur hub and Export would be launched from every district. For this, data and surveys are being collected from all districts. Schemes are very easily made on the political level.

But practically nothing is done on the ground level. In India, schemes like Prime Minister’s Employment Scheme, etc. Thousands of Crores of funds were spent over the last five years but have disappeared and the government has announced that the funds have been paid according to the program. It is said that such funds are issued to the public, but all the funds are distributed among RSS and BJP workers and leaders as the real beneficiaries. Thousands of Crores of schemes are embezzled on a political level and are looted. There is no room for shedding light on those in this article.

Read more: Post Budget Comment of INDIAN ECONOMY and DIGITAL INDIA | “$5 trillion opportunity wasted”, says Shakir Ebrahim, Founder of GoBisbo

Even more so than other political parties, corruption, embezzlement, and looting of national treasury and funds have become a culture in the BJP era. The poor people of the country are longing for bread & butter, there is no end to the economic deterioration. No one can put a full stop to the growing inflation. Those who are dreaming to establish the Ram Rajya are supposed to pay attention to the daily economic woes of the common man first. No slogan can succeed when the common man on the street is made to suffer economically and socially. There are still golden chances waiting to be tapped which can lead to the fast track economic recovery of the country. It is a must for those who are involved in the National Economic Planning that they must rise above personal and party affiliations first and start their journey of development.

The development of districts will become a dream come true for the districts when the embezzled funds of lakhs of crores of rupees are returned to the national exchequer. We can show the dream of Golden India but for that political will

First, note that no slogan can ever succeed in keeping a large number of people suffering from economic problems.


By Mr. Nazimuddin Farooqi

(Scholar, Senior Analyst, Columnist, Opinion Leader, and Social worker)


 

Summary
Article Name
Large scale embezzlement in the Central Financial Budget
Description
Millions of IT engineers, young, farmers and professionals are unemployed. Unemployment and corruption have risen to the level of the sky. The rate of Business, Industry, and Exports has come down to the lowest mark in 8 years.
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TPT News Agencies

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