Arun Jailtley the Finance Minister of India has squarely blamed the business community for its unethical practices for the bank frauds that are being reported. In his interview while he blamed the community, he claimed himself and all politicians as being unfairly targeted.
In next year or so India will goto election to elect its next parliament and government. Political parties will spend hundred of crores. For the 2014 General election, in their report to Election Commission, BJP admitted to spend Rs 714.28 Crore, of which 304 Crore was on media alone.
These numbers though admitted by the party do not paint the complete picture as these spends are independent of the expenses by the candidates and third-party organisations.
And this is the tip of iceberg. In the State assembly elections of Assam, Kerala, Puducherry, Tamil Nadu and West Bengal in 2016, Association of Democratic Reforms (ADR), a non-profit election watchdog, concluded that BLP itself spend more than 100 Crore.
We can safely Assume BJPs (declared) election expenses themselves to be in excess of 1500 Crore over a five-year period. These do not include day to day expenses or the support meted out to the candidates and leaders.
The Massive fund requirements are typically met by corporate funding. And this funding comes at a cost. The dilution of governance to support the corporates is a reality in every sector and for every party in power. So, when Finance minister Arun Jaitley calls for businessmen to not follow unethical practises he means nothing.
Unethical business practice is always a cost to business, and corporates across the board realise this. When Billionaires (Read Nirav Modi) are charged, blaming only business men for the deviant means is lack of responsibility by government. If businesses worth billions of dollars are being built of fraudulent practices, then its from active participation of those responsible to stop it. Finance ministry is where the buck stops. If unethical ways of business is way of life in this country, then what has government done to deter business community from it? Absolutely nothing.
In past four years there has been no successful conviction of any high-profile case – except may be the case of Lalu from the year 1990s. The mass acceptance of worldly privileges with no social condemnation to any corrupt practice actually inspires more youth to figure out a short way to quick riches.
Finally, the government that takes credit for employment of every ‘Pakorewala’ won’t take fall for every ‘Nirav Modi’. May be a couple of firing at the highest level would have made this government to that of difference, but then the elections are coming and they are again going to be costly.