Pension reforms may get Cabinet nod today

Dr. Manmohan Singh is reported to have failed to curb various scams, sandals and frauds perpetuated by crony capitalists and greedy bureaucrats. As a result, resources of the country have been looted by crony capitalists with the active support of corrupt politicians and connivance of bureaucrats. The country is reported to have lost lakhs of corers of rupees, which could have been used to promote investment and provide welfare measures to the down-trodden people. The criticism is that Dr.Singh has been keeping silence over the organised looting. But many believe that he was not a silent spectator, but an active participant in the scams, particularly in the “coal-gate scam” which has caused a loss of about Rs. 1.86 lakh crore to the exchequer and involved thousands of crores as bribe to politicians and bureaucrats. Reports show that the Prime Minister’s Office has definite role in the scam. By notifying the decision to allow 51 percent FDI in multi-brand retail trade much against the sentiments and wishes of almost all political parties, the entire trading community, and, of course, the vast majority of the people of the country, Dr.Singh has skillfully diverted the attention of the people from the ill-famous coal gate scandal, which involved a loss of about Rs.1.86 lakh crores to the exchequer, besides thousands of crores as bribe. Moreover, Trinamool Congress has already announced the withdrawal of support to UPA government. The second biggest allay, DMK, has also said categorically that it would not back the government on any resolution brought against the government on FDI in multi-brand retail trade. The Tamil Nadu Chief Minister, Dr. J.Jayalalithaa, has vehemently opposed the decision to allow 51 percent FDI in multi-brand retail. Samajwadi Party (SP) supremo Mulayam Singh Yadav has expressed support to Mamata Banerjee's resolution. Likewise, almost all opposition parties such as BJP, CPM, CPI, Janatha Dal (United), Telugudesam Party, Bhahujan Samajwadi Party, and a host of other minor parties such as DMDK and MDMK have expressed their strong resentment. Therefore, there is no chance for the UPA government to survive any no confidence motion brought by Trinamool Congress or any other party. In all likely hood elections may be held sometime in the early 2013. Therefore there is no moral scope for UPA government to raise FDI cap for insurance and opening up the pension sector, besides expanding the scope of futures trading in commodities.

The Times of India, Oct. 3, 2012.