oppn parties Loan Waivers: No Laughing Matter

Story Of The Day

Assessee Not Responsible For Ensuring TDS Is Paid To The Government: Delhi HC
OPINIONS : Strongly Expressed

December 30, 2024

People Are Talking About

Rohit Warns Sarfaraz, Police Use It To Warn Two-Wheeler Riders

News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
oppn parties
Loan Waivers: No Laughing Matter

By Sunil Garodia
First publised on 2015-09-22 18:30:39

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator.
The Chief Minister of West Bengal has petitioned the Prime Minister to completely waive off the Central loans to West Bengal given the state’s precarious financial position and inability to pay the same. It has again raised the bogey that when the TMC came to power, it inherited a bankrupt state.

So far so good, but what about the excesses committed in the last four years?

The TMC government has, despite the sorry financial condition of the state, indulged in one treasury draining populist scheme after another with abandon, as if there is no tomorrow. It has sought to build vote banks for the party at the expense of the tax payers and now it wants the Central government to underwrite the same.

Cooperative federalism does not mean the Central government will finance excesses of the state government. It is not like a joint family where the patriarch will fund the drinking-disco going binges of the youngest male member. There has to be some responsibility and the buck has to stop somewhere.

States will have to learn to live within their means. There are hundreds of welfare schemes for which funds are provided by the Centre. If the state announces its own schemes, it has to necessarily generate the funds from its own resources. One example will suffice: where was the urgent need for a nearly bankrupt government to provide monthly stipend for imams of all mosques in West Bengal? It was an unabashed attempt at winning over a particular community as a vote bank. Should the Centre finance this?

At the same time, there are reports of funds not being utilized in scores of Central welfare schemes and being repatriated. Is this the way to manage schemes?

The way out for the state is to curtail fancy welfare schemes, micro manage the funds that are given by the Centre for all-India welfare schemes, initiate appropriate revenue generating mechanism, plug leakages, clamp down hard on the rampant corruption at all levels and manage its books properly.

Loan waivers from the Centre will be its ticket to indulge in further excesses and ask for further loan waivers. This has to stop once and for all.

Other Stories You Make Like

Editorials

Turmoil In Mollywood

Turmoil In Mollywood

NDA 3.0: Coalition Dharma

NDA 3.0: Coalition Dharma

In Depth

Supreme Court Gets Strict On Child Pornography

Supreme Court Gets Strict On Child Pornography

Editor's Pick

Budapest Chess Olympiad: India Are World Team Champions

Budapest Chess Olympiad: India Are World Team Champions
© 2014 India Commentary. All rights reserved.