Rejected by Modi but headed for Nobel Prize

[wiseone2]

Borrowing is based on certain criteria laid down in the rules.
Govt is not in the business of asking banks to give loans.

What MMS did and what Rajan enabled was forcing the banks hands, which is illegal.

deciding who get loans and who does not cannot be in the rule books

 

[Joe Shearer]

This is a political thread created by a troll to troll.
Why are you surprised that this is the response this thread is getting?

This is news to me. I thought the subject was pretty straightforward; one of the worst, most egregious acts by Modi, one that was, in hindsight, so clearly intended to clear the path for one of the earliest acts of megalomania.

You call yourself a farmer's son. Are we to believe that you do not know about the widespread havoc caused by this charlatan meddling with matters that he never clearly understood, just in order to create an impression of decisive and major actions being taken?

have you even read the title of the thread?

No, I don't read thread titles; I jump into the middle of a discussion and start hurling shuriken in all directions. A polite reciprocation: have you brushed your teeth?

I am interested in where the responsibility for this needs to be fixed. That will be done.
What I can in the mean time debate is MMS pressurising banks to give loans to Mallya - which is illegal.

Please explain how trying to bail out a major organisation whose failure will cause the writing off of significant amounts is illegal. Was the US government intervention for their own failing investment banks also illegal?

Rajan is brought into discussion purely because people here use him as sword to bash Modi.
Since Rajan suddenly found his voice under Modi, I am only questioning his lack of voice under MMS.

He found his voice before Modi, and continued to voice his opinion at all times. What the bhakts/bhakths noticed was by no means the first speech he made. It was just the first one that those dodos took notice of, merely because it went against the trend of the times, and raised a voice against the imbecile goings on. Goings on that are finding expression in the gradual subsidence of the economy. You are a man with a hammer, to whom the whole world looks like a nail. There is only matter of substance that you deal with, and that is your rooted belief that Manmohan Singh was guilty of criminal conspiracy in pleading with the banks to roll over some of Mallya's loans and to give him more in an attempt to get him to stay afloat.

Strange that voices are found only under certain dispositions and only on certain topics?

At last, the long awaited list of topics on which Governors of the RBI may properly speak. Please go ahead; the whole world is waiting for your list.

I am not duplicitous like certain sections everywhere to curtail anyone's voice.

But you do it anyway, as your motives are so transparent, so simon-pure that all must recognise the complete lack of duplicity.

I am only questioning his lack of voice when MMS was conniving with Mallya to loot India.
As RBI governor, unless he was moron, he was aware of what was happening. He was silent, wasn't he?

And what was he supposed to do? Give a speech urging the Prime Minister not to interfere with the proceedings of the banks, that report to the Prime Minister through the Finance Minister, and to allow thousands of crores of assets to vanish without a struggle? If he thought that it was the right decision, or at least the least risky decision, that an eminent economist, who also never got what never existed, a Nobel Prize for Economics, should know what he is doing, one has to ask how you and your kinfolk know when to speak and when to keep silent.

 

[wiseone2]

This is news to me. I thought the subject was pretty straightforward; one of the worst, most egregious acts by Modi, one that was, in hindsight, so clearly intended to clear the path for one of the earliest acts of megalomania.

The central government ownership of banking institutions is achilles heel of the economy.
you need a regulatory framework for private banking institutions for the economy to get to the next level. you cannot come with regulatory frameworks overnight

 

[Joe Shearer]

The central government of banking institutions is achilles heel of the economy.
you need a regulatory framework for private banking institutions for the economy to get to the next level
you cannot come with regulatory frameworks overnight

I think first of all the Department of Banking Affairs should be wound up, and the existing banks under government control should be privatised. Government has no business creating cozy little alcoves of privileged interference. Just as it has no business running airlines. From the day that Air India was taken over, it has been floundering, and successive Ministers for Civil Aviation have lined their pockets with the remains of the recovery steps taken. If we strip down the bureaucracy, and retain only a hard-core administration, with an additional periphery consisting of guardians of social welfare, the disabled, children, and women, for starters, we should probably have a much more efficient governing apparatus.

I guess we are arguing in circles. Yes, you are entitled to your opinion. But I would not blame Rajan for the Malaya fiasco. It is MMS, Chidamram and top executives of the banks that are the main culprits even more so than Malaya himself.

The only thing I didn't liked about Rajan was Rajan was a very cautious and risk averse. He could have taken a more liberal approach regarding inflation and interest rates cuts when economy was going great. This would have given impetus to private investments leading to higher GDP growth.

I don't hold a brief for that fatuous idiot Mallya but do think that you are being unfair. Given that his business organisation was failing, given also that much of it was based on a very unwise decision to compete with low cost airlines, there was not much that the administration could do, other than make attempts to keep a sinking ship afloat.

 

[wiseone2]

I think first of all the Department of Banking Affairs should be wound up, and the existing banks under government control should be privatised. Government has no business creating cozy little alcoves of privileged interference. Just as it has no business running airlines. From the day that Air India was taken over, it has been floundering, and successive Ministers for Civil Aviation have lined their pockets with the remains of the recovery steps taken. If we strip down the bureaucracy, and retain only a hard-core administration, with an additional periphery consisting of guardians of social welfare, the disabled, children, and women, for starters, we should probably have a much more efficient governing apparatus.

the government has plenty to do outside of banking and airlines

 

[fitpOsitive]

https://twitter.com/x/status/916870345025404929

Modi’s envy, world’s pride!
And this Raghuram Rajan was shown the door in favor of ex employee of Reliance aka Urjit Patel - a servile stooge.
Is this how India wants to progress?
Now Bhakts will come with their mishmash theories aka patchwork to support Jumla king Modi.
Lol

Please don't take it negative, but when I just read the Title, I thought he must be good for international powers, at least for something, as Noble prize now symbolizes a bounty prize for big hunters and big agents. Then I read he was governor of Reserve Bank of India. And everything became clear to me: his nomination for Nobel, and Modi rejecting him.

 

[pothead]

But I would not blame Rajan for the Malaya fiasco

As long as the opposition uses Rajan as sword to attack Modi, it will be reciprocated.
This thread is created for one purpose - bash Modi.

Why are people surprised when it is being returned?

I have respect for Rajan, for what he did. Even Modi defended him when Swamy was attacking him.
I would in ideal times be in your place defending the guy. But when he is used to score points, I know exactly where my loyalties lie and what I need to do

The central government ownership of banking institutions is achilles heel of the economy.
you need a regulatory framework for private banking institutions for the economy to get to the next level. you cannot come with regulatory frameworks overnight

You forget people.
I remember when my mum used to say that a certain govt employee amassed certain amount of wealth with bit of envy.
Corruption is not looked down. There is no social repercussion for being corrupt. If anything it's the opposite.

This is news to me. I thought the subject was pretty straightforward; one of the worst, most egregious acts by Modi, one that was, in hindsight, so clearly intended to clear the path for one of the earliest acts of megalomania.

You call yourself a farmer's son. Are we to believe that you do not know about the widespread havoc caused by this charlatan meddling with matters that he never clearly understood, just in order to create an impression of decisive and major actions being taken?

My family still farms. neither demo nor GST effected us one bit, either positively or negatively.
What affects farmers is lack of labour, lack of storage and the stupid mandis.

You are biased when it comes to current disposition. That shows sir.

No, I don't read thread titles; I jump into the middle of a discussion and start hurling shuriken in all directions. A polite reciprocation: have you brushed your teeth?

And what do u make of the thread title? That the person want's a meaningful discussion on the topic? Rhetoric can be used to make a point, I was not attacking you.

He found his voice before Modi, and continued to voice his opinion at all times. What the bhakts/bhakths noticed was by no means the first speech he made. It was just the first one that those dodos took notice of, merely because it went against the trend of the times, and raised a voice against the imbecile goings on. Goings on that are finding expression in the gradual subsidence of the economy. You are a man with a hammer, to whom the whole world looks like a nail. There is only matter of substance that you deal with, and that is your rooted belief that Manmohan Singh was guilty of criminal conspiracy in pleading with the banks to roll over some of Mallya's loans and to give him more in an attempt to get him to stay afloat.

Ok sir, I am sure you can quote Rajan voicing concerns about political interference & rise of NPA's.
Regarding MMS, your position is busted.
MMS has given speech in public the need to save Mallya. There are various notes which clearly show Banks being pressurized to extend loans.
not sure what else are u waiting for to call a spade a spade?

At last, the long awaited list of topics on which Governors of the RBI may properly speak. Please go ahead; the whole world is waiting for your list.

More diversion.
I am only bashing Rajan because YOU (I mean the opposition) is using him to bash Modi.

And what was he supposed to do? Give a speech urging the Prime Minister not to interfere with the proceedings of the banks, that report to the Prime Minister through the Finance Minister, and to allow thousands of crores of assets to vanish without a struggle? If he thought that it was the right decision, or at least the least risky decision, that an eminent economist, who also never got what never existed, a Nobel Prize for Economics, should know what he is doing, one has to ask how you and your kinfolk know when to speak and when to keep silent.

YES.
That's what happens to any private business that does not work. There are thousands of businesses that close down each year in India. has MMS provided the same relief to all?
This was crony capitalism at it's most blatant.
How you can not see that fact is baffling!

I think first of all the Department of Banking Affairs should be wound up, and the existing banks under government control should be privatised

Not just banks. Railways needs to go the same way as well.
Govt should only be in business that involves our strategic assets, like defence, space and few other core areas.

All other sections needs to divest and let capitalism take it's course

 

[wiseone2]

You forget people.
I remember when my mum used to say that a certain govt employee amassed certain amount of wealth with bit of envy.
Corruption is not looked down. There is no social repercussion for being corrupt. If anything it's the opposite.

The scope for corruption increases when government has more control over the economy

Explain how Delhi with no industry has higher per captia income than the industrial, IT and financial centers of the country.

 

[pothead]

The scope for corruption increases when government has more control over the economy

Explain how Delhi with no industry has higher per captia income than the industrial, IT and financial centers of the country.

It may not be that black and white.
Bell Systems is a classic case of where govt intervention was needed.

In current day scenario Amazon is reaching the same level. Sometimes a company becomes too powerful that it's all consuming, without providing the consumer a valid alternate.

Regulations are needed, in which form and under whose control, is up for debate I guess.

 

[wiseone2]

It may not be that black and white.
Bell Systems is a classic case of where govt intervention was needed.

In current day scenario Amazon is reaching the same level. Sometimes a company becomes too powerful that it's all consuming, without providing the consumer a valid alternate.

Regulations are needed, in which form and under whose control, is up for debate I guess.

running Air India is a distraction. They can start privatizing banks over a period of 10-20 years
you still need a body in charge of airport security and to investigate airline accidents. you need financial regulations to control the banks.

running Indian Railways is another distraction. break it up and privatize it

 

[pothead]

running Air India is a distraction. They can start privatizing banks over a period of 10-20 years
you still need a body in charge of airport security and to investigate airline accidents. you need financial regulations to control the banks.

running Indian Railways is another distraction. break it up and privatize it

Govt can divest Air India - there would be a bit of backlash, at least electorally but can be managed.
Railways is a monster. It's union so huge, so powerful, you need a really stubborn leader to even start a debate to divest them. But that's the right thing to do.

Railway board is like our judiciary. they don't seem to answer to anyone.

 

[randomradio]

What business does govt have to save a private company?
it is illegal.

It isn't illegal. Haven't you ever heard of bank loans? He is supposed to pay it back.

There was nothing wrong with what the govt did because Mallya was a prominent figure in Indian business and his reputation preceded him.

But he turned out to be a two-bit chor.
http://indianexpress.com/article/bu...understate-losses-by-rs-7151-cr-sfio-4881227/

Any honest person would have filed for bankruptcy. In fact had he reduced operations costs of KF and waited it out, the lower fuel prices would have saved his airline business by now.

Rajan had nothing to do with the NPAs. In fact Rajan saved the economy or else that insane inflation was tearing holes through our pockets.

 

[pothead]

It isn't illegal. Haven't you ever heard of bank loans? He is supposed to pay it back.

There was nothing wrong with what the govt did because Mallya was a prominent figure in Indian business and his reputation preceded him.

But he turned out to be a two-bit chor.
http://indianexpress.com/article/bu...understate-losses-by-rs-7151-cr-sfio-4881227/

Any honest person would have filed for bankruptcy. In fact had he reduced operations costs of KF and waited it out, the lower fuel prices would have saved his airline business by now.

Rajan had nothing to do with the NPAs. In fact Rajan saved the economy or else that insane inflation was tearing holes through our pockets.

There is no clause in Indian law that allows for Govt to bail out private companies.
What you are talking about loans and even there govt has no business to decide on behalf of banks who get's loans. It must be done by competent authorities of the banks and decided on merit.

When Mallya was refused further loans by banks, MMS & Chidambaram in turn pressurized banks to give him loans.
Please do read how they did it and why it's illegal.
http://indianexpress.com/article/in...upa-rule-manmohan-singh-to-blame-bjp-4498737/

http://www.firstpost.com/business/v...-congress-led-upa-owes-an-answer-3227662.html

 

[noksss]

That is not true. Rajan has mentioned categorically that he wasn't offered an extension. He wouldn't have agreed to demonetization, so Modi needed a yes man. Plus, Rajan's main focus was on cleaning up the NPA crisis, it might have ruffled some feathers too who knows.

Ya right he is a YES man



The NPA crisis ballooned during rajan regime and this government is the one who is empowering RBI to go after banks to clean the NPA

http://www.business-standard.com/ar...-gives-more-teeth-to-govt-117050600155_1.html

 

[randomradio]

This is news to me. I thought the subject was pretty straightforward; one of the worst, most egregious acts by Modi, one that was, in hindsight, so clearly intended to clear the path for one of the earliest acts of megalomania.

You call yourself a farmer's son. Are we to believe that you do not know about the widespread havoc caused by this charlatan meddling with matters that he never clearly understood, just in order to create an impression of decisive and major actions being taken?

Farmers benefited the most from demonetization.

What was affected was the informal sector and low end manufacturing. Those who were smart became formal, paid taxes and continued their business. Others were lost. But in order to alleviate their suffering, the govt increased employment in the MGNREGA, so the actual loss to the poorest of folks due to demonetization was marginal.

In fact, a combination of increased investment in the rural sector followed by schemes like the MUDRA, there was a net increase in job creation compared to UPA's time. In fact, unemployment reduced by half in a span of only a few months.

So, the huge deposits made in cities through demonetization were transferred to rural areas through welfare programs. You combine that with Aadhaar, the beneficiaries got 100% returns on welfare.

Whatever information you see in the media about the negative effects of demonetization are true, but at the same time the govt alleviated the suffering in parallel through other methods, so the actually effect on the ground was a net positive. Basically, what I'm saying is demonetization was a success because there was a net increase in the quality of life. The media is lying about all the "suffering" it has caused. And that is primarily due to poor data on labour, particularly the rural market.

Jobs doubled, demand also doubled. The salaries under the scheme increased, so on.

http://economictimes.indiatimes.com...in-february-2017-sbi/articleshow/57451738.cms

Combine that with the food welfare, for the first time since independence, the rural population actually have money to spend. That's why all sales focused on rural markets have seen double digit growths after demonetization.

http://www.indiainfoline.com/articl...s-up-by-23-in-august-2017-117090100449_1.html
http://www.livemint.com/Companies/y...tor-sales-up-22-at-16516-units-in-August.html

You can see that with the fall of women employment as well. Whenever women leave the work force, it is because the men in the household have started earning more.

In the urban sector, since Modi came, there has been huge improvements as well. The Mudra scheme has been given to nearly 100 million businesses, cheap loans up to 5 lakhs. There has been a net increase of 10-15 million jobs in 3 years in formal employment, not counting jobs created through Mudra. The govt claims to have created 50-60 million jobs since 2014 and it appears to be true to a certain extent. Most of this is through self-employment, not formal employment.

But this is not properly reflected in our data because our surveys don't cover every facet of life. If you live in a city, you may have seen a sudden spurt of new businesses around your area, particularly small eateries on footpaths.

Demonetization also increased tax collections by a huge margin. The direct tax base has also doubled, in fact with many being actual tax payers and not people who are below taxable income. Of course, let's not forget all the shell companies that were delisted and all the directors who have been blacklisted.

There is no clause in Indian law that allows for Govt to bail out private companies.
What you are talking about loans and even there govt has no business to decide on behalf of banks who get's loans. It must be done by competent authorities of the banks and decided on merit.

When Mallya was refused further loans by banks, MMS & Chidambaram in turn pressurized banks to give him loans.
Please do read how they did it and why it's illegal.
http://indianexpress.com/article/in...upa-rule-manmohan-singh-to-blame-bjp-4498737/

http://www.firstpost.com/business/v...-congress-led-upa-owes-an-answer-3227662.html

As I said, this has nothing to do with Rajan.