Where does wealth go ? Who benefits under UPA governments policies?

Where does wealth go ? Who benefits under UPA governments policies?

There are 1,20,000 high net worth individuals who have investible assets of $ 1 million dollar and more and these 0.1% of India’s population owns one third of India’s Gross National Income. According to Asia-Pacific Wealth Report of 2009 the combined net worth of 84000 high net worth individuals is $310 million dollars. So 1 percent of our populations grows richer day by day and UPA is benefitting only them.

How long it will take for us, the other 99 percent of India’s population to reach the level attained by 1 percent of the population. ?

A Indian from rural areas will have to wait for 3814 years to reach that stage. An average urban Indian will take 2238 years to become rich like the 1 percent rich of our society.

Do you say UPA is not taxing the rich ?

I am not saying. Auditor Gurmurthy in Open-Editorial in The Hindu recently accuses “ UPA has altogether stopped taxing corporate and others who are tax worthy. According to Economic Survey 2010-2011 the ratio of excise revenue to GDP has come down from 3 percent in 2005-2006 to 1.7 percent in 2010-2011 and customs from 1.8 percent to 1.5 percent. On the basis of excise-customs to GDP ratio of 2005-2006 the government had under-levied excise by 1,00,000 crore and customs by 43,000 crore in 2010-2011. Yes 1.43,000 crore loss to government coffers. If government losses who benefits, even a child will point the finger at corporate .

The under levy of excise started in 2006-2007 at 13,000 crore and by 2008-2009 rose to 63,000 crore. By 2010-2011 it reached 81,000 crore. It means the Government refused to levy the legitimate tax. Common man can bear tax burden and nor corporate our Finance Minister Pranab Brokerjee thinks. Sorry if he continues to behave like a broker to corporate common man will only curse him by slightly modifying his name.

The companies posted a profit before tax of 4.08 lakh crore in 2005-2006. In 2007-2008 the profit stood at 7.11 lakh crore and in 2008-2009 at 6.68 lakh crore. Super profits in 2009-2010 is 8.24 lakh crore. So it is clear that our people have to bear more and more tax burdens by hikes in petrol diesel prices whereas companies in the field grow richer and richer.

You spoke in 2011 beginning itself in Karaikal that the biggest scam is not 2G but KG , now CAG [ Comptroller and Auditor General] report seems to vindicate you ?

Recent scams started with 80,000 crore revenue loss caused by Reddy brothers, in mining scam of Karnataka. Then came 2 G scam where CAG quantified to 1.76 lakh crore. Rs 214 crore beneficiaries are in prison. Totally 30,000 crore is only in CBI chargesheet against the so far accused. Balance 1,46,000 crore loot and those who looted definitely must be in UPA waiting for getting exposed. After Tamilnadu’s 2 G scam, mining scam of 3,00,000 lakh crore rocked the Orissa Assembly. In that series next came the center page article Corporate Socialism’s 2 G orgy in The Hindu dated March 7 of 2011. Mr.P.Sainath quoting government statistics said “ Government had forgone from 2005-2006 to 2010-2011 corporate income tax, excise and customs duty, to the extent of Rs 21, 25,023 crores. Yes 21 lakh crores government helped corporate sector . Half a trillion dollars nation lost in revenue. 12 times BIGGER than 2 G scam, Sainath wrote. This is not DMK scam, it is Congress scam.

Global Financial Integrity , a watch dog organization brought out a report on illegal financial flows from India to tax havens. The figure they quote is 21 lakh crore since 1948 to 2011 is black money slashed abroad. Everyday 240 crores is written off in corporate income tax in India under UPA. This money becomes black money creating black economy. So in these scams KG scam had yet to be quantified. 

CAG on KG….

The Hindu dated June 16 th of 2011 in its editorial All is not well with gas and oil writes “ To the list of acronyms and alphabets -2G,CWG,ISRO- that have given the UPA government such an un-savoury image in recent times must now be added another KG.According to draft report of the Comptroller and Auditor General of India on hydrocarbon production sharing contracts the public exchequer has suffered an as yet unquantifiable loss thanks to the undue benefit provided by the Ministry of Petroleum and Natural Gas to Reliance Industries Ltd, the operator of gas-rich Krishna Godavari basin fields…… The Ministry as per report allowed the company to expand 1600 square kilo meters the contract area. Is it sea grabbing like land grabbing? That is why I wrote few weeks ago in Makkal Manasatchi, a Tamil investigative weekly that Malladi’s Real Estate Business in Bay of Bengal.

To continue…