Before Long

Banks are the place where the country’s scarce economic resources which include the hard earned, honestly earned money of common man are parked on the strength of the perceived safety and security of the banking edifice. What has been happening in the country for the last two decades is that a small group of individuals, who are dignified looters, robbers and thieves in the guise of business tycoons are eating away the scarce economic resources parked in banks by availing colossal amounts of loans, taking to a flamboyant life, building up an empire, willfully defaulting the loan repayment and then playing the disappearing game. About 80% of the bad loans of Indian banks are the contribution of this small minority who are only a few thousands in number. And this is all being done with the connivance of certain other greedy, ruthless sections of the society, who, again, are only a minority. About the looting of national wealth by the political community, the less said, the better.

Thus what we have been witnessing for a quite long period is nothing but a massive exploitation of the country’s wealth by a minority through the above modus operandi. This is the basic reason for the social and economic imbalances witnessed.  And, the hazards faced by the economy by the cold-blooded acts of the above minority are made good by the State by passing on the burden to the common man through higher taxation and consistently pushing up the cost of living, without any worthwhile increase in income.

This gross distortion in the economy is one of the most important things to be set right for setting up an egalitarian and truly democratic society. This has to happen before long. It is bound to happen before long.