How to beat China? Bihar CM Nitish Kumar offers 3-point formula
Bihar Chief Minister Nitish Kumar has some good advice for the
country if it wants to race ahead of China in terms of economic
development. He has suggested a three-point formula in this regard —
that is demonetisation
followed by a clampdown on ‘benaami’ properties and the imposition of total prohibition in the country.
The Bihar CM has openly supported Prime Minister Narendra Modi’s
demonetisation decision announced on November 8. Kumar now believes
that demonetisation has the potential to make India more prosperous than
past, provided the note-ban is followed by an attack on ‘benaami’
properties and a ban on the sale and consumption of liquor in the
country.
Speaking to reporters in Patna on Monday, Kumar had said
demonetisation alone would not achieve the desired objective of curbing black money in the country. Instead, it should be accompanied by the seizure of ‘benaami’ properties and prohibition.
“Demonetisation, prohibition and attack on ‘benaami’ properties can
help India go ahead of China,” Hindi Daily Prabhat Khabar quoted him as
saying.
“From childhood, we all have wanted to become more developed that
China. To beat China, these three must be implemented,” he added.
While many in the country, especially those living in urban centres
would ridicule Kumar for even suggesting the imposition of prohibition,
the idea does have a sound economic logic. India is still a
predominantly poor country and crores of people waste their hard-earned
money on liquor consumption every day.
If prohibition is imposed, people would have more cash in their
hands. Moreover, they would live a healthy life. This, however, may
sound a bit idiotic or useless to the comfort-seeking middle and upper
classes of India.
On several occasions after demonetisation, PM Modi has indicated that
note-ban is just the beginning of his government’s war against
corruption and black money. He has also hinted at an attack on ‘benaami’
properties. However, any action against such properties cannot be taken
before the cash crisis in the country following the note-ban is
resolved.
In the last two years, Modi government has worked extensively to
prepare a legal framework to get back black money hoarded by Indians in
foreign banks. PM Modi today asked all its MPs and MLAs to submit
details of their bank accounts. This is being seen as a significant step
at a time when demands of making political expenditures are becoming
stronger.
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