The Appropriation (No. 3) Bill, 2012 And The Finance Bill, 2012
Thank you very much, Sir, for having given me this opportunity. To begin with, I may be permitted to quote a few headlines -- from one of the financial newspapers which show our country's economic situation today. These headlines are, and I quote, 'Gloom to Deepen: India Inc', 'Moody's Adds Insult to Injury, Scissors Rating of 3 Banks', and 'Rupee Stays in a Hole, Sinks to 53.97 vs Dollar'.
Sir, today, every sector in India, whether it is steel, cement, telecom, power or infrastructure, is facing huge financial imbalance, mainly due to indecisions at various levels of the Government. Unfortunately, for the past couple of years, the Government has been reeling under scam after scam like 2G scam, Commonwealth scam,
iron ore scam and so on. Because of indecision at the highest levels
of the Government, the country has been losing its direction which is reflecting very clearly in every economic activity and which is also directly resulting in weakening of our rupee. Sir, corporates, because of this indecision, are forced to refer their cases to CDR for financial restructuring, which does not augur well for an economy that has seen an unprecedented growth in the last couple of decades. If this trend continues, I am afraid, ultimately, all our banks and financial institutions, which are the backbone not only of our industry but the whole of our economy, may land in big trouble losing their credibility in the international market. Ultimately, the country will lose its credit rating. Sir, as we are all aware, yesterday, LIC's rating was downgraded. A few months ago SBI's rating was also downgraded. These are great institutions of trust and faith. They are the leaders in their respective sectors. Downgrading of the leader in a sector is a clear reflection as to what is happening in that sector. Sir, post- Independence, all our Indian entrepreneurs have worked very hard and created industrial growth which has helped all the banks in developing their own networks.
Sir, today, our farmers want support for sustainable farming but not doles. But Government after Government has preferred to give doles, for obvious reasons! Subsidies on fertilizers, oil, power, etc. are nothing but doles. Instead of giving these doles, Government should formulate good and balanced policies, have a level-playing field in business, so that different sectors of our economy can improve their financial health and, indirectly, will help the country's economy. The Government has to come out with aggressive plans, particularly in reducing imports which can go a long way in helping the farming community in improving their technology, agricultural implements and in yield-improvement technologies. The Government has been continuously silent about any aggressive policy in regard to production of renewable energy which can produce a lot of power, whether hydel or solar.
Sir, today many banks and Government departments are not taking any decision due to the 'fear of the unknown' which is a well- known fact. Unfortunately, we all agree that there is a complete breakdown and a paralysis of our decision-making process. It looks as if the Government is surviving with the support of ventilator. The
country have had many scams and many problems like various by-elections, demands for smaller States, etc. I strongly request that the Government should deal with all these scams, etc. by appointing a task force exclusively for this purpose, without affecting the growth of the country.
Sir, in every developing economy, some systemic failures are bound to happen. But, we have to deal with such kind of failures in a matured manner and not in haste.
Sir, in any case, the time has also come for all the political parties to work with cooperation and coordination rather than confrontation and competition in the interest of the country. In any case, this Bill is a fait accompli approval. Thank you.
