Top Five Chit funds Of West Bengal

Saradha chit fund scam: The top five among Bengal's flourishing financial grey market--Economic Times 

The unravelling of Saradha has lifted the curtains on Bengal's flourishing financialgrey market where the plot is getting thicker by the day. Atmadip Ray, Anuradha Himatsingka & Sutanuka Ghoshal look at the top five among the cast.

Rose Valley Real Estate Construction

Gautam Kundu

Gautam Kundu, owner of the Rose Valley Group of companies, says he started life as an LIC agent years ago after losing almost his entire family in a car accident. Kundu used to run chit funds, but insists he does not anymore. But that is not what the Securities & Exchanges Board of India ( Sebi) thinks. It has repeatedly asked Kundu and many others to shut them down and stop taking new deposits. Even after Saradha's collapse, Kundu is unfazed. "We are asset driven," he told ET.

And when depositors queued up at his office immediately afterSaradha's collapse, Kundu instantly met the redemption pressure with a smile, signing off Rs 10 crore worth of cheques at a shot.

Among Rose Valley's many businesses, tourism figures prominently. Unlike Saradha, whose media businesses shut down when its promoter decamped, Kundu's media operations, he says, are doing fine.

Brand Value Communications, a group company, owns TV channels like News Time Bangla, News Time Assam, News Time Orissa, Rupasi Bangla, Dhoom Music and Dhoom Bangla. Rose Valley Patrika brings out a daily broadsheet called Khabar 365 Din and a film magazine Cinema Ebong.

Films are another passion and Rose Valley has produced a number of Bengali films. Kundu also bought into the IPL team Kolkata Knight Riders (KKR) for Seasons V and VI. His company's logo is now on their shirts. That makes it obligatory for Shah Rukh Khan, Gautam Gambhir and Brendon McCullum to shoot for Rose Valley ad films on Kundu's resorts. And then there is real estate. "We have been quietly acquiring land at attractive rates. We have some 5,000 acres across Bengal, Tripura, Assam, Maharashtra, Madhya Pradesh and Orissa," Kundu told ET.

Is he close to the Trinamool Congress? Of course, say sources. But then, Kundu is said to have been close to Opposition CPM as well as Tarun Gogoi's Congress administration in Assam.

Saradha Realty India Ltd

Sudipta Sen

After its dramatic collapse, the life of secretive Saradha chief Sudipta Sen has come into intense focus. In keeping with his low-key image, he drove a humble Tata Sumo. Sen used to conduct business late at night, with meetings that started at midnight or 1 AM. Saradha's senior executives, mostly young women, were compelled to stay back till 3 AM or later. Bangla media reports that Rs 30 crore has

been traced to two bank accounts in the name of Debjani Mukherjee, executive director of Saradha, who was with Sen when he was arrested in Sonamarg. Sen relished anonymity, refused to be photographed and got annoyed if asked about his past.

Among the many bizarre stories circulating about him is that he was forced to get his face reconstructed by plastic surgery after being mauled by attack dogs. Sen was born Shankaraditya Sen and got involved with the Naxalbari movement in the 1970s and was even jailed in 1971-72. In the late 1990s, he resurfaced as Sudipta Sen. With a new identity, Sen started as a real estate broker in the late 1990s in Kolkata. The money-circulating schemes began in the mid-2000s. This eventually morphed into nearly 100 companies, including his flagship Saradha Realty India, launched in 2008. Some of his other businesses were Saradha Properties, Saradha Biogas Production, Saradha Multipurpose Himghar, Saradha Livestock Breeding and Saradha Ad Agency.

Today, Sen is accused of duping lakhs of poor investors. He also being blamed for running a handful of newspapers in Bangla, English and Urdu as well as a clutch of TV channels to the ground and driving around 1,200 journalists and technicians out of their jobs. But his infatuation with media was naive: one journalist remembers him ordering that none of his papers should carry ads on the front page. If any advertisement had to go, it would have to be of his own companies.

Sen was a smooth talker, something that could have helped him build bridges with investors and politicians. Trinamool MP Shatabdi Roy was a brand ambassador, another MP, Kunal Ghosh, headed his media operations. Madan Mitra, a Bengal minister, headed his agents' association. Chief Minister Mamata Banerjee herself used to grace his functions.

 MPS Greenery Developers

Pramatha Nath Manna

I am a farmer and I have hardly any time to give interviews. Contact me after a week or else talk to my media advisor Raja Banerjee," and the mobile connection snapped. That was Pramatha Nath Manna, CMD of MPS Group. Manna comes from a well-heeled rural family of east Midnapore, a stronghold of the Trinamool Congress. Sometime in 1990, Manna came in contact with agro-scientist GB Manna of Bidhanchandra Krishi Viswavidyalaya. He urged the MPS group chief to enter organic farming.

Around 1994, Manna bought around 500 acres in Jhargram to start farming ventures. MPS started producing organic fruits and vegetables, milk, anti-biotic free fish and chicken, eggs, mutton and different non-GMO farm products. Today MPS has 10 companies within its fold.

Around 1999, MPS got involved in a collective investment scheme (CIS) and applied for a licence in March, 2000. MPS claims that Sebi did not issue a licence, and the firm went to court. After a long, legal fight, it gave out a provisional licence.

"MPS group is mopping up funds under the CIS scheme according to a court order and the group has been regular in its payments. The CIS scheme is run by MPS Greenery Developers Ltd, the parent company of the group," said media advisor Raja Banerjee.

The 50-year old Manna's entry into the resorts business also has a history. Initially, a few cottages were built on the land in Jhargram, to house its employees. Later, Manna realised that tourists might like the place. Today MPS Resorts & Hotels can accomodate 300 people.

MPS now has offices in Mumbai, Bangalore, Guwahati and other locations in India. These offices have been bought by Manna. "He is a workaholic and never relaxes. If there is a bandh in Kolkata, he will fly to Bangalore a day before so that not a single day is lost," says Banerjee.

After the collapse of Saradha, MPS has scrambled to contain the fallout with large advertisements in Bangla papers. These claim an unaudited turnover in 2012-13 of `1,223 crore and a profit of `67 crore. It is supposed to have assets of `4,550 crore and a liability of `1,810 crore. Said Banerjee, "Our assets are 2.5 times our liabilities, so why should we worry?

i-Core E-Sevices

Anukul Maiti 

In 2010, when Mercedes launched its SUVs in India, the first person to buy it was in Bengal: Anukul Maiti, chairman and managing director of iCore group.

Maiti chose an iridium silver Mercedes GL 350 CDI, shelling out a staggering Rs 72.66 lakh. But that wasn't his first set of luxury wheels. He would barrel down highways in a Toyota Land Cruiser Prado. Maiti also owns a top of the line BMW 7 series sedan, a Tata Safari, a Maruti Swift and a Tata Indigo.

Maiti's employees, most of who are agents for iCore's collective investment schemes, recall seeing him alight from expensive cars. But of the man himself, they have very little to say.

To track him down, as many of his depositors might want to do too, ET tried to reach him at his office, in central Kolkata's Rafi Ahmed Kidwai Road. We were rebuffed at the gate by security personnel.

"Nobody is here," said the guards. "Everyone has gone out for meetings. Please come on some other day."

When we wanted to meet the other directors of the company, Kanika Maiti, Radheshyam Giri, Chandan Dey or Swapan Roy, the guards said they were unavailable.

Maiti started his career selling fast moving consumer goods and financial products. In 2007, he started iCore with the financial support from his wife, family and friends.

In a remarkable burst of diversification, in six years he expanded into iron and steel, cement, housing finance, apparel, jewellery, retail, mobiles, paint and even toothpaste and toothbrush manufacturing. By 2012, Maiti had roped in celebrities like Jaya Prada, Mahima Chaudhry,Karishma Kapoor and sportsmen like Baichung Bhutia and Harbhajan Singh to endorse his brands. In October 2010, Maiti said at a press conference that iCore would make a public offer of equity to raise Rs 500 crore. This was after the great crash of 2009 and the market for IPOs was effectively dead. Unsurprisingly, iCore's offer could not hit the market. If he had been able to raise the money, iCore might have launched new FMCG products, apart from steel and cement-making.

Like most money raising companies, Maiti's iCore wanted to venture beyond Bengal: there were plans for cement grinding units in Tripura and Orissa.

Among the group companies are iCore E Services, iCore Gems & Jewellery, Durgapur Cement, Riju Cement, iCore Planet, iCore Iron and Steel, iCore Paints, iCore Housing Finance Corporation, iCore Apparel, Mega Mould India, iCore Super Cement among others.

Maiti was also the vice president of Mohun Bagan between 2008 and 2011. But now, after New Delhi asked the Serious Fraud Investigation Office (SFIO) to start a probe on iCore and other companies suspected of duping investors with money-pooling schemes, the flamboyant Maiti has disappeared from plain sight.

Outside the office, agents of iCore crowd around. "Maiti is answerable to us. We have to face angry depositors. Where is he hiding today?" asks an angry agent.

Sumangal Industries

Subrata Adhikary

Till recently, an ad on Bangla news channels exhorted people to invest their money with a potato marketing scheme. Returns would hinge on the profits from growing, selling and exporting the humble tuber.

The advertisements have disappeared after the collapse of Saradha, but unlike other money market operators,Subrata Adhikarycof Sumangal Industries, is still around, and defiant. "Why should I go away? I have not cheated anyone. My clients and customers are agitated after the Sebi order followed by the Saradha fiasco. They call me at odd hours questioning my activities and schemes," Adhikary told ET.

The Sebi order to stop taking deposits took Sumangal by surprise. "The order barred us from raising money from April 10, 2013. But we got it on April 13. Since we were hanged without being given a chance to argue our case, we decided to file a writ petition in the Calcutta High Court on April 17. I have a legitimate business and intend to grow it further in future," Adhikary said.

The man from Mogra in Hooghly district was always determined to start his own business, even when his savings were a meagre Rs 1 lakh. In 1999, he set up a unit to make car and inverter batteries at the backyard of his Mogra home. Thus was born Adhikary Electro Chemicals. Brothers Somnath and Lakshman joined him soon.

Adhikary wanted to expand his business, but lenders turned him down. Finally, a loan of Rs 18 lakh from the West Bengal Financial Corporation came forth. There was no looking back since then.

In 2010, Sumangal Industries was incorporated to operate as a multi level marketing company. Funds collected were to be invested in existing as well as future projects. Today, Sumangal claims it is a conglomerate of 14 companies dealing with battery, potato, export-import, education, hotel, tourism and healthcare. Its turnover is pegged at Rs 50 crore. Sumangal employs 250 people in 3,300 square feet of office area. The company website gives an insight into its activities. "We have nothing to hide," Adhikary told ET.

http://economictimes.indiatimes.com/news/politics-and-nation/saradha-chit-fund-scam-the-top-five-among-bengals-flourishing-financial-grey-market/articleshow/19773013.cms

Higher Tax Rate for Super Rich Is the Only Remedy, Not Lowering Of Interest Rate To Handle Current Fiscal Crisis

Government will have to impose higher tax rate on Super Rich class of people who have accumulated huge wealth by exploiting poor and middle class families of the country.

Government will have to increase investment in productive projects and decrease spending on consumption. GOI will have to increase investment to increase real employment opportunities and stop voter friendly policies like MANREGA or Food for Scheme or Mid day meal or distributing gifts to voters on the eve of election.

Government will have to stop focusing on low interest regime which helps only Corporate sector and that to undesirable extent. Due to low interest rate, poor and middle class families do not want to keep their idle money in banks but prefer investing in Gold. Due to poor rate of interest available on deposits made in banks ,  rate of growth in house hold savings comes down and investment capacity of the government and the bank to invest in productive projects or lend for manufacturing or farm sector is adversely affected  .

NOT only this, tendency of poor and middle class as also that of rich and super rich class  to invest more in  gold unnecessarily inflates demand of Gold and also give rise to unwarranted rise in  import of gold. More and more investment in Gold not only affects bank's deposit base but also causes deficit  trade balance and inflates current account deficit of the country.

Further rise in prices of land is caused by enhanced investment in land by common men as also by rich men instead of keeping money in banks. This give rise to rise in price of land, houses and ready made flats which again affects the purchasing capacity of common men. To add fuel to fire, Government has given all tax concessions to real estate builders to boost up demand of houses and thus helped builders to increase the prices of flats to undesirable and unreasonably higher extent. 

As such it is necessary for GOI to revisit the policy of reformation, withdraw stimulus packages allowed in the name of global recession in the year 2008 and 2009 and make all economic policies friendly to common men and at the same time giving all encouragement to those who are real businessmen, who believes in regulated and reasonable price and who do not exploit common men only because they enjoy monopoly of business. 

GOI will have to force super rich to contribute more and more for poor and common men and to contribute in social welfare scheme. At the same time politicians will have to stop exploiting corporate , rich and super rich class in the name of election and at the same time gear up administrative machinery to clear the pending projects in shortest time frame.

GOI will have to adopt Uniform Interest Rate regime as was prevalent before launch of reformation era in the year 1991.Unwarranted competition in interest rate structures among 28 nationalized banks which are daughters of the same government must be stopped in the interest of  the bank and the country as a whole.

Transfer of business from one bank to other results in profit to one strong bank and  loss to some other weak bank . After all they all banks are organs of the country and they should be dictated and governed by same set of policies. 

Unwarranted war on interest rate among government banks results in loss of some banks and profit to other banks and ultimately affects the income of investors and depositors of some bank or the other. Focus of bank is centered on earning profit by competing in interest rate and not on increasing quality of their asset base and quality of theri service standards which are prime requirement for the growth of the country.

4 JAN, 2013, 06.43AM IST, DEEPSHIKHA SIKARWAR & T K ARUN,ET BUREAU 

Tax the super-rich at a higher rate: C Rangarajan, PMEAC chairman

NEW DELHI: C Rangarajan, a key economic advisor to Prime Minister Manmohan Singh, has said the government could consider imposing a marginal taxrate higher than the current 30% on those with "substantially higher income", becoming the first Indian policymaker to contemplate higher taxes after the US raised taxes on the wealthy for the first time in two decades.

"We must debate unconventional ideas. Fiscal deficitcannot be contained by curbing expenditure alone; we must raise revenue as well. We have to think of not just administering existing taxes better, but also of new ones. Why can't we think of having a rate of tax higher than the current peak of 30% on substantially higher incomes?" Rangarajan told ET in an interview.


The veteran economist, a former RBI governor, also called for rethinking the current policy under which dividends were tax-free in the hands of investors, though companies pay a dividend distribution tax of 16%. In the conversation with this paper, Rangarajan questioned the logic of taxing dividends at a rate lower than the top marginal tax rate.

But these leaps of taxing innovation, he cautioned, will have to wait till sentiment has revived and the economy has resumed its growth momentum. "I am not saying that we should rush in as sentiment is just now picking up, and we should not create a situation where what we have gained is lost. But at the same time, we need to look at the various possibilities of raising revenues," he said.

India taxes income at three rates - 10%, 20% and 30% - though the actual top rate is higher, at around 33%, due to various surcharges. These rates were fixed in 1997 by Finance Minister P Chidambaram, who held the portfolio at the time.

At a lecture to honour Raja Chelliah, a function presided over by Rangarajan, Chidambaram called for a debate on inheritance tax.

Earlier this week, the US Congress voted for raising taxes on rich Americans, as part of the resolution of the crisis over the so-called fiscal cliff. The US legislation raises taxes on individuals earning more than $400,000 per year, and on couples earning more than $450,000.

http://economictimes.indiatimes.com/news/economy/policy/tax-the-super-rich-at-a-higher-rate-c-rangarajan-pmeac-chairman/articleshow/17878163.cms

Is FDI Only Solution to India's Fiscal Problems? What Caused Fiscal Problems?

देसी दौलत लूटेंगे विदेशी

।।अतुल कुमार अंजान।।
(लेखक भाकपा नेता हैं)  ( collected from Hindi daily  newspaper 'Prabhat Khabar' 6th Oct. 2012)
यूपीए -2 सरकार सत्ता में आने के बाद से ही अपने पहले दौर के आर्थिक सुधारों को समय-समय पर लागू करती एवं आगे बढ़ाती रही है. अपनी हर नयी नीति को वह जनपक्षीय बताती रही है. साथ ही यह गारंटी भी देती रही है कि यह आमजन के हित में होगा, मुद्रास्फीति को कम करने के साथ-साथ महंगाई पर भी लगाम लगायेगा.

लोकलुभावन वादे के तहत यह भी कहा जाता रहा है कि इस विकास की छलांग लंबी होगी और युवाओं के लिए रोजगार के नये व असीमित साधन सामने आयेंगे. लेकिन यूपीए-1 और यूपीए-2 सरकार के समूचे कार्यकाल में रोजगार के अवसर बढ़े हैं या घटे हैं? आकलन करने पर पता चलता है कि संगठित व असंगठित, दोनों ही क्षेत्रों में आर्थिक सुधारों के नाम पर जो नीतियां लागू की गयीं, उससे काम पर लगे लाखों लोगों को बाहर का ही रास्ता दिखाया गया.

नवउदारवादी आर्थिक नीतियों के चलते साढ़े तीन लाख से ज्यादा छोट-मंझोले उद्योग बंद हो गये हैं. दिल्ली से कोलकाता जाते वक्त रेल की पटरियों के दोनों ओर पहले जिन चिमनियों से धुआं निकलता दिखता था, अब वहां की राख ठंडी हो गयी है. अर्थव्यवस्था में तथाकथित उछाल और 8 फीसदी विकास दर के बाद भी देश में भूखे सोने वालों की तादाद क्या कम हुई है? आखिर क्या कारण है कि 8 फीसदी विकास दर हासिल करने के बाद भी दुनिया के आधे भूखे भारत में हैं और ये बिना खाये सोने को मजबूर हैं. आधे भूखे लोग दुनिया के 204 देशों में सोते हैं. खून की कमी की शिकार दुनिया की 43 फीसदी महिलाएं भारत में ही हैं. संयुक्त राष्ट्र की रिपोर्ट के अनुसार दुनिया के कुपोषित बच्चों का 45 फीसदी से अधिक हिस्सा भारत में है. जिन देशों की विकास दर दो फीसदी है, वहां की आधी आबादी भूखी और कुपोषित बच्चों की विशालतम संख्या लिये नहीं है. यहीं मूल प्रश्न उठता है कि यह विकास किसका और किसके लिए है?

डॉ मनमोहन सिंह की आर्थिक नीतियों से देश के 12 करोड़ अभिजात्य वर्ग के लोग थोड़ा-बहुत आनंद उठा रहे हैं. उनके लिए महंगाई मुख्य समस्या नहीं है. प्रधानमंत्री 17 बार देश को आश्वासन दे चुके हैं कि सरकार महंगाई रोकेगी. विगत 15 अगस्त को लालकिले से प्रधानमंत्री ने कहा था कि कुछ ही दिनों में महंगाई रुक जायेगी. लेकिन एक महीने बाद ही महंगाई को नयी बुलंदी पर पहुंचा दिया गया. डीजल के दाम पांच रुपये लीटर बढ़ने और एलपीजी गैस पर से सब्सिडी वापस लेने से खानपान की दैनिक आवश्यकताओं की कीमत 15-20 फीसदी बढ़ गयी है. राजधानी दिल्ली में पिछले एक हफ्ते में आलू 15 रुपये प्रतिकिलो से बढ़ कर 28 रुपये पर पहुंच गया है. प्रधानमंत्री मनमोहन सिंह के दावों का क्या हुआ?

विदेशी कंपनियां बीमा क्षेत्र व पेंशन की दौलत को लूट ले जायेंगी. लेकिन यह कहा जा रहा है कि इससे रोजगार के नये अवसर पैदा होंगे. अभी बीमा क्षेत्र से अजिर्त धन भारत की विकास योजनाओं में लगता है. सार्वजनिक क्षेत्र की बीमा कंपनियां धन संग्रह कर उसे योजना आयोग को देती हैं, जिसे ग्रामीण व बुनियादी विकास की योजनाओं पर खर्च किया जाता है. अकेले स्वच्छ जल की व्यवस्था के लिए गांवों-शहरों में ऊंची-ऊंची टंकियों के निर्माण में 80 फीसदी धन एलआइसी का लगा हुआ है. विदेशी बीमा कंपनी व विनिवेश से आया धन देश को शुद्ध पानी पिलायेगा या अपना मुनाफा कामयेगा? इस सीधे प्रश्न का जवाब अर्थव्यवस्था के लंपटीकरण के लिए जिम्मेवार सोनिया गांधी और मनमोहन सिंह को देना ही चाहिए.

जिंदगीभर नौकरी कर पैसा बचा कर अपनी बेटी की शादी करने या रहने के लिए मकान बनाने या वृद्धावस्था में आर्थिक सहारे को सुनिश्चित करने के लिए जिंदगी भर अपनी आवश्यकताओं को काट-काट कर पेंशन राशि जोड़ने वाले पेंशनधारकों के पैसे को विदेशी कंपनियों को देने का अधिकार मनमोहन व सोनिया को कैसे प्राप्त हो गया? पेंशनधारकों का पैसा शेयर बाजार, जुआघर में विदेशी कंपनियों द्वारा लगाये जाने के बाद हुए नुकसान की जिम्मेवारी क्या सरकार लेगी? क्या सौ रुपये की पेंशन की राशि पर प्रति वर्ष 115 रुपये देने का वादी मनमोहन सिंह की यूपीए सरकार करेगी? इस गरीब देश में परदेशी दौलत को देशी दौलत लूटने का अधिकार यूपीए सरकार क्यों देना चाहती है? दावे हो रहे हैं कि इससे देश विकसित हो जायेगा, पर जब प्रधानमंत्री सात साल में महंगाई को रोक नहीं सके, तो अब उन पर कैसे भरोसा किया जाये? अब तो
यही कहेंगे-
बड़ी-बड़ी बातों के चक्कर में छोटी भी गयी.
पतलून की चाहत में लंगोटी भी गयी.

http://www.prabhatkhabar.com/node/215130

सुधार के ये कदम काफी नहीं

।।प्रो अरविंद मोहन।।
(लेखक अर्थशास्त्री हैं)
मौजूदा यूपीए सरकार राजनीतिक दलों के विरोध को दरकिनार कर जिस प्रकार आर्थिक सुधार के फैसले ले रही है, उससे साफ जाहिर होता है कि अब सरकार के पास आर्थिक विकास दर को आगे बढ़ाने के दूसरे विकल्प नहीं रह गये है. लेकिन महत्वपूर्ण सवाल यह है कि क्या इन फैसलों से अर्थव्यवस्था पटरी पर लौट आयेगी? जवाब है, फिलहाल ऐसा नहीं लगता. अगर ये फैसले दो साल पहले लिये गये होते, तो आज अर्थव्यवस्था की स्थिति ऐसी नहीं होती. मसलन, विमानन क्षेत्र में अगर सरकार पहले ही विदेशी पूंजी की इजाजत दे देती, तो आज इस क्षेत्र की स्थिति खराब नहीं होती. अब अत्यंत खराब माली हालत वाली विमानन कंपनियों में शायद ही कोई विदेशी निवेशक निवेश करना चाहेगा.

सरकार की गलत नीतियों के कारण जब अर्थव्यवस्था की बुनियाद ही कमजोर हो जाये, तो केवल विदेशी पूंजी के सहारे इसे दुरुस्त नहीं किया जा सकता है. देश की आर्थिक स्थिति सुधारने के लिए बड़े पैमाने पर सुधार करने की जरूरत है. राजस्व और मौद्रिक नीति को सख्त बनाना जरूरी है. पिछले कुछ वर्षो से भ्रष्टाचार के मामले लगातार सामने आने के कारण सरकार नीतिगत फैसले लेने में शिथिल पड़ गयी थी. इन्फ्रास्ट्रक्चर की कई योजनाएं पूंजी के अभाव में लटक गयीं. बिजली, सड़क, बंदरगाह के विकास थम से गये. भ्रष्टाचार बढ़ने और नीतिगत स्तर पर ठहराव के कारण घरेलू और विदेशी निवेशकों का भरोसा कम होने लगा. हालात ऐसे हो गये कि वैश्विक स्तर पर खराब आर्थिक स्थिति के बावजूद विदेशी निवेशक भारतीय बाजार से पैसा निकालने लगे, जबकि भारत का बाजार इतना बड़ा है कि यहां मंदी के दौरान भी काफी संभावना थी. इस तरह जब सरकार के सामने आर्थिक और राजनीतिक मोर्चे पर विकल्प सीमित हो गये, तो उसने अपनी छवि बेहतर करने के लिए कड़े फैसले लेने का निर्णय किया.

इन फैसलों के कारण राजनीतिक भी हैं और आर्थिक भी. फैसलों के राजनीतिक होने का अंदाजा प्रधानमंत्री के उस बयान से लगाया जा सकता है, जिसमें उन्होंने कहा कि वे लड़ते हुए जाना पसंद करेंगे. अगर प्रधानमंत्री को लड़ते हुए ही जाना था, तो ऐसे फैसले पहले ही ले लेने से उन्हें किसने रोका था? आर्थिक मोर्चे पर लगातार खराब होते हालात के बाद पहले रिटेल में और अब बीमा और पेंशन क्षेत्र में एफडीआइ की सीमा को बढ़ाने का फैसला कर सरकार ने संदेश देने की कोशिश की है कि वह आर्थिक सुधार के नये उपायों को लागू करने से अब पीछे नहीं हटने वाली है. यह वही सरकार है, जो अपने सहयोगियों के विरोध को देखते हुए ऐसे फैसले पर आगे नहीं बढ़ पा रही थी. विरोध खास कर बीमा, रिटेल और पेंशन में एफडीआइ को लेकर था, लेकिन विकास योजनाओं को आगे बढ़ाने से किसी राजनीतिक दल को ऐतराज नहीं था.

अर्थव्यवस्था के पटरी से उतरने का कारण है भ्रष्टाचार के मामलों का उजागर होना, नीतिगत स्तर अनिर्णय की स्थिति और सरकार के खर्चो में बेतहाशा वृद्धि. इसी बीच वैश्विक आर्थिक मंदी का असर गहराया, जिसने भारतीय अर्थव्यवस्था को भी अपनी चपेट में ले लिया. आर्थिक विकास की दर गिरने से मनमोहन सिंह के आर्थिक प्रबंधन और छवि पर प्रतिकूल असर पड़ रहा था. मध्यवर्ग पहले ही महंगाई के कारण यूपीए सरकार से नाखुश है. इस बीच विकास दर गिरने के साथ नौकरियों के सीमित होने के कारण मध्यवर्ग के सपनों पर चोट पहुंचने लगी. 2009 के आम चुनावों में कांग्रेस को मध्यवर्ग का बड़ा समर्थन हासिल हुआ था. ऐसे में मध्यवर्ग के बढ़ते असंतोष को कम करने के लिए मनमोहन सिंह और कांग्रेस के सामने आर्थिक सुधार को आगे बढ़ाने के अलावा कोई विकल्प नहीं बचा था.

2009 के आम चुनाव में यूपीए को जैसा जनादेश मिला था, उससे उम्मीद थी कि सरकार यूपीए-1 की गलतियों से सबक लेते हुए सभी मोर्चो पर बेहतर प्रदर्शन करेगी और नीतियों के क्रियान्वयन में तेजी आयेगी. लेकिन बीते तीन वर्षो में नीतियों के स्तर पर सरकार दिशाहीन व असहाय दिखी. समय के साथ यह स्थिति और भी खराब होती गयी. यूपीए सरकार की दूसरी पारी का आर्थिक और राजनीतिक, दोनों स्तरों पर प्रदर्शन निराशाजनक रहा है. मनमोहन सिंह को देश में आर्थिक सुधार करने का श्रेय दिया जाता है. उनकी सरकार को दूसरी बार मिले जनादेश में वामदलों के समर्थन की जरूरत नहीं रह गयी, जो आर्थिक सुधारों को आगे बढ़ाने के कई कदमों का विरोध कर रहे थे. लेकिन यूपीए-2 सरकार का प्रदर्शन पहले से भी खराब हो गया.

दूसरे कार्यकाल में यूपीए सरकार के आर्थिक कुप्रबंधन के कारण अर्थव्यवस्था की स्थिति बिगड़ गयी और विकास दर को दोहरे अंक में ले जाने का सपना कहीं गुम हो गया. आर्थिक स्तर पर सरकार की दिशाहीनता के कारण गवर्नेस प्रभावित हुआ. जब हालात हाथ से निकलने लगे तो सरकार ने मजबूरी में आर्थिक सुधार के फैसले लेने में तेजी दिखायी.

जिस प्रकार 1991 में आर्थिक हालात खराब होने के बाद मजबूरी में आर्थिक सुधार की नीतियां लागू की गयीं, उसी प्रकार मौजूदा फैसला भी मजबूरी का परिणाम है. इन फैसलों पर अमल कितना आगे बढ़ पायेगा, यह गुजरात और हिमाचल प्रदेश में इसी साल हो रहे विधानसभा चुनावों के नतीजों से तय होगा. इन्हीं नतीजों से यूपीए सरकार के कार्यकाल का निर्धारण भी होगा. रिटेल की तरह बीमा और पेंशन क्षेत्र में एफडीआइ की सीमा बढ़ाये जाने का विरोध भाजपा शायद नहीं करेगी, क्योंकि भाजपा के नेतृत्व वाली एनडीए सरकार ने ही इन क्षेत्रों में 26 फीसदी एफडीआइ की इजाजत दी थी. भाजपा सुधार विरोधी पार्टी के तौर पर नहीं दिखना चाहेगी, क्योंकि पार्टी ऐसा करेगी तो मध्यवर्ग के बड़े तबके का समर्थन खो सकती है. भारत में बीमा और पेंशन के क्षेत्र में विस्तार की काफी संभावनाएं हैं. विदेशी पूंजी निवेश की सीमा बढ़ाने से इस क्षेत्र में बड़े पैमाने पर पूंजी निवेश होगा और लोगों के लिए रोजगार के नये अवसर सामने आयेंगे. निवेशकों में भारतीय बाजार के प्रति भरोसा बढ़ेगा.

लेकिन केवल विदेशी पूंजी निवेश से ही आर्थिक हालात नहीं सुधरेंगे. हालात बदलने के लिए संस्थागत खामियों को दूर करना होगा, गवर्नेस को पारदर्शी बनाना होगा. बीमा और पेंशन में एफडीआइ की सीमा बढ़ाने के अलावा सरकार को इन्फ्रास्ट्रक्चर योजनाओं पर तेजी से अमल करना होगा. इससे दूसरे क्षेत्रों में भी रौनक लौटेगी, जो अर्थव्यवस्था की सेहत के लिए फायदेमंद होगा.

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Manmohan Style Reformation

New definition of REFORMATION as advocated and propagated by learned Prime Minister Mr. Manmohan Singh, learned Finance Minister Mr. Chidambram and their followers in RBI and in government is nothing but inviting foreigners to save Indian economy. Since 1991 learned economists of this country like Manmohan Singh could not solve the issue of financial crisis said to be created by Pre-1990 governments are now depending on foreigners to solve the same financial crisis aggravated by so called reformists during last two decades.

It is ironical that responsibility of treatment and rejuvenation of Indian sick economy has been given to those foreigners who have completely damaged the economic health of their own countries. Foreign destructors have become protectors of Indian economy in the eyes of Indian reformists. USA and European countries are themselves in acute financial crisis but they are good in the eyes of Indian politicians. Reformation in its new Awtar is nothing but foreign investment in India and giving all freedom to corporate houses and imposing all restrictions on Indian common men.Now India has to accept FDI oriented Indian economy as desired by Manmohan singh led UPA government.

Students who have chosen the Economic, political science, human science or social welfare or public administration or financial management as prime subject, they should know the new meaning of reformation propagated by Manmohan Singh led UPA government. Students should take class from Manmohan Singh to learn more about reformation and understand the greater dimension of reformation as defined by economist Manmohan Singh. Students should read the newspaper ‘Economic Times’ daily to read their definition of Reformation. Reformation means growth of capitalism and giving keys of all treasuries to corporate houses and foreigners.

Click on following link to read more

http://jaindanendra.blogspot.in/2012/10/manmohan-style-reformation.html

Total Wealth of Top 100 Rich people

Forbes list of Indian billionaires is based on an annual assessment of wealth and assets compiled and published by Forbes magazine on March 2012.

India currently has 48 "US dollar billionaires" after United States, China and Russia whose (individuals with a total net worth of one billion dollars and above), accounts for roughly 4.5% of the global total of 1,226 billionaires across the six continents.

One billion dollars means roughly 50 billion rupees and that means 5000 crore rupees. 

Total wealth of top 100 rich persons comes to 246 billion US Dollars and that means top 100 riches persons of India has total wealth of 

246  X Rs.5000 crores  =  Rs.12 30 000 crores. I f we add the volume of black money parked in domestic and foreign banks , the total value of wealth will be many times more.

Above is outcome of Policy of Reformation propagated by Economist Dr. Manmohan Singh and his Government.

If we consider the total wealth of top hundred companies /corporate houses I think the figure will be more voluminous and unimaginable. 

It is believed that Top 100 of Indian population has accumulated wealth equivalent to more than 99.99 percent of total wealth of India.

India is still called as socialistic secular sovereign republic 

Will anyone of you list the benefits given to poor and middle class in the tenure of Manmohan Singh and how the same is more than what was available to them before 1991

Chandra Sekhar ex- Prime Minister of India has been accused of selling Gold in the year 1990 to save the image of the country. There is no doubt in it that the cause of fiscal crisis and current account deficit   which erupted during the tenure of Chandra Sekhar was not created during his four month rule but the outcome of faulty policies of preceding government only.

Manmohan Singh appeared then as Awtar of God to save the economy by introducing policy of reformation.

After two decades of his reformatory rule in India  , same Manmohan Singh is now constrained to sell landed property to save the economy, forced to sell the public sector undertakings in the name of disinvestment, forced to reduce subsidy on fuel and fertilizers and lastly forced to go for begging Foreign direct investment (FDI)

During the time of Chandra Sekhar, gold was sold and common men was not forced to suffer the pain caused by price rise. 

During the regime of Manmohan Singh called as Doctor in economics and called as number one economist in the world , India is selling land and industries and even then not getting fund to subsidise fuel and fertilizers given to common men.

India has become now number one beggar.......................almost bankrupt and selling age old assets to survive.

Now you have to decide the future ------------------------

A poor person in India sells his land, gold and other valuable assets only when he is unable to survive otherwise. Now the great country India is selling land, old assets and valuables to survive.

A poor man in financial crisis beg help from neighbours, friends and relatives. Similarly India is begging help from foreigners , India needs help of FDI for development of infrastructure, growth of insurance sector, for growth of stock market, for growth of aviation sector and what not . India needs help of Foreigners to boost up retail market. 

India expects foreigners will construct cold storage to store even farm produce and will also in developing retail chain to make the product cheaper  which domestic companies in view of Manmohan Singh cannot do.

FDI is panacea for all diseases India is suffering.It appears the freedom fighters committed blunder by removing British rule from India. When India cannot survive without the help of foreigners, it is the view of Manmohan Singh and his government to recall foreigners.

Are you still proud of being an Indian and that too under the leadership of Manmohan Singh?

Are secularism and capitalism permanent solution to India's economic problems?

Is it not foolish and as good as wondering in dreamland that India is expecting FDI to solve  Indian problems and hence asking for help from foreign countries who themselves are facing more acute financial crisis?

Is political and administrative Corruption  the real root cause of all sickness?

This 26th year of tracking global wealth was one to remember, with an all-time high . The 2011 Forbes Billionaires List breaks two records: total number of listees (1,226) and combined wealth ($4.6 trillion). This horde surpasses the gross domestic product of Germany, one of only six nations to have fewer billionaires this year.

Here’s the 2012 top-10 Billionaires in India:

No.1 Mukesh Ambani

Net Worth: $22.3 Billion – As of March 2012

Source: Petrochemicals, oil & gas, inherited and growing
Age: 54 , Citizenship: India

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No.2 Lakshmi Mittal

Net Worth:$20.7 Billion -  As of March 2012

Source: Steel, inherited and growing
Age:61 , Citizenship: India

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No.3 Azim Premji

Net Worth: $15.9 Billion As of March 2012

Source: Software, inherited and growing
Age: 66 , Citizenship: India

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No.4 Savitri Jindal & family

Net Worth: $10.9 Billion – As of March 2012

Source: Steel, inherited
Age: 62 , Citizenship: India

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No.5 Sunil Mittal & family

Net Worth: $8.1 Billion As of March 2012

Source: Telecom, self-made
Age: 54 , Citizenship: India

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No.6 Kumar Birla

Net Worth:$8 Billion – As of March 2012

Source: Commodities, inherited and growing
Age: 44 , Citizenship: India

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No.7 Anil Ambani

Net Worth: $7.8 Billion – As of March 2012

Source: Diversified, inherited and growing
Age: 52 , Citizenship: India

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No.8 Dilip Shanghvi

Net Worth: $7.4 Billion – As of March 2012

Source: Pharmaceuticals, self-made
Age: 56, Citizenship: India

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No.9 Shashi & Ravi Ruia

Net Worth:$7 Billion – As of March 2012

Source: Diversified, inherited and growing
Age: 68, Citizenship: India

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No.10 Kushal Pal Singh

Net Worth: $6.4 Billion – As of March 2012

Source: Real estate
Age: 80 , Citizenship: India

Top Richest Person in India

Last updated on: February 7, 2012

Richest in India

1. Lakshmi Mittal 31.10
2. Mukesh Ambani 27.00
3. Azim Premji 16.80
4. Ravi Ruia 15.80
5. Savitri Jindal & family 13.20
6. Gautam Adani 10
7. Kumar Mangalam Birla 9.2
8. Anil Ambani 8.80
9. Sunil Mittal & family 8.30
10. Adi Godrej & family 7.30
11. Kushal Pal Singh 7.30
12. Anil Agarwal 6.40
13. Dilip Shanghvi 6.10
14. Shiv Nadar 5.60
15. Shivinder Singh and Malvinder Singh 4.10
16. Kalanidhi Maran 3.50
17. Uday Kotak 3.20
18. Micky Jagtiani 3.00
19. Subhash Chandra Goel & family 2.90
20. Pankaj Patel 2.60
21. Indu Jain 2.60
22. G.M. Rao 2.60
23. Cyrus Poonawalla 2.30
24. Rajan Raheja & family 2.20
25. Desh Bandhu Gupta 2.10
26. N.R. Narayana Murthy & family 2.00
27. Gautam Thapar 2.00
28. Sudhir & Samir Mehta 2.00
29. Aloke Lohia 2.00
30. Venugopal Dhoot 1.90
31. Chandru Raheja 1.90
32. Nandan Nilekani & family 1.80
33. Ajay Kalsi 1.70
34. Rahul Bajaj 1.60
35. Senapathy Gopalakrishnan & family 1.60
36. Brijmohan Lall Munjal 1.50
37. Kallam Anji Reddy 1.50
38. Vijay Mallya 1.40
39. Ajay Piramal 1.40
40. Baba Kalyani 1.30
41. R. P. Goenka 1.30
42. Rakesh Jhunjhunwala 1.20
43. K. Dinesh & family 1.20
44. Rakesh Jhunjhunwala 1.20
45. Brij Bhushan Singal 1.20
46. Yusuf Hamied & family 1.10
47. S.D. Shibulal 1.10
48. Bhupendra Kumar Modi 1.10
49. Mangal Prabhat Lodha 1.10
50. Ramesh Chandra 1.00

Top 50 Richest Person in India - List of Forbes World Billionaires 2011

Forbes released its annual list of the world's wealthiest people, and now the nearly 7 billion of us who aren't on it are searching for it.

No. 1 on the list is Carlos Slim, the Mexican telecommunications magnate who's worth an estimated $74 billion. Slim beat out Bill Gates, No. 2 on the list at $56 billion, by a fat margin after his wealth grew by more than one-third last year. Perennial Top 10-er Warren Buffett appears at No. 3 with $50 billion of worth; and the richest woman, Christy Walton of the Wal-Mart empire, comes in at No. 10.

The number of billionaires in the world is up by 200 from last year to 1,210, with a combined wealth of $4.5 trillion.

And, of course, with $1 billion being cool and all, six members of the Facebook management clan made the list, including Mark Zuckerberg at No. 52.

Steel tycoon Lakshmi Mittal and Reliance chairman Mukesh Ambani were counted among the world's ten richest persons as 50 Indians made it to the Forbes list of World Billionaires 2011.

Here is a complete list of Indian billionaires in order of India Rank, World Rank, Name, Net Worth, Age, Source:

Top 50 Richest Person in India - List of Forbes World Billionaires 2011

1.. 6 Lakshmi Mittal $31.1 B 60 Steel
2.. 9 Mukesh Ambani $27 B 53 petrochemicals, oil & gas
3.. 36 Azim Premji $16.8 B 65 Software
4.. 42 Shashi & Ravi Ruia $15.8 B 67 Diversified
5.. 56 Savitri Jindal & family $13.2 B 60 Steel
6.. 81 Gautam Adani $10 B 48 commodities, infrastructure
7.. 97 Kumar Birla $9.2 B 43 commodities
8.. 103 Anil Ambani $8.8 B 51 Diversified
9.. 110 Sunil Mittal & family $8.3 B 53 telecom
10. 130 Adi Godrej & family $7.3 B 68 Diversified
11. 130 Kushal Pal Singh $7.3 B 79 real estate
12. 154 Anil Agarwal $6.4 B 57 mining, metals
13. 159 Dilip Shanghvi $6.1 B 55 pharmaceuticals
14. 182 Shiv Nadar $5.6 B 65 Information technology
15. 265 Malvinder & Shivinder Singh $4.1 B 38 healthcare
16. 310 Kalanithi Maran $3.5 B 45 media
17. 347 Uday Kotak $3.2 B 51 banking
18. 376 Micky Jagtiani $3 B 59 Retail
19. 393 Subhash Chandra & family $2.9 B 60 media
20. 440 Pankaj Patel $2.6 B 57 pharmaceuticals
21. 440 Indu Jain $2.6 B 74 media
22. 440 G. M. Rao $2.6 B 60 infrastructure
23. 512 Cyrus Poonawalla $2.3 B 69 biotech
24. 540 Rajan Raheja & family $2.2 B 56 Diversified
25. 564 Desh Bandhu Gupta $2.1 B 73 pharmaceuticals
26. 595 N.R. Narayana Murthy & family $2 B 64 Software
27. 595 Gautam Thapar $2 B 50 engineering, paper
28. 595 Sudhir & Samir Mehta $2 B 56 Diversified
29. 595 Aloke Lohia $2 B 52 chemicals
30. 651 Venugopal Dhoot $1.9 B 59 electronics
31. 651 Chandru Raheja $1.9 B 70 real estate
32. 692 Nandan Nilekani & family $1.8 B 55 Software
33. 736 Ajay Kalsi $1.7 B N/A oil
34. 782 Rahul Bajaj $1.6 B 72 motorcycles
35. 782 Senapathy Gopalakrishnan & family $1.6 B 55 Software
36. 833 Brijmohan Lall Munjal $1.5 B 87 motorcycles
37. 833 K. Anji Reddy $1.5 B 69 pharmaceuticals
38. 879 Vijay Mallya $1.4 B 55 liquor
39. 879 Ajay Piramal $1.4 B 55 pharmaceuticals
40. 879 Vikas Oberoi $1.4 B 40 real estate
41. 938 Baba Kalyani $1.3 B 62 Engineering
42. 938 Rama Prasad Goenka $1.3 B 81 Diversified
43. 993 Keshub Mahindra $1.2 B 87 Diversified
44. 993 K Dinesh & family $1.2 B 56 Software
45. 993 Rakesh Jhunjhunwala $1.2 B 50 Investments
46. 993 Brij Bhushan Singal $1.2 B 74 Steel
47. 1057 Yusuf Hamied & family $1.1 B 74 Pharmceuticals
48. 1057 S.D. Shibulal & family $1.1 B 56 Software
49. 1057 Bhupendra Kumar Modi $1.1 B 62 telecom
50. 1057 Mangal Prabhat Lodha $1.1 B 55 real estate