BJP argues: Businesses Not the Top Beneficiaries of Black Money Economy in India

All through the Lok Sabha Elections 2014 campaign, BJP Leaders and their key supporters kept beating the issue of Black money in Foreign banks. The experts kept reminding them that most of the black money is within India. But since, the Black money in Foreign banks pitch suited BJP more than accepting the fact that most of the money unaccounted for is within India, it kept raking the Black money in Swiss Bank and elsewhere. There’s a reason why Black money within India is of least interest to the BJP. The reason is that most of the black money within India is with Businesses and Corporates, who traditionally are the supporters of the BJP. That said, BJP received so much mileage out of black money in Foreign banks, that it didn’t shy away from even making unrealistic promises. Such as, when in power BJP will get the Black money back in India within a week. Experts reminded us that it’s not possible. But such was the force of that promise, that many took it as a truth.

After coming to power, that too with a majority, the BJP is finding it hard to fulfill that promise. Even the Committee made on Black Money is putting its stamp on the wisdom, BJP knew from the very beginning. The Wisdom that : Most of the black money is within the country. This is putting the BJP Spokespersons in a precarious situation — How to defend the pre-poll claims and promises. That’s why they are trying to counter the arguments with ramblings (means  lengthy and confused or inconsequential Talk or writing).

Take for instance, BJP spokesperson Govind Agarwal . In a TV panel debate on Black money yesterday, when the anchor informed Mr. Agarwal that it’s the businesses and corporates within India who benefited most from Black money within the country, Mr. Agarwal quickly diverted that assertion by arguing that it’s not the businesses but the corrupt politicians and bureaucrats who amassed huge unaccounted wealth because of Black money economy within the country.

Unfortunately , Mr. Agarwal is telling a second lie now.

The bureaucrats and politicians are surely the beneficiaries of Black money economy within the country. But they can never be the top beneficiaries. As they are only getting the bribe or the commission . Or they can be non-contractual beneficiaries in some cases. But broadly speaking, they are simply getting some money as a bribe. The businesses are the biggest beneficiaries as  — No person or business will give more than 10 percent as bribe. That too only when it can profit many times more than it gave as a bribe or a commission.

Thus, BJP spokespersons must not skew facts. They must tell their party to take real steps to curb the black money both inside and outside India. They can take time to do that.

This is necessary as Businesses benefiting from Black money economy are also the one’s who practice crony capitalism in India. That’s they amass huge wealth for even their great grand sons, but when it comes to paying their employees, they become tight fisted. Most of the young men and women working in Private sector or unorganised sector are suffering from this crony capitalism.