Showing posts with label bank. Show all posts
Showing posts with label bank. Show all posts

Friday, April 10, 2020

The Worst Human Tragedy


The Worst  Human Tragedy

Irrespective of geographical boundaries and color of skin, the need of the hour is to wage a war against corona with all unanimity and unity in order to avert the worst tragedy in the history of mankind

By Mukesh Sharma



Ramlal Yadav (name changed) who hails from Bihar, has been living in Delhi for 10 years with his family of four dependents-  a wife, two school going daughters and an aged mother. He has been working with a private company, and he is the sole bread winner of the family. On the advice of a property dealer, he raised a loan for rupees seven lakhs from a private financial institution/company  to purchase a 1 BHK flat worth 15 lakh in a private colony.The balance he arranged by selling his land in his village in Bihar and all family silver. Despite the RBI announcement, the loaner has deducted the EMI for the current month and showing the deducted amount as an arrear. The loaner says a loanee can avail of the moratorium for three months as per the RBI guidelines but after three months, one will have pay up all the arrear in one-go. If it remains unpaid, the arrear shall be added to principal amount with compound interest. Ramlal further reveals that his employer who had been facing financial problems even before corona crisis, is unlikely to survive the loss due to lockdown. If the company shut down, Ramlal would be on the road. Further, if the EMI of private financier is not paid on time, he will ‘bleed’ him to death. Uncertain of future, the entire family of Ramlal has been living in fear of ‘Aftermath of Corona’.


The true story of Ramlal could be the story of hundreds of common people struggling to survive the hunger in lockdown


The history wears the witness that the man has weathered many storms in the glorious history of mankind, and , undoubtedly, would also emerge as a ‘Conquerer of Corona’ sooner or later in very near future, but what is more disturbing and dreadful is the aftermath of corona ‘calamity’ which is most likely to end up as Human Tragedy worse than the imaginary details of aftermath of third world war.

Human tragedy


Not to speak of third and fourth world countries, even first and second world countries have come to their knees in the wake of ‘attack’ by the most dreaded and deadliest Corona. 

Sources reveal nearly 17 millions Americans have filed for new claim benefits since the corona outbreak in US. Though the Trump government has offered $ 2.3 trillion stimulus package aimed at helping States, cities and midsize businesses, people contend that it would be rather challenging to cope up with the aftermath situation in post Corona period, particularly, when New York has become another Wuhan, and America has registered the highest number of confirmed Corona positive cases with mounting death toll day in and day out in hundreds and still counting. And Europe is still struggling to come out of Corona ‘carnage’. Future is not only tense but uncertain. It is a war like situation in entire world.


Though the Modi government is being praised for timely decision on lockdown and sealing certain earmarked ‘hotspot’ resulting in slow rise of corona cases, the post corona period shall be a daunting task in India too where unofficially over 35 per cent people are below poverty line. Majority of such people work in unorganized sector – they are daily wage earners. Even those who work with organized private sector, are likely to face layoff as a possible fallout of corona crisis. 

The experts maintain that a huge downfall of GDP around $ 250 billion is expected in India in the wake of corona crisis. Even the Chairman N. Chandrasekaran  of blue chip company like Tata Sons has asked his all group of companies to “conserve cash for 2020-21”.  

Further more, the plight of self-employed small-time businessmen would be pathetic. The most of such people run their business by seeking loans from private banks/institutions. Private banks have enough leeway to tighten the noose around the neck of their customers in the event defaults. Despite the announcement of RBI for three months reprieve to all loanees, the banks are asking the loanees to pay up their EMI failing which the arrear would be added to principal amount with compound interest. Further, after the moratorium period of three months, a loanee must deposit the total outstanding amount in one go. “What kind of relief it is” says a loanee spitefully.“ What netas say they don’t mean it and what they don’t say they mean it.”


Though India has announced a $ 23bn relief package, how the money will reach the needed people, is a big question, particularly, when corruption is inevitable part of working culture of India. Government’s dedicated schemes often fail because of dishonest execution by a few black sheep - the  corrupt government officials who are  hand-in-glove with corrupt netas. It is not easy to root out orchestrated white collar crime in India and that is the reason for huge trust deficit among the Indian populace.


Irrespective of geographical boundaries and color of skin, the need of the hour is to wage a war against corona with all unanimity and unity in order to avert the worst human tragedy in the history of mankind.

Tuesday, October 16, 2018

Self-employed youth – the victims of Justice

Self-employed youth – the victims of Justice
By Mukesh Sharma




It is a fact that only elite political class has been enjoying life in Indian democracy, loaded heavily in favour of netas. Irrespective of caste creed or religion, the most of Indians believe that India is country of the netas, by the netas and for the netas.

While the netas live a king’s life, the poor people wriggle through the devouring problems all the life. Resigned to fate, the people remain at the mercy of some divine providence or the netas.

With all prerogatives and privileges, the netas celebrate Independence day and Republic day with the usual euphoria and exactitude every year. And the fooled people watch all the celebrations on TV channels with the sense of helplessness.

The system is such that once a glib-tongue and street-smart person gets in the politics, and manages to become an MLA or MP, he or she becomes law unto himself or herself. The proverbial long hands of law think ten times before reaching out to these netas even if they are found complicit in some crime. The people contend that these demi-gods are above the law.

On the other hand, the hapless common man who has been struggling from dawn to dusk for his survival for the ages, is a favourite whipping boy. Even the lowest rung government official can kick his ass just for kicks. What is more, this confused common man often falls prey to so-called JUSTICE.

The classic example is the ongoing sealing drive by MCD in Delhi under so-called Supreme Court Monitoring Committee. The properties of innocent self-employed people who have even paid the conversion charges and parking charges against their properties in order to carry out commercial activities for their livelihood, are being targeted and sealed arbitrarily without any notice.

True to their element, the netas of all the political parties are trying to use the predicament of the businessmen to their political advantage. Mud-slinging, slanging match and buck-passing have become the part of debate. While the netas are busy in their squabble, sealing is going on day after day. If the government cannot provide the employment, it has no business to deprive the people of self-employment.

      Over the years, the coaching Institute Business across India has become a giant industry with annual turn-over in thousands of crores, providing direct and indirect employment to thousands of teaching and non-teaching  youths.

Among the famous places for the coaching centres, Mukherji Nagar in north- west Delhi has a distinctive reputation. It is the favourite destination for government job-seekers. The students from all the parts of India throng this place with their cherished dream.

But to the utter surprise of student community at large, the renowned Mukherji Nagar and GTB Nagar stand rather ravaged today in the wake of rampant sealing drive. Hoardings, signboards and bill boards have been pulled down. Furniture and fixtures have been removed from the premises to ward off sealing drive. Obviously, it has put a big question mark not only on the future of self-employed teachers but also on the dreams of hundreds of students.

Dejected and disenchanted these hordes of self-employed people contend that much touted ‘start-up’ India is just a political gimmick. “At Davos, our Hon’ble PM Modi lays a red carpet for the foreign companies and business tycoons” says  a teacher ruefully. “And here in India Modi’s men are pulling the rug of  the feet of thousand of self-employed youth”. “BJP is a party of talk talks and talk claims. And those who talk by yard, act by inches, deserve to be kicked  by foot” says a student spitefully.

Evidently enough, the self-employed youth of India, who are already overburdened with the propounded GST, Income Tax, Property Tax, Conversion charges, Parking charges and  ever running high commercial electricity bill besides the alleged monthly extortion by the local authorities, are  VICTIM OF ‘JUSTICE’



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