An Important
Challenge ?
Shri Piyush Goyalji , while
speaking recently at the Asian Infrastructure Investment Bank’s Annual Summit ,
said :
“ Infrastructure
creation requires $ 4.5 trillion ( $ 4500 billion ) in investments over the
next 10 years
…. The required funds will be
available and raising it will not be a deterrence…”
Shri Goyal flagged the COST of FINANCE
, as an important challenge
[ source :
At a press meet later , Shri
Goyal said :
India has proposed nine infra
projects to AIIB for funding which will entail an investment of $ 2.4 billion
With AIIB having committed $
1.4 billion worth of projects , India is already the biggest beneficiary of
AIIB ( so , cannot expect much more there ? )
Something just does not sound
right here !
Our need is $ 450 BILLION per year ( year after year
for next 10 years ), and here we are begging AIIB for $ 2.4 billion
!
Incidentally , according to
some think tanks / experts , share of BLACK MONEY in our economy is 15 % of our GDP
If our GDP is $ 2800 billion (
$ 2.8 trillion ) , this would work out to $
420 billion !
About the same as our
requirement of Infra Funds !
Just consider this :
An amount of Rs 7,000 cr ( $ 1 billion )
, belonging to Indians, is lying in Swiss Banks
Opposition claims that this is
BLACK MONEY – with government rejecting that claim
But , as against that $ 1 billion (
Black or White ) , lying abroad , we have some $ 420 billion
stashed away LOCALLY , in land / gold / benaami assets etc .
ALL BLACK !
On the same dias , along with
Shri Goyal , was Mr Bambang Permadi Soemantri Brodjonegoro , the former Finance
Minister of Indonesia
I am surprise that neither
Shri Goyal nor the Anchor turned to him and ask :
“ Sir ,
Last year , your
country announced a BLACK MONEY AMNESTY
SCHEME , with no penalty / no
prosecution / no interrogation
Only 2 % - 4 %
tax to be paid on BLACK MONEY declared by
individuals
You managed to raise $ 330 billion , to be used for funding Infrastructure Projects
Can you please tell us more
about how you pulled off this MIRACLE and how this money
is creating millions of jobs
and raising your GDP , through those Infra Projects ? “
Dear Shri Goyalji :
I totally appreciate that it
could have been very embarrassing to hear what Mr Bambang might have said , in
front of such a distinguished audience
But nothing stops you from
making some quiet / private inquiry !
Or read my following email to
Shri Jaitleyji ( dated : 23
Dec 2016 ) :
Even our neighbour Pakistan
recently managed to raise Rs
100 billion by announcing a similar AMNESTY SCHEME
It is still not too late to
evaluate my suggestion considering that :
* In India , we can
raise $ 420 billion at ZERO cost of
finance
* By forcing
declarations of Black Money raised with INFRA SPVs only , we are putting
these “ no risk “
funds to productive use and generating millions of new jobs
July 2018
www.hemenparekh.in / blogs
.
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