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Lok Satta’s manifesto promising removal of all restrictions on GM crops usage came under severe criticism from activist groups and civil society demanding proper evaluation and regulation of them before letting them being used by farmers. They accused Jayaprakash Narayan of lobbying for vested interests of MNCs in GM businesses. Aam Aadmi Party went a step ahead and said they will put up a ‘strong candidate’ against JP in Malkajgiri Parliamentary Constituency where he plans to contest from. In this regard, they seem to be looking at a list of intellectuals with good public standing that includes MLC Prof. Nageshwar.
The candidature may be finalized this week. Incidentally JP praised Modi only the other day and indicated he has support from BJP and TDP in the Malkajgiri contest against Congress Union Minister Survey Satyanarayana. Now, all eyes are on AAP’s and TRS candidates for the constituency.
Manifesto Misconduct ?
In its manifesto released yesterday , Congress has promised to create 10 Crore ( = 100 million ) new jobs in next 5 years , if voted to power
Now , EC’s Model Code of Conduct tells political parties ,
” If you make any promise in your manifesto , you must also spell out , how
you are going to fund it ; how – and from where – you are planning to
raise the money to fulfill your promise ”
No such explanation / clarification in Congress Manifesto !
Only EC can say whether this is a blatant violation of Code of Conduct
Provided , BJP / AAP lodge a complaint with the EC
But BJP / AAP can do better than just lodge a complaint
In their own respective manifestos , they too , can promise to generate 100 million new jobs in 5 years , if voted to power
But strictly , in
> Organized Private Sector
> Un-organized Private Sector
> Self – Employed Sector
Now each job will require an additional Capital ( fixed + working ) of Rs 1 million , on an average
That means , these Sectors ( not the Government ) will need to raise ,
> Rs 1 million * 100 million ( Rs 10 Lakh * Crores )
If voted to power , we ( BJP / AAP ) will enable these Sectors to raise this amount of funds thru introduction of following schemes :
> BLACK MONEY AMNESTY SCHEME
These Sectors will be allowed to invest their Black Money ( whether stashed locally or abroad ) in specific , Government – Approved , ” Infrastructure Bonds ” . No questions will be asked as to the source of the funds and the interest earned will be tax-free for a period of 10 years
> JOB GENERATION SCHEME
Since the emphasis is on Job Generation , companies will be ” incentivized ” to hire more permanent persons
The incentive will be in the form of reducing Corporate Income Tax ( % ) as a company’s employment goes up by setting in motion , ” INVERSION of JOB REDUCTION ” regime , under which ,
” The more jobs a company creates , the less Corporate Tax it pays ”
Example :
> Up to employment of 100 persons …………………………. 30 % tax
> 101 – 500 persons……………………………………………. 25 %
> 501 – 1000 persons …………………………………………… 20 %
> 1001 – 5000 persons ………………………………………….. 15 %
> 5001 – 10,000 persons …………………………………………. 10 %
> Above 10,000 persons …………………………………………. 5 %
Let us celebrate those who provide employment to large number of persons
> DOWN-SIZE GOVERNMENT SCHEME
* Government is already over-staffed . It is hiring 4 persons to do the work of one !
Hence , no new jobs will be created in Government or in PSUs for next 5 years
There will be a ” Recruitment Freeze ” in government – except for the defense services
Government / PSU employment will be allowed to shrink thru resignations / retirements / deaths etc , by adopting the rule of ” No Replacements ”
> SELF EMPLOYEMENT SCHEME
Every unemployed person registering under this scheme will get an interest – free loan of Rs 50,000 / – from any scheduled bank where he / she opens a bank account , repayable in 10 years. Central Government will insure these loan-re-payments
A suitable mechanism will be put in place to prevent misuses such as ,
* Duplicate loans from different banks
* Already employed persons applying for loans
* A loan-taker taking up a job after availing a loan
> HONESTY REWARD SCHEME
” Inverse ” the ” Personal Income Tax ” slabs as follows :
> Up to Rs 5 lakhs………………… NIL tax
> 5.1 – 10 lakhs………………….. 8 %
> 10.1 – 20 lakhs…………………. 6 %
> 20.1 – 50 lakhs………………… 5 %
> 50.1 – 100 lakhs………………… 3 %
> Above 100 lakhs…………………. 1 %
This will encourage tax-payers to honestly declare their entire income and eliminate tax-evasion / black money generation at the very source itself !
Under such a scheme , Rs 5 * Lakh * Crores worth of estimated Black Money will return to the official ” White Money ” banking stream , during FY 2014-15 itself !
Can you imagine everyone wanting a ” Cheque Payment ” only !
And this White Money will get deployed in the CAPITAL MARKET , officially !
With this , we expect the SENSEX to cross 50,000 by 2019 !
Listed ” Private Sector ” companies will be able to attract funds at very low interest rates and deploy these for creating productive assets / employment
These funds will also encourage Private Sector companies to take up long duration Infrastructure Projects – without asking the Governments to guarantee ” Viability Gap Funding ”
> CAPITAL ASSETS CREATION SCHEME
Under this scheme , companies will be granted an ” Accelerated Depreciation ” on incremental Capital Assets created during the year
This will encourage companies to plough back their profits into creating manufacturing capacities , thereby improving the contribution of manufacturing to our GDP
Simultaneously , this scheme will give a huge boost to India’s Capital Goods Industry – the mother of all industries !
I hope the Manifesto – Writers of BJP / AAP etc examine these schemes and ask of themselves ,
” Will these meet EC’s Code of Conduct ? ”
And , will these Manifesto Authors dare to promise ,
” If voted to power , we will enact a law that makes each Manifesto , a legally binding Contract between the people of India and the party making the promises – breach of which , will be punishable by a jail term , of not less than 10 years ”
* hemen parekh ( 27 March 2014 / Mumbai )