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P. Chidambaram poses 20 tough questions on Rs 6 lakh Cr NMP

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P-Chidambaram

Senior Congress leader and former Union Finance Minister P. Chidambaram on Friday posed 20 questions on the Centre’s proposed National Monetization Pipeline (NMP) intended to ‘monetise’ certain assets and earn Rs 6,00,000 crore revenue over the next four years.

Stating that the government should answer the questions, he demanded to know the NMP objectives and whether it was solely intended to raise the revenues over the next four years.

Referring to the criteria adopted upfront to identify the PSUs that would be disinvested or privatised during the previous UPA government, Chidambaram queried whether the same is the case with the current NDA regime.

Pointing out that for infra projects like roads/highways, a PPP policy already exists, he asked what is the difference, if any, between this (PPP) model and the one that would be adopted by the Centre under the NMP, while addressing the media in the country’s commercial capital.

Moreover, if an asset is ‘monetised’ for 30-50 years, what is the value of the piece of paper that declares the government to be the ‘owner’ of that asset, what kind of asset will be returned to the government at the end of the period or would it be a “fully depreciated asset” worth practically nothing.

“Since the NMP is silent on the subject, will the government stipulate in the contract that the amount of depreciation should be put in a Depreciation Reserve Account which was used only to maintain, upgrade or add to the asset so that at the end of the lease period a valuable asset is returned to the government,” Chidambaram asked.

He also sought answers on whether there will be provision in the contract to prevent asset-stripping by the lessee, the terms included in the Invitation to Bid (ITB) to ensure that the ‘monetisation’ process does not create monopolies or duopolies in that sector, especially to prevent such (monopolies/duopolies) emerging in the ports, airports, telecom and power sectors.

The finance expert queried whether the lessee will manage the current levels of employment and the policy of reservations, or other policies, subject to sectoral regulators, etc., in the ‘monetised’ asset.

Harking to the UPA which identified the Railways as a ‘strategic sector’, he asked what are the other sectors the Centre has identified as ‘core’ or ‘strategic’ that would be kept out of the NMP purview.

“Has the government examined the impact of implementation of the NMP on the prices of goods and services in the sector/industry concerned? What will the government or the regulator do in case prices are increased by the lessee of the ‘monetized’ asset,” Chidambaram demanded.

Referring to the government’s revelation of the expected revenue of Rs 6,00,000 crore in four years, he asked whether the government would shed light on the total capital investment in the identified assets that are expected to yield the aforesaid revenue.

“The identified assets must be currently yielding a certain revenue every year. Has the government calculated the difference between the current revenue (undisclosed) and the expected revenue (of Rs 6,00,000 crore) over a period of four years? If so, what is the difference between the two amounts each year during the four year period,” Chidambaram asked.

On the government’s announcement that the NMP would be co-terminus with the National Infrastructure Pipeline (NIP) that is expected to require Rs 100 lakh crore, the ex-FM sought to know how the Rs 6,00,000 crore over a four year period be sufficient to finance a Rs 100 lakh crore NIP.

Furthermore, he sought an assurance from the Centre that the expected sum of Rs 6,00,000 crore “would not be merged with general revenues or used for general expenditure”.

Chidambaram further posed if the Rs 6,00,000 crore, when released, would not be diverted to partly-finance the fiscal deficit (Rs 5,50,000-crore in 2021-2022) or retiring old debts.

The Congress leader asked if the government floated a consultation paper on NMP, consulted various stakeholders including the workers or trade unions and demanded to know the outcome/minutes of these consultations.

He also asked whether the NMP was discussed in Parliament, and if not, whether the Centre plans to consult the Opposition Parties or debate in parliament.

Chidambaram said that the US is contemplating measures to contain monopolization and unfair trade practices of giants like Google, Amazon and Facebook, China has announced plans to rein in its giant tech firms and South Korea contained the influence of its huge family-controlled business conglomerates.

“Does the government intend to introduce similar measures while implementing the NMP,” Chidambaram asked, saying the Centre “is obliged to answer these questions”, and the media must demand replies from the government.

National News

Shiv Sena(UBT) continues attacking Dy CM Shinde, says Maha govt ‘boastful’

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Mumbai, Sep 19: Shiv Sena Uddhav Balasaheb Thackeray (UBT) on Friday claimed that the Maharashtra government was a government of “braggers” and Chief Minister Devendra Fadnavis and his two deputies, Eknath Shinde and Ajit Pawar, have been engaged in boasting most of the time.

The trigger for the Thackeray camp’s outburst is the praise showered by the trio on Prime Minister Narendra Modi’s birthday, claiming how he has changed the lives of people in the country. It targeted Dy CM Shinde in particular for releasing a full-page advertisement on PM Modi’s Viksit Bharat 2047 goal.

The Shiv Sena(UBT) in its mouthpiece ‘Saamana’ editorial alleged that the claims made by CM Fadnavis and Dy CMs Shinde and Pawar about development during PM Modi’s tenure were an exaggeration. It alleged that the “once advanced, wealthy state like Maharashtra is now reeling under a public debt burden of a whopping Rs 9.50 lakh crore. In the last three months, the state government has taken a loan of Rs 24,000 crore, further increasing the debt burden”.

“Chief Minister Fadnavis announced that now we are going to make one crore woman Lakhpati Didis at a time when Maharashtra has gone into the abyss. Corruption and looting have reached their peak. The Chief Minister and the people of Dy CMs Eknath Shinde and Ajit Pawar-led parties have become millionaires and billionaires through the brokerage of contractors. Whether Maharashtra is drowning in debt or farmers have committed suicide due to debt and drought, it does not matter to people like Eknath Shinde,” said the editorial.

The Thackeray camp slammed Dy CM Shinde over his statement that the government is going to take development to the last person, saying that only if villages are developed, the development of the taluka, district, state and country will take place.

The editorial also took a swipe at Dy CM Shinde’s statement that he goes to his native village only to get rejuvenated by working in agriculture. However, the editorial said Dy CM Shinde’s views are contradictory to the ground-level situation, especially when the condition of farmers in Maharashtra is not good. The crops have been washed away due to floods and rain. Farmers have been pleading in front of the officials who came for the Panchnama. In these eight days, 17 farmers committed suicide and over 2,000 in a year. “Lakhs of farmers are in debt, and the smiles on their faces have faded. So, what kind of farm does Dy CM Shinde have and what grows in that farm that makes his face look younger after working in agriculture? So what is he doing to ensure that smile on his face will also be seen on the faces of lakhs of farmers in the state who are in distress?” asked the editorial.

Stepping up the attack on Dy CM Shinde, the editorial claimed that his claim of taking development to the last person is a joke when many villages in his home Thane district are still desperately waiting for the rays of development. “There are no roads, no schools, no health services. During the rain, children have to walk through mud and sometimes through the flooded river to go to school. Sick and pregnant women have to be taken to the taluka by ‘doli’ (a palanquin), but Dy CM Shinde is reaping the fruits of development.”

Thackeray camp said Dy CM Shinde goes to the fields in a helicopter when he is bored. “People like Dy CM Shinde may be looking evergreen, but there is no smile on the people’s faces. His fields should be opened for tourism. Let the people know what grows in his fields. Many millions of farmers get seeds from his lush farming,” it taunted.

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Crime

ED conducts raids in Rs 200-crore bank fraud, benami assets case linked to Sasikala

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ED

Chennai, Sep 18: The Enforcement Directorate (ED) on Thursday launched extensive searches in Chennai and Hyderabad in connection with a money laundering probe into an alleged Rs 200 crore bank fraud and benami property dealings linked to V. K. Sasikala, the confidante of late Tamil Nadu Chief Minister J. Jayalalithaa.

Officials confirmed that the searches covered at least ten locations across the two cities.

The premises, according to the source, are connected to a businessman who has been identified as an alleged benami of Sasikala. The raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA).

The investigation stems from a case registered by the Central Bureau of Investigation (CBI), which had earlier filed an FIR over what it described as fraudulent banking transactions running into hundreds of crores.

Acting on this, the ED initiated its own money laundering probe to trace the flow of funds and identify properties suspected to have been acquired through illegal means or in the names of benami holders.

Sources said officials are seizing documents, financial records, property deeds and electronic evidence from the searched locations. These materials will be examined to establish links between the bank fraud and assets allegedly concealed through benami arrangements.

While the extent of seizures is not yet clear, officials indicated that the raids were aimed at unearthing the full scale of transactions connected to the case.

The action once again puts Sasikala back in the spotlight. A key player in Tamil Nadu politics for decades, she has previously faced allegations and legal battles over disproportionate assets.

The ED’s current move revives scrutiny into her financial networks, particularly through associates and business entities suspected to have acted as fronts.

Investigators are likely to expand the probe depending on the findings from the ongoing searches. If evidence of laundering or concealment is confirmed, assets may be provisionally attached under PMLA, and further charges could follow.

The raids have drawn political attention as well, with observers noting that the timing and the scale of the operation underscore the central agency’s renewed focus on high-profile economic offences in Tamil Nadu.

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National News

Lalu Yadav, Rabri Devi, Tejashwi Yadav cannot develop Bihar: Amit Shah

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Patna, Sep 18: Union Home Minister Amit Shah on Thursday targeted the RJD national President Lalu Prasad Yadav and said he or the other leaders in his family cannot develop Bihar.

“Lalu Yadav, Rabri Devi, and Tejashwi Yadav cannot develop Bihar,” he said. Adding that the stronger the NDA, the more prosperous Bihar will be.

Attacking the opposition over corruption, Shah said, “Lalu Prasad Yadav cannot do in his entire life what the NDA has delivered for Bihar in these years. They gave scams — fodder scam, land-for-jobs scam, jail scam. On one side is their corrupt government when they were in power, and on the other side is the Modi government, which has no stain of corruption.”

Addressing a meeting of selected party workers from 10 districts in Dehri, Rohtas, the Union Home Minister asserted that, unlike other parties where leaders win elections, in the BJP, it is the workers who ensure victory.

He said that people of Bihar had already seen the rule of the RJD and its allies, but prosperity never comes from a reign of extortion and murder.

Urging youth to support the NDA, he said, “If today’s youth want to move forward and walk on the path of development, there is only one way — strengthen the NDA government in the upcoming elections.”

Shah asked party workers to work towards securing victory for 80 per cent of NDA candidates in the region.

Targeting Congress leader Rahul Gandhi’s Voter Adhikar Yatra, Shah dubbed it a ‘Save the Infiltrators’ campaign.

He questioned, “Should infiltrators get ration cards, Ayushman cards, or voting rights?”

Highlighting the achievements of the Nitish Kumar government, he said 125 units of electricity are now being provided free of cost, and social pension amounts have been increased.

Shah urged workers to take the NDA’s message to every household, asserting that the future of Bihar lies with the NDA.

Amit Shah praised Prime Minister Narendra Modi’s dedication, saying that in his 24 years as Prime Minister and Chief Minister, he has not taken a single day of leave.

In a veiled dig at Congress leader Rahul Gandhi, Shah added, “On the other hand, there is a person who goes abroad every six months for vacation.”

Shah highlighted the NDA government’s achievements.

“Our government launched Operation Sindoor, carried out airstrikes to teach lessons to the enemy country, things that never happened before. We have built the Ram temple in Ayodhya, and a grand Goddess Sita temple is coming up in Sitamarhi. The slabs of GST have been reduced, which will immensely benefit the common people of Bihar,” he said.

Acknowledging setbacks in the Shahabad region, Shah admitted that the BJP-NDA did not perform well in the 2020 Assembly polls, but urged party workers to work harder this time.

“Go to every doorstep and inform people about the double-engine government’s measures. We need better performance in Shahabad and Magadh regions to win 80 per cent of Bihar’s seats and form a majority government in the state,” he said.

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