Akshaya thrithiya Very auspicious day to do good to the society.

Akshaya Thrithiya is actually good for giving donations and do good to the society. This is the ideal time to those who accumulated wealth by all wrong means to declare their ill gotten wealth and come clean. Indians appetite for gold should come to an end and all gold reserves of the Country roughly estimated at around 25000 tonnes need to be monetised and used for the economic development and eliminating the ever increasing inequality and poverty. Time to Establish a Gold Bank and deploy the money for economic development aiming at eliminating poverty, unemployment, inequality and ensuring welfare for all everywhere. This is the ideal time to fix all problems seen in the economy in the form of corruption, contempt of laws by all and sundry even and loot of all institutions particularly banks and educational set up. Covid 19 is a blessing in disguise to restore the long lost values and our enviable culture and civilization.   

Dr T V Gopalakrishnan

Printing of Notes to mitigate Covid 19 consequences is not a sensible advice

The very thought of Printing Money as a solution to fight the COVID 19 and the economic crisis the Country is facing now comes out of thoughtlessness and cannot be thought of in the background of huge resources the Country has and its Rich Industrailists and all sorts of tax evaders that we have . Apart from the loot of banks, the Country's resources in the form of Gold and other Commodities if tapped properly and sensibly, the Economy can be put on the growth track without resorting to printing of monet and adding to inflation which is fortunately under control . This is the ideal time to insist on the looters of banks and tax evaders to come to the rescue of the Government to return the loans either in Cash or in kind in what ever form and clear the tax dues without exploiting the weaknesses of the legal system and procedure through unethical means and corrupt practices. The inflation is under control and resorting to too much of Deficit financing by printing notes can only invite disaster and definitely it is not a sensible advice. The need of the hour is to have sound economic policies backed by good governance and a very strong and expeditious legal system to do justice preventing the mismanagement of public Institutions and making them deliver the responsibilities entrusted to them in public interest .

Dr T V Gopalakrishnan

( This comment apperaed in Economic Times dated 31/03/2020 against the article Govt has no option but to print money and spend it to mitigate Covid 19).

Timely and most appropriate Decision of the PM to have a complete Lock Down.

 Majority of  the people who believe in the welfare of the humanity as a whole and aspire for  peaceful safe and healthy life have wholeheartedtedly welcomed this move however, hard it may be to sustain. There are always misfits and counterfeits in the society and they are incorrigible lots. Nothing can be done. Loka samastha Sukhino Bhavantu should always be the vision and mission of the Leader and the recent decision  to  eliminate the deadly virus threatening the life of  humanity as a whole  is very apt and timely. Nothing to regret and feel sorry. However, it has to be ensured that essential services to sustain the life need to be administratively ensured without the interruption of corrupt practices. All service providers need to be adequately sensitised, closely monitored and accountability fixed for planned lapses if any.. People are with you and this measure will bring the desired result. Good thoughts and deeds cannot be stopped by any evil forces. This has been proved time and again. 

Dr T V Gopalakrishnan

( This comment is given in response to the report on PM Modi's Manki Bath  that appeared in Business standard dated 29/03/2020)

Loot of banks get unimaginable support Instead of severe Punishment.

Never in the History of Banking in India had any bank been saved by RBI by providing so much of credit 60K Crore of Rupees as happened reportedly in the case of Yes Bank. It is only collapse of Governance and ethics of Public Finance to say the least. No lesson or signal to bad borrowers who loot systematically all public financial institutions at the cost of all stake holders of the Economy. Sorry state of affairs.As long as such loots continue , the Economy in general and the Financial system in particular cannot be expected to show any improvement reflecting on the poor image of the Government and RBI nationally and internationally. 

( This comment appeared in Business Standard against the write up on RBI Extends line of support to Yes Bank to the tune of Rs 60000K Crore. on 18/3/2020).

TVG Krishnan

No More Loot - Yes Bank Resolution Mechanism.

I watch with very keen interest your programme and the much needed campaign "No More Loot". The loot of Depositors, HONEST  tax payers, good borrowers, and gullible public  has been going on for decades in the  Financial System in general and  in the Banking System in particular  and this has been acknowledged by the authorities without any serious remedial action to stop the menace as there has been no mass movement or serious threat for reasons known to all with the result  the masses  eternally suffer, dishonest borrowers thrive and the economy remain stagnant with all resources at its command without much of use.    As an honest citizen and Professional Central bank Official I came out with a self Corrective mechanism to contain the problem of this open  and easy loot of banks  based on my Research in the years between 1998-2002  and well approved by the Examiners the Thesis brought out in the year 2004 and the Suggestion therein which was brought to the notice of then  FM, Governor of RBI and the public through seminars and debates in various forums involving Chairmen of Banks, Academicians, and  Researchers in the field of banking without any worthwhile result.   The Book 'Management of Non Performing Advances' brought out by Indian Institute of banking & Finance in the year 2004 based on the Ph D thesis had a Foreword from none other than by Dr C Rangarajan then Chairman Twelfth Finance Commission and former Governor of the Reserve Bank of India. The book inter-alia contained a very simple and highly practicable solution to make banks Viable and Efficient through prevention of entry of bad borrowers and liquidation of bad loans without penalising the depositors and innocent tax payers was conveniently ignored by the powers that be and the loot of Banks has been made a routine and regular habit killing the economy and keeping the masses to remain in perpetual poverty.  I bring this to your notice not for any personal gain but to intensify your campaign against the open loot and eradicate this from our banking system if possible so that the Financial  system which includes NBFCs and Large Corporates would become strong and help the Economy to grow faster and reach the target of $ 5 trillion as envisaged by our Honourable PM and make his dream  Vasudevaka Kudumbam a reality in the near future.  Kindly excuse me  for bringing this to your notice as I as a Senior Citizen and interested in the welfare of people thought the Republic TV can bring justice and order in the economy with the support of masses and right conduct in the matter of public affairs in general and public Finance in particular.       Dr TVG Krishnan 19/03/20 ( This letter was addressed to Republic TV in response to its Campaign No More Loot held in the context of Resolution brought in to save the YES bank from Collapse)

Find the resources from within the Country through improved administration.

The $5trillion economy aimed at and to be achieved by the year 2025 is a huge task and the wherewithal to find the financial resources from within and outside the country to take the economy from its  unusually slow pace and put it on fast track poses a major challenge by any standards based on the unimpressive fiscal resources of the Government, dwindling national gross savings and the lendable resources of our entire financial system which is unfortunately saddled with bad loans and lack of avenues to plug the loopholes of loot in innovative ways. No right thinking person can deny that the country has no potential in terms of talent and all sorts of resources in terms of Land, power, labour, natural resources and capital both in monetary and non monetary form needed to support the growth but unfortunately the readiness to exploit the resources through reforms and meaningful and result oriented Governance standards has been found to be elusive. Rhetoric pronouncements are very encouraging but they have to be pursued vigorously and implemented in letter and spirit to bear the fruits and bring the intended benefits for all to enjoy the fruits.         

The Fiscal deficit which is kept with great difficulty under control at around 3.3 % of GDP can definitely be stretched a little more to justify productive investments with tight control on extravaganza by any chance and enhance the physical infrastructure. The recent announcement to develop the infrastructure by $ 102 trillion is a welcome step and definitely very bold and commendable provided the plans get implemented fast with the Cooperation of the State governments and active involvement and participation by the private investors. This is the ideal time to fix the problems in raising the resources through incentivised savings, monetising the resources like gold, waste lands, and plugging of all possible loopholes now available to evade all sorts of taxes including GST , Income Tax, stamp duties, through creative accounting practices of all kinds practised in all types of transactions in and around the country, widening and deepening the capital market particularly the debt market through retail marketing of bonds including the masala bonds issued abroad and strengthening the take out Financing which has not taken off for  valid reasons. The informal economy continues to grow strong in innovative ways with and without the support of the authorities paving ways for tax evasion and without accounting for the computation of GDP, employment and being amenable for any Governance.

Huge number of farm lands and clubs, shops and establishments with and without licences, religious trusts, temples, churches, mosques and all forms of charities and NGOs in and around the country are engaged in different economic activities and services but to what extent they contribute to the economy and account for their activities in terms of production of goods and services, tax payments, generation of employment etc, cannot be satisfactorily  assessed is a fact leaving a huge hole in the economy’s over all data compilation and leakage of income. Such a list is very long and unending but huge money is involved cannot be disputed. This needs a very serious attention and follow up action to raise resources of the Government at this crucial juncture.

Banking system is the life blood of commerce and also the nerve centre to provide the life support system to the entire economy and the need to have an efficient system free of corruption, loot and to act as a harbinger of ups and downs in the economy through capturing vital information on the movement of funds, end use of funds, and generation of wealth in the economy among institutions and individuals in monetary terms is paramount at this crucial juncture when the Government is placed in a catch 22 Situation to put the economy in fast track and augment the resources from within the economy but scattered all around without any trace. As bankers’ bank and Regulator of the entire financial system along with SEBI, PFRDA and IRDA, the Reserve Bank of India as an Internationally Recognised Central Bank of the country for its professionalism has a major role to play with adequate autonomy but with full accountability to the parliament ensuring that the Financial system delivers with conviction and full transparency on the sound performance of the Industrial, agricultural and services Sector. Monetisation of non-monetary resources like Gold, Silver, idle assets scattered in different forms is the need of the hour and identifying nonperforming Assets in whatever form they may be and converting them into performing assets through conduct of surveys, guidance, support with a missionary zeal need focused attention and meaningful result oriented action from the Reserve Bank.

Real Estate and all related deals like purchase, sale, lease, rentals etc continue to generate black money in different parts of the Country and the only way to eliminate black deals is to tie them through bank accounts. Without the involvement of banks, no real estate transaction of any kind irrespective of the amount involved can take place should become a law and the necessary administrative mechanism should be in place to ensure that no transaction gets escaped from banks. There should be proper tie up of Registrars, banks and parties involved in transactions. Initially the tie up can be made obligatory in Metropolitan and Urban Centres insisting on Aadhar and Pan Numbers. Information Technology can be put into optimum use. Stamp Duties and other related expenditures, tax etc should reflect separately in the deals so that evasion of taxes and generation of black money can be to a great extent minimised though not totally eliminated at least to start with.

Lots of unauthorised shops and business establishments operate throughout the country with and without the aid of formal and informal financial system and they are the main sources of black money, corruption, evasion of GST, exploitation of labourers and practitioners of all imaginable and unimaginable unethical ways of doing business. Likewise, lots of commercial activities do take place in large metropolitan and urban Centres even without any name boards or formal appeals but taking advantage of social networks and laxity of any regulatory or supervisory mechanism or even the feel of presence of authorities. They largely deal in cash and do not seem to be figuring in any sort of data on employment, income or services etc.

It is time now to involve people from all walks of life in the development of the Society and the Economy through enhanced and effective administration and transparent accountability for all types of economic and commercial activities for creation of wealth and its equitable distribution ensuring welfare for all. The Resources are available but needed to be tapped and accounted for.

Dr T V Gopalakrishnan                                      

What is wrong with the Economy. Either the bureaucrats hve failed or the Politicians have lost control.

Very well presented. The whole problem with the economy is lack of administration and accountability by any Institution either in the private sector or public sector. The Government's Politics have been by and large a success story but the Economics pursued so far continue to be a failure. The measures like Demonetisation , GST, Make In India  and all other welfare measures are all well intended but unfortunately have not yielded the desired results at ground level despite the public extending whole hearted support for all the policies of the Government. This  should make every one associated with the policy making seriously ponder. Either the bureaucracy has failed or the politicians have lost control on administration resulting in the failure of implementation of various reforms so far attempted. The maximum  Governance promised  is literally absent and unfortunately no governance is practically present is what the the people regret. Corporates , Banks, NBFCs, Regulators and other Institutions engaged in production of physical goods and extending  all services and administering have become Non performers turning the Assets of the Country into non performing resulting in the so called slow down of the economy in terms of data generated apparently although the poverty and misery otherwise seen in the country is not that visible. Something is seriously wrong somewhere and this needs to be identified and fixed. Perhaps, a better administration making all Institutions accountable with drastically improved data collection and restoring the fast eroding values , ethics and  above all TRUST  in the Governance Standards can make wonders and definitely the economy can deliver. The Informal Economy is emerging strong fast is the reality and there should be persistent and solid measures to merge the informal economy with the formal economy. Half of  the problem gets solved instantly if this is done.

( This comment is given in response to Dr Yerram Raju's Article on the Economy that appeared in Money Life Magazene).