Monday, September 23, 2024

Unwelcome is a blessing.

"India's billionaire count has reached a new milestone, with the country adding a billionaire every five days in the past year," as " The 2024 Hurun India Rich List reveals that India now has 334 billionaires, an increase of 75 compared to the last year." TOI. However, below that level, "Around 4,300 millionaires are projected to leave India and most likely choose the UAE as their destination," reported Henley and Partners, and "The report mentioned that in 2023 around 5,100 Indian millionaires relocated abroad." Mint. "However, in our view, these outflows are not particularly concerning as India continues to produce far more new high net worth individuals (HNWIs) than it loses to emigration," the report stated. But, "Something is amiss," wrote an editorial in the Mint. "Between July and August this year, there was a 37% increase in Indian purchases of real estate in Greece, including properties under construction." Some may be fleeing from insolvency proceedings or action to recover unpaid dues, but a higher proportion of millionaires are fleeing from India than from China, though "On the face of it, the Chinese have stronger reasons to leave their country than Indians do." Why? Probably because of the absolute power of the Indian government - politicians and civil servants - to destroy the live of citizens. Recently a video social media showed D Srinivasan, the owner of the popular Sri Annapoorna Hotel chain, apologizing to the Finance Minister Nirmala Sitharaman. The controversy stemmed from Srinivasan's remarks during the meeting, where he highlighted the GST's complexities. In the video, he was heard apologizing to Ms Sitharaman, saying "I do not belong to any party. Please excuse me." BT. In 2022, FM Sitharaman "found fault with the Telangana government for not displaying picture of Prime Minister Narendra Modi at the fair price shops where rice is distributed to the people below poverty line free of cost." HT. During the Lok Sabha elections in 2024, BJP leader Sambit Patra said, "Lord Jagannath is a devotee of PM Modi." Mint. This deification of Mr Modi by BJP leaders, who depend on him to win elections, means that any criticism, however mild, risks violent retaliation. "The scare in the minds of companies caused by pressure exerted by the government in complete disregard of principles of business and the fear of raids they harbor make them dread to give any honest feedback to the government...Chairman of Rockefeller International, Ruchir Sharma's coinage of the term ICED (Income tax, CBI, ED) in the context of apprehensions and the horror writ large on Indian businesses over the last 10 years testify to the sad state of affairs plaguing our economy." The Wire. In 2021-22, the Aam Aadmi Party (AAP) government in Delhi modified the excise policy and privatized alcohol shops in the city. Alcohol drinks became cheaper and government revenue increased by Rs 95 billion. wikipedia. However, both Chief Minister Arvind Kejriwal and Deputy Chief Minister Manish Sisodia were arrested by the dreaded Enforcement Directorate (ED) on charges of favoring private businesses in return for paybacks. No evidence has been produced and many of those arrested, including Kejriwal and Sisodia, are out on bail. Mint. The Telugu Desam Party (TDP) has modified excise duty recently, thereby reducing the cost of alcohol in Andhra Pradesh. ET. But not a peep out of the BJP. Because, Mr Modi failed to secure a majority in this year's Lok Sabha election and is depended on the 16 MPs of the TDP to hang on to power. EC. It is a blessing the Indian passport is ranked 80th in the world (Forbes), meaning Indians are unwelcome in most countries of the world. Or else, there would have been an exodus.

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