It is pathetic to see no Indian journalist/reporter worth the name talking about economic policies of Congress, BJP & AAP. In fact all 3 parties have same economic policies.
India needs Pro People Economic Policies & Shun Crony Capitalism of BJP & Congress favouring few Rich Thugs:
Fight against Corruption is not enough to change the lives of over 880 million poor in India. We need to fight the growing Economic Inequality, for that we need a New Economic Policy with a human face. In the words of SHAHEED BHAGAT SINGH “There can be no equality, not even in politics and before the law, so long as there is glaring inequality in economic power.”
- Rather than Minimum Wage it should be Living Wage so that any one working does not have to starve. The living wage must be based on a formula; percentage of the wages of the highest paid Officer of that Industry.
- All fringe Benefits to Officers, Directors and Chairman of the Publicly Traded Corporation must be taxed at 20% extra than their usual Tax bracket.
- All white goods manufacturers (foreign or domestic) will be given 2 years to reach 100% local contents in all products. (This will push Industrialization & Employment)
- All heavy Industry including Autos foreign or domestic will be given 3 years to reach 100% local contents in all products. (This will push Industrialization & Employment)
- Regulate the Banking Industry don’t allow them to be an example of America where US govt can print Bonds only and Dollar is printed by Privately owned US Federal Reserve that is printing money out of thin air and charging interest to American Public. Banks should not be allowed to make trades/speculation in basic & industrial commodities to rig the markets and make money for them selves and their share holders at the cost of the consumers.
- India ’s food supply chain should not be allowed to come under the control of Foreign corporations like Walmart etc.
FDI by MNC ’s should only be allowed in very high tech industry or in the field that India do not have the right technology.
- Regulate the Patient Care/Hospital Industry on Canadian or Swiss model of single payer system. (Just to give you an example of America: I was paying $462/month with $5 co-pay for specialist & 90 days medicines in Health Insurance for a family of 4 in 2001 and now I am paying $2676/month with $50, $75 & $100 co-pay (specialist, medication generic and testing, branded medication). During the same period CEO salary went up from $8 mil to $26mil.
- For daily use items like soap, detergent, shaving creams, tooth paste, powder etc – Multinational Companies should be given 1 year to disinvest and this sector should be reserved for domestic cottage industry.
- To save the domestic cottage Industry like foot wear, electrical goods, electronic goods, fire works, hosiery etc. all imports from China must have countervailing duties.
- All the Foreign junk food industries in India like cola, pizza, burgers, breakfast cereals etc. the Royalty must be pegged to 2.5-3.5% to stop the unnecessary out flow of foreign exchange. All these companies must export Indian made goods to the extent of 50% of the amount that they want to send to their parent company.
- Only Individuals can donate in election funds with a limit per year per candidate as individual or husband and wife. All Political Parties account must be audited every year and every quarter they must declare cash on hand; in banks as well as any fixed deposits or investment in bonds or money market accounts. Any Corporation domestic or foreign making political donations must be prosecuted with jail time for its top officers like good old time in America.
- Any one aspiring for any elected office in India must post their 10 years Tax Returns on their web sites. They must disclose their assets; real estate, bonds, shares, partnerships and post in a company. The assets should be marked to the market with fair market value and date of acquire with the price paid.
- All elected officials must observe One man One Post; for example the same person can not be Party Official if holding an elected Post.
P.S. America was more prosperous, wealthy and innovative when the maximum tax rate was over 70% and the difference between the lowest paid worker and highest paid officer of a company was 24 times. (currently it is 550 times).
By Dave Makkar