0.8 Fast unto death

April 04, 2011 (Monday) : Fast onto death

Parallel stories are developing today. Each of these stories has the potential to create lasting impression. Important and influential people are being interviewed by Parliamentary Audit Committee (PAC) on 2G scam, involving 30 billion dollars of national money. Ratan Tata, legendary Indian businessman known for fair business ethics, was grilled on various aspects of 2G scam. He acknowledged that he had written letter to Karunanidhi, Chief Minister of Tamil Naidu, favoring continuance of A. Raja as Telecom Minister in the second term of coalition Government at the center. He pointed out that his group was not comfortable with Dayanidhi Maran who was also a Dravida Munnettra Kazhagam (DMK) ministerial nominee and the telecom minister before A. Raja. It was understood that portfolio of Telecom Ministry was to be decided by DMK party, headed by Karunanidhi as per the coalition arrangement at the center. During the interview, Ratan Tata also admitted to the recorded tape of his conversation with Niira Radia, a corporate lobbyist, who was embroiled deeply in the ongoing investigation. At the end of interview, it was conveyed by PAC that Ratan Tata was forthright in his reply. Tomorrow, it is the turn of another big name industrialist Anil Ambani to appear before PAC.

On the suspicion of watering down the investigation as alleged by opposition, Government spokesman clarified in one of the discussions that Centeral Bureau of Investigation (CBI) had filed criminal charges against the individuals – not charges of procedural lapses. It is hard though to believe that public money will ultimately be recovered by this process. It has never happened before. A cover up or distancing, on the part of corporate world and political heavyweights is on the cards. Second line managers have already been lined up to shield the mighty behind. Besides, there is a feud brewing between the parallel examinations of 2G scam by two parliamentary committees (i) Parliamentary Accounts Committee (PAC), which is a standing committee of Indian Parliament and (ii) Joint Parliamentary Committee (JPC), which has been constituted specifically to probe 2G scam after a protracted tussle between coalition Government and opposition.

Curiously, Indian market is gaining strength every day as the investigation progressed in contrast to the sharp slump caused by the anticipation of increasing inflation and break out of scams. The rise is continuous and unabated in the face of rising crude price and worsening nuclear crisis at Fukushima facilities in Japan. It is a known fact that the Indian capital market is heavily dependent on foreign inflows, which in turn, depend on the perception of growth and political stability. It is estimated that about 300 billion dollars foreign money is invested in Indian Capital Market. A mere withdrawal of 2 billion dollars from this corpus, however, had seen the market reeling by whopping 10 % just a fortnight ago.