It is a well known and also noted in the government records that food products are rotting in godowns in high proportion of the storage and there is little transparency in supply of essential commodities in the market. Market people and business persons are creating huge demand-supply gap in their own interest.
Many essential commodities, which are sought in the market and at the threshold of supply-line, are being exported and the products, which are rotting in the godowns, are being imported by the business communities with hands in glove with the government in order to keep high inflation in the domestic market.
Price rise gives benefits to business people, market players and politicians as the policies and practices implemented in the market are rarely giving relief to common mass. A small price-rise in essential commodities causes abrupt increase of prices in the market in retail-sectors, in real-estate business, in surface transportation sector, and each and every sector which further affects each other mutually and keep inflation high.
Recent reports of the government have also noted huge theft of electricity by private industrial sectors and in private undertakings such as real-estate business, malls, recreation-parks, big business establishments, and so on in connivance with politicians, bureaucrats, and officials of electricity departments.
It is common practice by big industrial establishments and entrepreneurs and business mongers to escape tax-payments of various types by bribing the government officials which in turn is causing tremendous loss in revenue collection. With their vested interests and crooked policies, business people and politicians are stashing hefty amount of black money to foreign tax-havens as well as laundering black-money and there is little chance that this practice is going to be curbed in near future.
Railway, petroleum industry, coal and mining, steel-industry may be facing slumps in profits and revenue collection but the major loss and decrease in revenue is caused by the policies practiced by these industries. Recent reports indicate that private intakes in coal-mining and petroleum sector is not yielding to the requirements of the market but they are forcing governments for price-rise through their political connections in order to garner further profits and benefits.
Even private intakes are forcing PSUs to reduce production using politicians in the government in order to keep a gap in the demand-supply chain. The private intakes, especially big enterprises, are badly trying to get hold on essential commodities and control prices in the market for their best profits.
Policies of the government in the Railways and other PSUs are determined by their political interests in large as well as by interests of the business communities. Many projects of Railways, Defence, and power generators see high increase in the initial investment just because of the delay caused in the completion due to the political reasons under market presure.
High amount of corruption prevailing in Railways, Defence sector, and PSUs are also disturbing the initial budget and causes great loss of investment money which cannot be compensated by the usual revenue collection. Many government projects, which has timeline of three to four years, are not completed even in 10 year duration. High loans obtained from World Bank, International Monetary Fund (IMF), and other countries are wasted in large proportion because of corruption and delay in completion of projects whereas a large chunk of revenue collection is further lost in paying interests to the loans incurred by governments.
Moreover, the poor technological advances and mismanagement in project implementation as well as in operation causes serious burden on the government revenues. In last decade, though many gigantic projects in China were completed, we could hardly see any mega project completed in our country except Delhi Metro, couple of international airports, Railways and highway projects.
Indian governments on the other hand have even failed to establish a single world class hospital, university, railway stations, mega dam, new PSUs of mass production, and so on. Technological backwardness of India resulted in loss of thousands of lives and property of billions of rupees in Uttarakhand flood disaster in 2013 as prediction of advance forecast of cloud-bursting and flood could not be made possible due to lack of a proper weather model and super-computing facilities.
Huge sum of money spent in rescue operations, rehabilitation, and compensation can be saved if advances of science and technology are utilized to fight natural disasters and to avoid human induced accidents in Railways, Defence and industrial sectors.
In a country with unproportionally high population and limited resources, loss of revenue in high proportion due to corruption, bad policies, mismanagement, and vested interests of politicians, and market players as well as due to natural disasters and industrial accidents and lack of advance technology cannot be tolerated and afforded.
Government must adopt policies and execute stringent measures which curb unjustified interests of business people and market players, especially in health and education sector and supply of essential commodities.
Immediate steps should be taken to eliminate corruption and corrupt practices and government must punish corrupt officials and personnel who misutilize public funds and cause huge losses in revenue generation and collection.
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