‘Private capital made profits in disproportionate manner post demonetisation’
Academic and writer Kancha Ilaiah has termed the note ban exercise as the “biggest instance of social smuggling” ever, and alleged that the big capital of the country has earned 27 per cent more profits post-demonetisation despite the gloomy trend of GDP growth rate.
Speaking on the sidelines of a meeting organised by T-Mass Forum (Telangana Mass and Social Organisations’ Forum) on Thursday, Prof.Ilaiah, who is in the eye of the storm owing to his work ‘Samajika Smugglerlu- Komatollu’ (Vyshyas– the social smugglers), said the decision for demonetisation was taken by a few individuals, undermining the Cabinet.
“Private capital has accumulated profits in disproportionate manner post-demonetisation, while ordinary persons suffered hardships,” he said.
The NDA government which had cracked the whip on foreign philanthropy, has aided expansion of 10 private companies, of which seven belonged to ‘Bania’ or trader community, he claimed. “They banned foreign funding in the name of nationalism. Where was their nationalism when it came to the social responsibility of these companies? Where was their philanthropy during demonetisation when people suffered enormously?” Prof.Ilaiah questioned, theorising that the indifference towards the rest of the masses stemmed from firmly entrenched caste culture.
As the ‘soldier’ remains at the centre of the nationalist rhetoric, the corporate capital should, to begin with, provide job reservations for children of army and paramilitary soldiers who died in action.
“Further nationalism can be shown by opening up the space for job seekers belonging to Adivasi, dalit, washermen and barber communities who have been serving society for ages,” Prof.Ilaiah said.
Every sale of public sector units amounts to social smuggling, as it aims to hand over nation’s wealth to private capital concentrated predominantly in two major castes, which have cartelised the country’s capitalism, he claimed.