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Editorial
‘B’ FOR ‘BAIL OUT’!

 

 After the Vajpayee Govt. lost its majority in Parliament on April 17 and subsequent dissolution of the House, the BJP leaders boasted of three ‘B’s viz., ‘Bomb’, ‘Bus’ and ‘Budget’ as major achievements (!) of the 13 month Govt. They could have added another ‘B’ standing for ‘BAIL OUT PACKAGE’ in their list of achievements. Just before the confidence vote in the parliament, the public financial institutions like IDBI, IFCI, at the behest of the Govt. extended a bailout package of Rs. 5200 crores to the private steel corporate like ESSAR, MITTAL and 12 others.

And now just hours before the poll schedule is announced on July 6, the caretaker Govt. approves a bail out package for private telecom operators who owe the Govt. Rs. 3700 crores in unpaid licence fees. Earlier on June 7 the Communication Minister Shri Jagmohan was shifted from the Department as he insisted that the operator pay up this public money. The Prime Minister took over this portfolio and done the cabinet approve this package.

The last budget, approved by the Parliament, had provided for a receipt of Rs. 1700 crores from telecom licence fees. This stands waved without any approval by the Parliament. As the brave jawans shed their blood in kargil, the country bleeds because of the war and the common man gives his hard earned money to the defence fund, the Govt. of the day bails out the multi telecom operators mostly multinationals, with Rs. 1700 crores of public money, which the country and its defence forces need so badly right now.

But then that is another ‘B’ for ‘BJP’ and its leader – the ‘able Prime Minister’

26th July 1999.   





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