CBI raids after culprit flee the country, are eyewash. Small fishes are being targeted to protect the sharks and divert public attention. Rotomac owner is the latest after Nirav Modi to do the disappearing act and if this sequence continues, banks would bleed badly and our economy would be in a mess. Noted economist Rathin Roy’s assessment of Indian economy encountering financial trouble in 10 years could come true sooner than the economist anticipated though he feared this scenario due to heavy government borrowings and the NPA’s and bad debts of PSU banks would add fuel to our deteriorating economy.
A stitch in time saves nine and govt should address the bank problems on a war footing. Else, citizens would lose faith not just in our political system but the currency as well. Top economists give valid suggestions but govt seldom acts on them due to vote bank politics and other wrongdoings. Ours is not a banana republic but we are heading towards if the present trend of financial frauds continues!
(The views expressed by the author in the article are his/her own.)