Loan Mela

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Colossal Waste of Rs. 60,000 crores

by Venkatesa Prabhu on Jun 07, 2008 10:14 AM
Several Prime Ministers beginning with Rajiv Gandhi and administrators have said time and again that only one fifth value of any govt programs and welfare measures reach the desired audience. And this has been going on for the last 50 years and the government as also the administrators are yet to devise a mechanism which will ensure greater deliverability to its target audience.


The rest 80% is gobbled along the way by various middlemen. Why cannot the govt think of a fool-proof delivery mechanism?

The govt headed by Indira Gandhi started the loan mela and Janardhan Poojari ensured that monies were distributed left right and center without ascertaining the basic criteria that any credible lending institution would undertake.


Bankers like Gopalakrishnan of Indian Bank almost pushed their banks into bankruptcy. Chief Ministers like Karunanidhi rode to power offering freebies to the poor, something every political party is happy to promise in their election manifesto (and who will NOT EVEN SPARE A RUPEE from their personal billions bankrolled from scores of years in politics).


Indian politicians are happy to keep the votebank in poverty for eternity, if only solely to ensure that they and their progeny can rule for generations to come. No one really cares for the millions of poor people and it is very doubtful if their lot will improve with support from any one of the current political parties.


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