Chairman Emeritus of Tata Sons Ratan Tata today termed Prime Minister Narendra Modi as a 'doer' and said he should be given more time.
"Modi has the track record of being a doer. Gujarat is an example and one should go there to see it," Tata, who retired as chairman of Tata Sons two years back, said at an interaction organised by Ladies Study Group of Indian Chamber of Commerce here.
He said that since 1984, there was a paradigm shift in India's democracy with a political party getting single majority, unlike coalition government or a minority government.
But the government machinery had now shifted to "quick acting and growth-oriented (work) rather than government-oriented", Tata said.
Being a doer is a good thing as long as it is in the right direction. Modi is continuing the gold standard economy which is simply WRONG for fiat money. The new balance is
FISCAL DEFICIT - TRADE DEFICIT = NET PRIVATE SAVINGS, as any accountant knows, and not
FEDERAL TAX + FEDERAL DEBT= STATE SUBSIDIES + FEDERAL EXPENSE + DEBT PAYMENT in $ + DEBT PAYMENT In Rupees, as in the old gold standard, now obsolete.
TAXES do not matter at all in a fiat money economy.
Modi, indeed a doer of so many things. And he is doing so many things for the first time in India since our independence. One of the little things for the first time is; He summoned seventeen MPs who signed the muster of Parliament and then goofed off. I bet MPs will think twice before doing that.
NANO & NAMO
Modi gave Tatas largesse worth 30000 CRORES as Guj CM
A document, said to be a leaked Cabinet note of the Modi government, is doing the rounds of the state secretariat in Gandhinagar. If one were to monetize the exemptions and facilities mentioned in this note, it seems the Modi government ended up offering sops in excess of Rs 30,000 crore to make Ratan Tata choose Gujarat as the final home for the internationally-acclaimed Nano project.
The note says that the government agreed to provide a soft loan of Rs 9,570 crore at an interest of 0.1 per cent to set up the project and additionally allowed deferred repayment spread over 20 years besides meeting infrastructure development costs, a reduced power tariff rates and even meeting the shifting cost of Rs 700 crore for bringing machinery and equipment from Singur to Sanand in Gujarat.
To put it in perspective, the loan to the Tatas constitutes about a quarter of the Gujarat government’s annual budget put at around Rs 40,000 crore. Among the other facilities are provision of 200 KVA power supply up to project receiving station, exemption from electricity duty, 14,000 cubic meter per day water supply at project site, facilities for disposal of hazardous waste, provision of 100 acres of land for a township, facility for a transport hub, and pipeline for supply of natural gas to the project site.
These unprecedented sops have caused intense heartburn among rival industrial groups who have been denied such privileges and are believed to be responsible for the leak of the note. The Congress and the MahaGujarat Janata Party, a party set up by BJP rebels, are up in arms and are agitating against such sweetners at the cost of the people. “The sops add up to a whopping Rs 30,000 crores”
Modi government has given directive, asking beaurocrates to maintain political neutrality and take decision on merit only.