Exploitation by Globalization and Liberalization. It has proven deadly for all the sectors, like social, judicial, educational etc.
Exploitation by Globalization and Liberalization
Today, capitalism is doing more harm than good to the world. Liberalization and globalization lead us to exploitation and slavery. It has proven deadly for all the sectors, like – social, judicial, educational, agricultural, etc. Today larger industries are snapping up older ones; and the root cause of ongoing corruption, crime, unemployment, etc. is liberalization, foreign currency and the attack of foreign culture. The loot by multinational companies is at its peak today.
Loan frauds and looting of the government treasury:
Bank frauds are the flavour of the season in India. The RBI data shows that the government-owned banks have reported 8,670 ‘loan fraud’ cases, totalling Rs. 61,260 crore, over the five financial years up to 31 March 2017. The available data with India’s premier credit information bureau puts the figure of willful defaulters—the companies that have the capacity to pay up but refuse to repay loans—at 9,339 and the money involved at Rs1.12 trillion. Only those defaulters’ names are in public domain against whom banks have filed suits for recovery of loans. And the corporates were issued loans to set up the industries. This is the Real facts that Exploitation by Globalization and Liberalization
The latest set of data throws a grim light at the bad loan crises of India. Over the past 6 years, banks have written off Rs 7.5 lakh crore of loans that they had issued to corporates, a significant chunk of which came from government-owned banks, the latest data from the Reserve Bank of India shows. As reported, Rs. 61,949 crore of loans of the top 100 willful defaulters (corporate companies) as of March 31, 2020. The data released, showed that Mehul Choksi-owned Gitanjali Gems was the top willful defaulter, accounting for Rs 5,071 crore of non-performing assets (NPA). In India, Rs 2.5 to 3 lakh crore of NPA are held by companies responsible for privatization of railway, airports, etc.
Wipe Out Government:- Exploitation by Globalization and Liberalization
Destroying government institutions and starting to form non-elected boards and commissions has been the hidden agenda of Agenda-21. The government, which has turned its focus to privatization of Central Public Sector Undertakings (PSUs) to raise resources and exit non-strategic sectors, may bring down the number of such companies to 24 from 277 currently. It had been working on completing the process of selling stakes of about 23 public sector companies, whose divestment had already been cleared by the Cabinet. In total, there are 26 PSUs that will be completely sold off to private firms or fully disinvested.
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