China-led, India-supported AIIB funding hyper-inflated infra projects, promoting crony capitalism: Mumbai meet

Medha Patkar addressing the convention

By Our Representative
A civil society-sponsored convention, concluded ahead of the high-profile AIIB (Asian Infrastructure and Investment Bank) board meet, to take place on June 25-26 in Mumbai, has sharply criticized the "China-led" international financial institution (IFI), insisting, it "rejects" AIIB claim that it "serves as a healthy and essential alternative to undemocratic IFIs such as the World Bank, Asian Development Bank and International Finance Corporation which are controlled by western powers."
Held in Mumbai on June 21-23, a resolution adopted at the end of the convention said, "The design and structure of the $100 billion AIIB functions equally undemocratically. What is worse, it invests in projects without in any manner complying with necessary environmental and social safeguards. In the process, AIIB is doling out billions of dollars of loans to critical sectors such as energy, road building and urbanization causing extensive negative environmental and social impacts."
The resolution noted. "As a result, India, the largest recipient of AIIB loans, has become a site for corporate land grab resulting in massive loss of livelihoods and displacement of rural and urban communities, the prime example being that of the Amravati capital city which is being developed on flood plains and 50,000 acres of fertile agricultural land forcibly acquired from farmers and workers."
Participated by over 1,000 delegates from 200 organizations, the convention was attended by senior activists, academics and financial analysists including Medha Patkar, economist Prof Arun Kumar, Praful Samantara, financial analyst Sucheta Dalal, activists Ulka Mahajan, Roma, Shaktiman Ghosh, Leo Colaco, T Peter, Dr Sunilam, Ram Wangkheirakpam, Leo Saldanha, Rajendra Ravi, Gabriele Dietrich, among others.

Prof Arun Kumar

Taking directly on Prime Minister Narendra Modi for "the IFI promoted development model without any public debate", and terming it "Modani model", the resolution said, it is "pushing big and unnecessary hyper-inflated infrastructure projects like industrial corridors, Bharatmala, Sagarmala, bullet trains, smart cities and others" -- all this "at the cost of basic necessities" of the people such as food, housing and clothing.
"This model is designed to strengthen the hegemony of capital, maximisation of profit and promotion of crony capitalism. The model is best described as: free hand to corporations and loot of labour, farmers, workers and adivasis. We reject this model and the governments and political parties who promote it. They have lost the moral and political legitimacy to rule", the resolution said.
It said, "The Government of India is hosting the AIIB AGM at a time when the Indian economy is reeling under multiple crises which are largely an outcome of a series of reckless and draconian actions of the administration led by Prime Minister Narendra Modi. The colossal disaster of demonetisation (November 2016), which was followed by an ill-planned unveiling of the Goods and Services Tax (GST) regime (2017), has resulted in a terrible attack on the fragile economic status of the poor, devastating millions of livelihoods in farming, fisher and pastoral communities as well as seriously damaging the entrepreneurship of small and medium enterprises and the unorganised sector."
It added, "These policies build on the failed neoliberal reforms and the agenda of liberalisation, privatisation and globalisation which began in 1991 at the behest of the IMF. The working systems of the Reserve Bank of India and other financial regulatory institutions, as well as public sector banks, have been undermined by the constant interference from the Finance Ministry of India, endangering the resilience of the country's financial architecture which has withstood multiple economic and financial crises over time."
"As a result, billions of dollars of bad debt remains unrecovered. Their volume is mounting. Some of India’s richest men, and the massive and powerful corporations they lead, are major debtors to India’s banks. Because of their deep access to high political power, their bad loans and Non-Performing Assets are being systematically written off without attaching their personal assets or taking legal action to tackle such serious economic violations", it said.
Demanding that the "loans, debts and tax benefits given to corporations, amounting to Rs 48 lakh crore approximately, be recovered, and be used to provide education, health and employment for all and to eliminate hunger and poverty", the resolution said, "This should also be used for waiving the farm loans of millions of marginal farmers, workers, adivasis and small enterprises, and to help them rebuild the economy."

Comments

Uma said…

Say what you like, nobody is listening. This is the only way to get the photographs and name in th e media world-wide

June 25, 2018

Loktantra Bachao Abhiyan raises concerns over Jharkhand Adivasis' plight in Assam, BJP policies

By Our Representative The Loktantra Bachao Abhiyan (Save Democracy Campaign) has issued a pressing call to protect Adivasi rights in Jharkhand, highlighting serious concerns over the treatment of Jharkhandi Adivasis in Assam. During a press conference in Ranchi on November 9, representatives from Assam, Chhattisgarh, and Madhya Pradesh criticized the current approach of BJP-led governments in these states, arguing it has exacerbated Adivasi struggles for rights, land, and cultural preservation.

Promoting love or instilling hate and fear: Why is RSS seeking a meeting with Rahul Gandhi?

By Ram Puniyani* India's anti-colonial struggle was marked by a diverse range of social movements, one of the most significant being Hindu-Muslim unity and the emergence of a unified Indian identity among people of all religions. The nationalist, anti-colonial movement championed this unity, best embodied by Mahatma Gandhi, who ultimately gave his life for this cause. Gandhi once wrote, “The union that we want is not a patched-up thing but a union of hearts... Swaraj (self-rule) for India must be an impossible dream without an indissoluble union between the Hindus and Muslims of India. It must not be a mere truce... It must be a partnership between equals, each respecting the religion of the other.”

Right-arm fast bowler who helped West Indies shape arguably greatest Test team in cricket history

By Harsh Thakor* Malcolm Marshall redefined what it meant to be a right-arm fast bowler, challenging the traditional laws of biomechanics with his unique skill. As we remember his 25th death anniversary on November 4th, we reflect on the legacy he left behind after his untimely death from colon cancer. For a significant part of his career, Marshall was considered one of the fastest and most formidable bowlers in the world, helping to shape the West Indies into arguably the greatest Test team in cricket history.

Andhra team joins Gandhians to protest against 'bulldozer action' in Varanasi

By Rosamma Thomas* November 1 marked the 52nd day of the 100-day relay fast at the satyagraha site of Rajghat in Varanasi, seeking the restoration of the 12 acres of land to the Sarva Seva Sangh, the Gandhian organization that was evicted from the banks of the river. Twelve buildings were demolished as the site was abruptly taken over by the government after “bulldozer” action in August 2023, even as the matter was pending in court.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual.

Will Left victory in Sri Lanka deliver economic sovereignty plan, go beyond 'tired' IMF agenda?

By Atul Chandra, Vijay Prashad* On September 22, 2024, the Sri Lankan election authority announced that Anura Kumara Dissanayake of the Janatha Vimukthi Peramuna (JVP)-led National People’s Power (NPP) alliance won the presidential election. Dissanayake, who has been the leader of the left-wing JVP since 2014, defeated 37 other candidates, including the incumbent president Ranil Wickremesinghe of the United National Party (UNP) and his closest challenger Sajith Premadasa of the Samagi Jana Balawegaya.

Will Bangladesh go Egypt way, where military ruler is in power for a decade?

By Vijay Prashad* The day after former Bangladeshi Prime Minister Sheikh Hasina left Dhaka, I was on the phone with a friend who had spent some time on the streets that day. He told me about the atmosphere in Dhaka, how people with little previous political experience had joined in the large protests alongside the students—who seemed to be leading the agitation. I asked him about the political infrastructure of the students and about their political orientation. He said that the protests seemed well-organized and that the students had escalated their demands from an end to certain quotas for government jobs to an end to the government of Sheikh Hasina. Even hours before she left the country, it did not seem that this would be the outcome.

A Marxist intellectual who dwelt into complex areas of the Indian socio-political landscape

By Harsh Thakor* Professor Manoranjan Mohanty has been a dedicated advocate for human rights over five decades. His work as a scholar and activist has supported revolutionary democratic movements, navigating complex areas of the Indian socio-political landscape. His balanced, non-partisan approach to human rights and social justice has made his books essential resources for advocates of democracy.

Tributes paid to pioneer of Naxalism in Punjab, who 'dodged' police for 60 yrs

By Harsh Thakor* Jagjit Singh Sohal, known as Comrade Sharma, a pioneer of Naxalism in Punjab, passed away on October 20 at the age of 96. Committed to the Naxalite cause and a prominent Maoist leader, Sohal, who succeeded Charu Majumdar, played hide and seek with the police for almost six decades. He was cremated in Patiala.

Search This Blog