How to Raise $ 500 BILLION

Stop  Flogging  a  Dead  Horse  !

Times of India ( 16 Sept ) carries following news report :

“  Centre to tap market to fund infra projects  “

Facing a huge need for funds for on-going urban infrastructure projects including housing for all and smart cities, the Centre will tap the market for borrowings to raise resources.

While addressing the ‘Public Affairs Forum of India’ on challenges and opportunities of rapid urbanisation in the capital on Friday, Union housing and urban affairs minister Hardeep Singh Puri said his ministry is seriously thinking of borrowing from the market to incentivise speedy execution of urban infrastructure projects launched in the past two years.

This will be the first such move by the ministry to raise funds from the market. Puri said his ministry will set up a special purpose vehicle (SPV) for this purpose and the process will start soon.

“To overcome the severe infrastructure deficit accumulated over long years, huge order of investments is required. To meet various contingencies and to ensure fund availability to meet the targets under new urban missions, we are thinking of mobilising resources from the market. We have undertaken an assessment of requirement of funds till 2022 and likely flow of funds,” Puri said.

Till now, only a few municipalities including the Pune Municipal Corporation have raised fund from market through bonds.

TOI has learnt that the fund raised from market by the ministry will be used to meet the fresh demand. For example, Andhra Pradesh government on Friday assured the ministry to construct over five lakh affordable houses in the next 15 months. So, the Centre has to pay more as assistance to the state than what could have been allocated from budget under normal circumstances.

“The fund raised by ministry could be used to meet such demand and subsequently government would increase the budgetary allocation,” a source said.

Earlier Puri also said that a comprehensive evaluation of implementation and outcomes of Jawaharlal Nehru National Urban Renewal Mission (JNNURM) will be undertaken.

Dear Shri Hardeep Singh Puriji :

Whereas ideas of,

·         raising funds for Infrastructure from the market ( Public ? )

·         setting up a Special Purpose Vehicle ( SPV ) ,

are very good , I have serious doubt that your effort will succeed , since neither the banks nor the general public are likely to come forward with $ 500 BILLION that you need ( - to start with ! )

I urge you to follow the example of tiny Indonesia which , only a few months back , managed to raise $ 460 BILLION , for its own Infrastructure needs  ! @ 4% tax – no penalty for declaring tax-evaded assets  !

Here is how :

IndonesiaShows the Way

https://myblogepage.blogspot.com/2016/12/indonesia-shows-way.html

Why  a Begging  Bowl  ? 

https://myblogepage.blogspot.com/2017/05/why-begging-bowl.html

Private  Sector in  Infrastructure

https://myblogepage.blogspot.com/2017/07/private-sector-in-infrastructure.html

OneInfrastructure SPV  ?  More will follow

https://myblogepage.blogspot.com/2017/03/one-infrastructure-spv-more-will-follow.html 

18  Sept  2017

www.hemenparekh.in / blogs

Bullet Train and Work Ethics

Changing  Mind  Set  ?

Dear Amitabh Kant ,

Just read your article ( Need for Speed / Eco Times / Sept 17 ), where you have listed various advantages of tying up with Japan for the bullet train project

Among these , one that caught my eyes , is :

“  The high speed train will act as a huge social and psychological change act – it should change the mind-set of Indians , particularly the Railways, and teach them the art of excellence , safety , punctuality and perfection  “

Having travelled from Osaka to Tokyo in a bullet train in 1982 , I have experienced what you say

Just two examples :

·         When I purchased the tickets in Osaka , the man at the ticket-counter told me :

“  Your train is at 8:36 am . And since there are trains running every 3 minutes apart , please do not go by what time your wrist-watch shows . Just go by the indicator on the platform  “

·         On the platform itself , were drawn white parallel lines , where the passengers were required to stand in queues . When the train pulled in , all compartment doors , precisely lined up with those queues , with an accuracy of inches !  No scramble !

You may also find interesting my following letter ( individual copies in English and Marathi , to 7500 employees of L&T Powai works ) , which I wrote in 1981

Thursday, 1 October 1981

 

 

LAND OFTHE RISING SUN  

http://latterstolntemployee.blogspot.com/2013/07/land-of-rising-sun.html

 

 

Synopsis: Communication For Productivity Letters written to some 7500 Workers / Managers / Union Leaders, following a period of strike / Go slow / Murders (1979 - 1987), at Mumbai factory of Larsen & Toubro Ltd. This direct / open / honest communication led to a remarkable atmosphere of trust between Workers and Management, which, in turn, increased productivity at 3% per year (ave).

1 Oct 1981

Dear Friends,

Japan  is  called  the  "LAND OF  THE  RISING  SUN"  although strictly speaking  it is the  Soviet Russia which  greets the new day every morning !

But Japan has  already overtaken Russia to become  the second largest economy  in the World -  next only to  America.

 

Many experts  believe  that  Japan will  soon  bypass  America  to become the strongest industrial society in the world.

What is the secret of  Japan's success? 

Almost every country is trying to find out  if there is some "MAGIC FORMULA" which the  Japanese  seem to  have  mastered.   From  all over  the world, dozens  of delegations have gone to Japan in search of this "MAGIC FORMULA".

What they  have found out  is that there is  no single simple formula! 

BUT ONE THING  HAS BECOME CLEAR - THAT THE JAPANESE PEOPLE THINK OF  THEIR COUNTRY FIRST.

  

THEN THEY THINK ABOUT THEIR  COMPANY AND ON  SOME RARE  OCCASIONS, WHEN  A JAPANESE THINKS  ABOUT HIMSELF,   HE ALMOST  FEELS "GUILTY"  TO  BE SO SELFISH !

And that makes Japan work.

Last year when I reproduced  " Britain Works —  O.K." many of you responded, welcoming the serial.

This  time .our  focus  is  on  Japan.   I  am  happy   to reproduce  'here,  a   despatch  from   Tokyo   by  Peter Hazeihurst titled,

" WHEN JAPANESE WORKERS GO ON STRIKE "

If anyone has any  comments, please do feel free to  write to me. 

I,  for one, believe that  EXCELLENCE AT POWAI  CAN ONLY COME OUT OF A RESPONSIBLE AND  PARTICIPATIVE DIALOGUE AMONGST ALL SECTIONS OF EMPLOYEES.

With regards,

H.C. PAREKH

17   Sept   2017

www.hemenparekh.in / blogs

Break-down the Silos !

Indian Express ( 15 Sept ) carries following news report :

“  Tax dept, MCA to share PAN , audit reports “

The income tax department and the ministry of corporate affairs (MCA) have signed a pact to regularly share data, including PAN and audit reports of firms, to crack down on shell companies, the government said today.

The pact aims at curbing the menace of money laundering, black money and misuse of corporate structure by shell companies, a finance ministry statement said.

The MoU for Automatic and Regular Exchange of Information between was signed between the MCA and Central Board of Direct Taxes (CBDT) on September 6 and took effect the same day, it said.

Under the pact, tax authorities will now relay audit reports of corporates and specific information from their I-T returns along with PAN data to MCA.

Besides, financial statements filed by corporates with the Registrar of Companies, returns of allotment of shares and statement of financial transactions received from banks will now be shared between the two departments.

“A Data Exchange Steering Group has also been constituted for the initiative which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the two agencies,” it added.

The MoU will ensure that both MCA and CBDT have seamless PAN-CIN (Corporate Identity Number) and PAN-DIN (Director Identity Number) linkage for regulatory purposes.

“The information shared will pertain to both Indian corporates as well as foreign corporates operating in India,” the statement said.

The data will also be shared for the purpose of carrying out scrutiny, inspection, investigation and prosecution. The government has already said that over 1.06 lakh directors will be disqualified for their association with shell companies.

The MCA is in the process of cancelling the registration of 2.09 lakh companies that have not been carrying out business activities for a long period. Besides, banks have been asked to restrict operations of these companies’ bank accounts by their directors or their authorised representatives. Following deregistration of over two lakh companies currently there are about 11 lakh companies with active status.

Congratulations , Shri Jaitleyji :

I hope this is only the FIRST STEP towards implementing my following blog / suggestion

 

Thursday, 3 April 2014

 

 

E - Governance ?

============================================

Can e-Governance help eliminate corruption  ?

Most certainly

Look at the following , partial list of Central and State Agencies set up to fight fraud , money-laundering , corruption , tax-evasion , economic crimes etc :

·            Public Accounts Committee           (  PAC  )

·           Central Vigilance Commission        (  CVC  )

·           Central Information Commission     (  CIC  )

·           Research and Analysis Wing           (  RAW  )

·           Serious Fraud Investigation Office   (  SFIO  )

·           Information Bureau                        (  IB   )

·           Economic Offence Wing                   (  EOW  )

·           Central Bureau of Investigation        (  CBI  )

·           Department of Revenue Intelligence (  DIR  )

·           Comptroller and Auditor General       (  CAG  )

·           Anti Corruption Bureaus ( States ).... (  ACB  )

·           Enforcement Directorate                    (  ED   )

·           Lok  Ayukts    (  States   )

·           Lok Pal           ( Central  )

Despite such an army of Agencies , how do corrupt manage to get away  ?

Or , in case caught , manage to delay delivery of punishment for years  ?

No doubt , there must be several reasons , including , inter - agency rivalry to get credit - something difficult to eliminate altogether

But , I believe , the most important reason is :

Lack of a COMMON  / COMPUTERIZED database of all offences / cases / persons being investigated

And , which is readily " Accessible " to all of these Agencies , all over the country ( 24 * 365 )

Already , every Agency compiles huge dossiers on " Suspects " in its own 

" Departmental Database " , which is never shared with other Agencies ,

leading to ,

·            Huge amount of duplication of efforts / information

·            Fractured / scattered profiles of " Suspects "

·            Enormous waste of time / resources

What will help  ?

·           Dismantling of individual departmental databases

·           Merging of all Agency-wise databases into a SINGLE / UNIQUE database

·           All Agencies to enter their findings / data / info into this COMMON

           database , with nothing preserved on local computers

·           All data-entry FORMS to be ONLINE . No paper forms at all

·           All local computers connected to ultra-secure Network ( Encrypted )

·           " Access Rights " to individuals , based on Biometric Identification

Will BJP want to make this , a prominent promise in their Poll-Manifesto , likely to be released on 7th April  ?  ( Congress /  AAP missed this boat  ! )

It is high time political parties stop talking of motherhood in vague terms and start telling the voters ,

" If you vote us to power , this is precisely what we will do , to bring about E-GOVERNANCE  - and do it within 6 months of assuming power "

16  Sept  2017

www.hemenparekh.in / blogs