So, there have been three major scams in India over the last few years – the “2g” Scam, Coal-Gate, and the emerging Thorium scam. Numbers like “20 Lac Crore” are thrown around. If we take the figures at face value, i just wanted to get a clearer idea of what those figures meant.
Estimated Values of Scams
2g scam – 2 Lac Crores – 2 Trillion
Coal-gate – 11 Lac Crores – 11 Trillion
Thorium – 48 Lac Crores – 48 Trillion
The Estimated Value of the 3 scams – 61 Trillion Rupees or 61,000,000,000,000 Rupees.
What is this figure? What Does this figure *mean*?
I tried to find some ways of giving it some equivalence –
In dollar terms that is approx 1.1 Trillion Dollars (USD). Thats money that should be part of our national exchequer. It should be used to build roads, improve education, provide health care, utilities, perhaps invest in fuel independence. Instead, the concept of a scam implies that, rather than being part of the national exchequer, this money has gone into private bank accounts.
India’s GDP is estimated at $1.8 tn. So, apparently our scams equal some 60% of our GDP!!
What would that money buy us?
– Well, it is estimated that some 32.7% of india’s population, (some 500 million people) lives in abject poverty – less than 60 rupees per day. The scam amount, if shared amongst those people, would give each person some 1.5 Lac rupees!
– 1 in 7 people on this planet is suffering from extreme hunger. It is estimated that it would cost $195bn a year to ensure noone in the world starves. Our scams would pay fr TEN years of feeding the world. it would save 150 million children who would otherwise die of starvation in that same period.
– India spends 4.1% of its GDP on education every year. This scam money would pay for our entire nation’s education for the next 13 years! An alternative way of looking at it – We could give a 2 Lac rupee education endowment to every child under 15 in the country
– Even at 100$ per barrel, this would pay for our entire country’s oil consumption for the next DECADE! ie, it would give every individual, household, factory, carowner among us FREE petrol/energy/electricity/cookingfuel for the next 10 years!
THis money would pay for every indians income tax, AND every company’s corporate Tax for nearly 20 YEARS! Imagine, no more income tax for the next 20 years!
Lets bring it closer to something we can identify with. If every single indian on facebook got a share of the scam money – we’d EACH get 11.5 lac rupees!
The sheer size of these figures go on and on. It begs the question – what is the true impact to us due to these scams, due to the revenue our exchequer would have had, which it has been denied? Would our petrol prices have still risen? Would we still have to pay such high income tax? Would children die of starvation? Would half of our country be on the streets?
I think that this is yet another example of the cabal between the capitalist imperialists and the government, which is ostensibly supposed to protect its citizens from exploitation.
Our politicians are bleeding the country dry while we watch reality TV and outrage about apple vs samsung, and gleefully celebrate kasab’s death. Those are just distractions, keeping us from focussing on real issues.
We need to wake up.