India witnessed the second largest outflow of millionaires globally after China during 2017
In Ayn Rand’s classic novel Atlas Shrugged, business leaders start disappearing from America because of stifling government controls. Something similar is happening in Narendra Modi’s India: the rich are leaving the country for better places.
India witnessed the second largest outflow of millionaires globally after China with 7,000 high net worth individuals changing their domicile during 2017, 16 percent more than last year, according to a survey by New World Wealth. As many as “7,000 ultra-rich Indians shifted overseas in 2017. In 2016, the figure stood at 6,000, while in 2015 as many as 4,000 millionaires shifted base,” reported PTI.
Modi too indicated of a meaningful change. A key slogan was ‘maximum governance, minimum government’—which suggested that he believed in small government
Evidently, India’s high net worth individual (HNIs) are giving a new meaning to the term ‘secession of the successful.’ Coined by the famous economist J.K. Galbraith, the term connotes the process by which the wealthy, instead of depending on the government for its shoddy services, arrange for everything they require—private security, gated habitations, exclusive clubs, generator-driven power supply, etc. All this for a more comfortable life, given the shoddiness of whatever the government does. Our HNIs have added another dimension to the term: they have not only turned their back on government but also started leaving the land of their birth for better standards of living in (mostly) Western countries.
It would be facetious to deprecate the escaping HNIs as treacherous cowards leaving their country for and using their sizeable wealth in foreign lands. The problem is not with them but with the powers that be in our country. A few years ago, it was a corrupt and incompetent regime, under Sonia Gandhi and her pinkish toadies, that was tormenting the captains of industry. They complained of tax terrorism, policy paralysis, entitlement-crazy governance, venality, etc. They, along with Middle India and others, looked forward to Modi, hoping that he would effect a paradigm shift in statecraft and economy and usher in achhe din.
On his part, Modi too indicated of a meaningful change. A key slogan was ‘maximum governance, minimum government’—which suggested that he believed in small government. In an interview before 2014, he had said that the business of government is not business; this was seen as an endorsement of a free economy.
But that, alas, was not to be! All his promises have proved to be, to use Bharatiya Janata Party Amit Shah immortal words, “chunaavi jumlas” or “election gimmicks”—not be taken seriously. At any rate, the promises have been observed in the breach. The size and scope of government have only increased, what with Aadhaar thrust down the throats of citizens forcibly. Instead of introducing major economic reforms, he brought a major disruption with the demonetization of high-currency notes, leading to incalculable damage to businesses, especially in the small and medium sectors, and huge job losses. While it was jobless growth during Sonia rule, it is jobless slowdown under Modi.
This is not surprising because the authorities have made the lives of HNIs miserable
It is not just the bad economic policies that are wreaking havoc; in general, India is increasingly becoming unlivable, the patriotic chest-thumping about sujlam-suflam… notwithstanding
It is not just the poor and lower-income sections of the society that are suffering; the rich are no less distressed. While those with limited means are condemned live in India, those with deep pockets have options; and, as the New World Wealth study shows, they are increasingly exercising those options.
This is not surprising because the authorities have made the lives of HNIs miserable. In the name of eradicating black money and implementing the goods & services tax, taxmen and bureaucrats have been pestering businessmen no end. Consider this: the Bombay High Court has slammed the government for the poor execution of GST. It is not very often that the judiciary criticizes the executive in the execution a tax. But such is the sloppiness exhibited by the authorities that the court pointed out that the new indirect tax regime is tarnishing the “image, prestige, and reputation of the country.” And that too “when we are inviting and welcoming foreign investment in the state and the country.”
It is not just the bad economic policies that are wreaking havoc; in general, India is increasingly becoming unlivable, the patriotic chest-thumping about sujlam-suflam… notwithstanding. The onset of winters makes north India a gas chamber, and neither Modi nor any other leader is bothered. Our rivers have become drains, our forests have been pillaged, our countryside has been plundered, and our cities have become dust bowls and gigantic garbage bins. If there is any surprise, it is that only 7,000 rich Indians have quit India.
Modi-bhaktas may try to explain away the exodus of HNIs as inconsequential, but the fact this development signifies is simple and indisputable: Modi has failed comprehensively.
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I agree with Karthik-Muscat statements, Modi is facing uphill battle. 4 years not enough to clean garbage and obstacles left by UPA -2 of congress and Luftyens club….too much noise in Delhi area, not visible action by Finance Department in 2 G scam loot and Aircel-maxis probe and Chidambaram’s skillful style…making son and family rich but leaving no trail behind; also leaving OFFICERS behind to favor him and block prosecution, and so 2 G scam took 7 years and no result, no guarantee that appeal will be in nation’s favor. Also, National Herald case involving people of highest influence and deep pockets, etc. So, if and when ED and CBI arrest responsible ministers for 2 G scam, Aircel-maxis scam etc. then and then people start believing in Madi ji rule and Justice system; NOW a Days, people believe when they see it. Anything can happen… stay tuned.
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The HNI never care for the country but for their own welfare. When government gives a signal that they are being watched, they fled the country, only because they are doing 90% of their business without any rules or care for the system. We know such kind of people are only liability to the country. They earn their wealth here and stash it in some other country to avoid taxes and questions. The same has happened all these years and the country not only not benefited by their actions but last a lot in the process.
Well said.
FINE
I AM DESH BHAKTA.
This Ravi Shankar Kapoot is the greatest Man
One principle I always believe Before Criticising what have u done- it may be the Smallest thing
but still and will this kapoot can he do any of the following:
Get for the Nation
One square foot of Land from POK\
Keep India Clean for One Hour
Can he get On square foot of Land Under Chinese Occupation
REMOVE THE POVERTY FOR ONE HOUR FROM INDIA
SHRI MODI INHERITTED HUGE GARBAGE WHICH HAPPENED RIGHT IN FRONT OF THIS KAPOOT- HE KEPT QUIET- NOW CRITICISING
TELL HIM TO JUMP INTO THE SEA
REGARDS
You mean, Ravi Shankar Kapoor ? ( and not Ravi Shankar Kapoot=)
Here We live at Mumbai since last ten years. I have completed 30 yrs of service at DAE on various sites and now at HQ. Gentleman I have seen 100s of trucks fully loaded at VASHI Naka while we enter mumbai to days together , alot of agents octri, entry tax and what not . Even vehicles carrying our domestic items during xfer were not spares at check naka.
Today no body none is there , its free flow of everything. The point is whatever was going out of Govt packet or whatever going from our pocket to touts and officials including transporter is suppose to reduce the cost of the transportation etc as there is saving of time and money , this is not happening to right pace. The state govts even BJP lead are not resiprocating good governance gesture to people , like here at mumbai people spent hrs together for the toll tax , come what govt here money making is never stopped .
thus people start to say bhai what is difference between khangressi or BJP govt, they are behaving similarly when the public welfare comes. MH CM promised many times to stop mumbai entry tolls but nothing happened , people are forced to put fake boards of police,Neta,BMC,IncomeTax including bully and what not to evade the toll tax , but time wasted in the Q can not be returned back.
The toll is suppose to be at one place on road altogether , come to mumbai and see here the toll is extended by the contractor to 500 Mtr both side , a single toll has been multiplied by three sets with incorporation of travelling delay and to fetch money by hook or crook. Is it good governance . When we may 3 lakhs Rs for registration of a vehicle , take few thousands more but stop this menace once for all. Is there some one to listen .
When corruption and black economy is part of the very fabric of the economy it is bound to create a problem with the velocity of money slowing down both the official and parallel black market. This was beyond the estimate of any one-because 80% of the currency notes are being replaced. Another aspect fake currency pumped by the ISI since 2004 is substantial. Please be responsible when you make such remarks. Didn’t the Congress block so many bills of the BJP? Isn’t MSM against BJP since May 2014? Not to talk of the Congressi bureaucrats trying to stymie BJP initiatives…GOI and states have no money because of the NPAs and corruptions of the UPA. How is BJP being blamed for a 70 years momentum and expect the flight of HNI to stop in 5 years….you don’t have a conman at the helm in Modi. Logically he needs another term to fully feel the impact of his policies. So you are saying Modi has failed….what is your choice? Rahul Gandhi?
Spot on! Modi is the only hope we have got against the tyranny of Congress and othe sickular terrorist parties
Lucky “HNI”. We middle class can never escape from here. To use 100 rupee of hard earn money, we have pay 50 rupee as tax(30% income tax+20% average GST). Losing the hope to hard earn
What is this nonsense? Are you a Congressi advocate in disguise? Any common man’s observation is that Modi or anyone can’t solve it one term. Congress transferred 4000 officials in 1 week before going out of power. You can guess what their job is?
Demonetization was recommended since 1974-75-when 145 economists submitted a petition called SEMI-BOMBLA. But it was implemented after 42 years-because of the courage of ONE man Narendra Modi. Look at his honesty and integrity he lives alone, all his family members economic status remains unchanged.The only person before was Lal Bhadur Shastri-who died in mysterious circumstance.
Coming back to demonetization : we have a HUGE HUGE black economy which runs money. All kinds of players came to fore for e.g. A Bank Official comes on TV (face blanked out) That in South Mumbai if you come with 1 cr of old notes we will deliver 75lakhs in new currency in South Mumbai, anywhere else will a bit longer.
Unfortunately PGURUS is taking the same path as being followed by Indian libtards. Indian libtards in their hatred towards PM Modi started abusing mother India, Indian army etc. In the process they completely alienated themselves from the masses and in fact were forced to stand with the likes of Kanhaiyya. Why, because they were denied ‘mufat ki roti’ by PM Modi. A cursory look at PGURUS can tell you that they have a pathological hatred towards FM Jaitley. Why, is anybody’s guess. Because of which they have now started abusing Modi and BJP. PGURUS should look at their waning support base by taking a hard look at their click stream data for last few months. There are people who are supportive of Dr Swami’s fight against corruption and nepotism and hence knowing Dr Swami’s association with PGURUS would visit this portal once in a while. Except that the rest of the PGURUS is fast walking into oblivion.
This was an opinion piece by a respected author with many books to his credit. As a responsible news web site, we will publish all opinions – it is up to you whether you want to accept it or not.
You publish opinions only plalatable to you.
Concerns of the author is welcome but conclusion is what questionable, highly. DeMo is not worst just because the implementation was bad. GST is not waste just because TAX Men handled incorrectly.
Public is always kept hijacked with emotions. Public is not ready to work, earn & enjoy. Public was not trained to respect queue(turn). Public is not ready to contribute keeping environment clean. Public is made to believe Morality is just “Jumla”
Given this scenario, what Modi is doing is not only correct but outstanding. Practicality matters because Modi has to face the same Public every 5 years.