Victor Hugo said that no power on earth can stop an idea whose time has come. Thirty years ago in 1991, the then finance minister of India, Dr Manmohan Singh, introduced the reforms bill and quoted Hugo in Parliament. That process helped India begin a new economic voyage.
The excruciating burden of high fuel prices on the common man continues unabated. The price of petrol and diesel has reached a record high in many cities of India. And the government has simply put the onus on the UPA dispensation.
While addressing the people at the inauguration of the Kollam bypass in January 2019, the Prime Minister of India, Narendra Modi, mentioned that the culture of wasting public money should end. However, the reality is different. A huge amount of public money is being utilised in paying income tax of cabinet ministers that accrue on their income.
After noticing numerous flaws in the IPO pricing method, the Securities and Exchange Board of India (SEBI) set up a specialist panel to finetune it. Up to now, Rs 42,000 crore has been raised through 28 IPOs.
Importantly, when the government is so proud of information technology competence and many global tech giants are headed by Indians, leading-edge technology should be used to refund money that lawfully belongs to savers and investors.
The RBI, along with other central banks, is debating the use of a Central Bank Digital Currency. If safe and effective, it’ll challenge private crypto-currencies. But first, laws need to be amended to make this a reality.