Wednesday, December 13, 2017

Modi raps Ficci on the knuckles gently at its 90th AGM

Prime Minister Narendra Modi inaugurating the 90th Annual General Meeting (AGM) of the Federation of Indian and Chambers of Commerce and Industry (Ficci) in New Delhi on Wednesday rapped the industry body on the knuckles, gently by the way, on five counts. First, for not raising the alarm during the UPA tenure when bank loans were being doled out to a handful of rich industrialists which have now become the non-performing assets (NPAs) weighing down the banks, and it is a liability inherited from the previous regime. He also indirectly hinted that some of those tycoons who had borrowed from the banks huge amounts and defaulted were from among the Ficci fraternity. He said why was there no critical survey done by the industry body about the issue of NPAs.

Second, he wondered as to why it took the Ficci so long to create the MSME (micro, small and medium enterprises) vertical in 2013 when the MSME has always been a major player in the manufacturing sector. He has also said that the big manufacturers delayed payments to the small enterprises by months, and he wondered whether the payments due to MSMes could be speeded up.

Third, he said that the realty majors formed nearly one-fourth the strength of the Ficci membership, and no government until now has brought any law to regulate them. He said why is it that it was his government that had to bring in the RERA (Real Estate Regulatory Authority) Act.

He ended with the misappropriate metaphor when he said that a batsman usually goes slow when he is in in his 90s because he is anxious to reach the century, and he hoped that Ficci would not be slow in reaching a century, and that it should hit a four and a six to do so. He did not realise that the years roll by at their own pace and no one can accelerate the speed.

The rest of his speech was a litany of his government's achievements.

The Prime Minister was a different man from the one who campaigned vigorously, and even much too aggressively, in the Gujarat assembly election. But he delivered a sermon, quite a sharp one, as his wont to the big business and big industry organisation that Ficci is.


Mahendra said...

You summed it up so well, Parsa. And drew the contrast at the end.

kold_kadavr_ flatliner said...

... ???
Does that have anythn to do
withe place I'll inhabit ..??

My friend, look around you.
Notice anything?
How people are growing older?
How people are passing away?
Shouldnt you be concerned
IF you dont have Jesus?

Say this prayer on our blogs
and be at peace, pops.

the more you shall honor Me,
the more I shall bless you.
-the Infant Jesus of Prague

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