The economy of India maybe going through troubled times right now. But one industry that is forever booming, is the Indian parliament. Our Lok Sabha MPs made fortunes even during the economic meltdown of 2008. Forget banks and the stock market. Just catch hold of your constituency’s MP and handover your assets to him for a guaranteed return.
Candidates who contest elections in India, declare their financial assets on affidavits to the Election Commission. This post is an analysis of Lok Sabha MPs elected in 2004 who re-contested elections in 2009. The increase in financial assets of these MPs over a 5 year period, would put any investment banker to shame.
The analysis covers 112 Congress , 68 BJP s, 21 SP, 15 BSP, 6 DMK & 4 NCP members of the Lok Sabha*.
To further put these numbers in context, let’s assume that you had Rs 5,000 with you in 2004. If you would have invested this money in a “normal” financial security, you would have received an amount of ~Rs. 8,000 in 2009 (assuming 10% interest rate compounded annually). Now see what would have happened if you had handed over your Rs. 5,000 to an MP from your favourite political party.
While the rates of asset increase of MPs do seem astronomical, it must be said that this is also possible due to valid reasons. For instance, MPs may have inherited some property or land during the period or there may be some increase in assets due to other legitimate reasons. If only there was more transparency in the financial transactions within of our political system.
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*Asset values as per report published by Association for Democratic Reforms.
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The Irrigation minister of Assam has started amassing wealth from the very first days he has been inducted as the minister.There were a few posts of Executive Engineers which he has given to some of the officers in exchange of huge sum of money, although these officers were already in charge in some of the working divisions thus depriving some good officers who were promoted to Executive Engineers.This minister acts like a big lord and thinks that he has the privilege to make as money as possible.The Secretary of the department only waits for his instruction and never does anything without his permission.Although the Secretary has the execution power it seems this has been taken over by the minister. The minister takes money in every file he endorses.For the release of LOCs he takes 5% or keeps the file pending.Recently a girl who had applied for JE post was at the 1st no. of the list as per interview.She was given an account no. of the minister’s son by some middle man and was asked to pay 1 lakh of rupees and was also further informed that she has to pay another lakh after appointment.Since she could not pay the amount she has been deprived of a job in the Irrigation department.But god was on her side and she has got a seat into BE 3rd year in a hill university. This minister is more that 72 yrs of age and thinks he has still a lot of energy and charisma in him, which in fact he is lacking . His sole purpose is to make money and till date he has been one of the most non performing ministers ever in the state of Assam.Although he comes from a minority community of migrants in Assam he has no hesitation to say a bad word to the original ethnic people of Assam.His son and his son-in-law are also busy amassing money in the disguise of middle man and facilitators of contract works.During his tenure for almost a year now this minister has already made cores of Rupees from officers and contractors of the department.Once an Executive Engineer makes payments he is hounded like a wolf day in and day out for money as commission.On the whole this minister siphons off 15% of the developmental money that would otherwise have gone for the implementation of works.So it is like this invest in the Irrigation minister of Assam for Guaranteed Returns!
you are lucky . minister charges only 15% . in other states it touches up to 25% [ average]
This is due to investments, and the investors are already getting ROI.
This is the current progress of our country”s political parties
What about the progress of our country??????????????????
The graphs for BSP and SP will undergo shift by now. But that is a small point. The big issue, rightly brought out by you, is that this industry is flourishing and so is attracting those who used to find other avenues of parking ill-gotten money earlier: local criminals, organised gangs, mafia, income-tax evaders, those engaged in illegal cross-boundary trade / money laundering / human trafficking / sex trade, etc.
This is what they call ‘market economics’, dude!