Tuesday, April 19, 2011

Rajat Gupta should formulate public policy, not Anna Hazare

In today's India, corporate fraudsters are most competent to lay down public policy. And Jan Lokpal movement, overwhelmingly supported by the citizens across the country, is a threat to our parliamentary democracy!

Under a directive from the Bombay high court, the RBI has indicted ex-McKinsey boss Rajat Gupta, his long-time friend Ramesh Vangal, and others of acting in collusion to try to take control of an Indian bank.

(Read the ET report of 19 Apr. 2011 at http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/rbi-refuses-to-endorse-sivasankarans-tamilnad-mercantile-bank-stake-sale/articleshow/8022295.cms?curpg=1)

Gupta, Vangal and others also violated Foreign Exchange Management Act (FEMA) which, I believe, is a very serious offence inviting tough penal action, especially if committed by an NRI/PIO.

Gupta has been named by a US prosecutor as a "co-conspirator" in the Galleon insider trading case, the biggest scam of its kind in American history.

Gupta is the man whom Prime Minister Manmohan Singh put in charge of recasting India's public health policy. Currently, Gupta's private club, called PHFI, is doing exactly that, with full moral, financial and administrative support from Manmohan Singh.

Obviously, Rajat Gupta, with his fast growing reputation, and his private club -- handpicked as they are by the Prime Minister himself -- have the competence and the right credentials to recast India's public health policy.

We should have no doubt that Rajat Gupta & Co. are doing a great favour to us Indian citizens, our future generations and our parliamentary democracy.

On the other hand, Anna Hazare and his nominees, who have won the right to sit in the Lokpal drafting panel after a citizens' movement with overwhelming public support from across the country, are a grave threat to our parliamentary democracy. They should have no right to interfere in the formulation of public policy.

India and its parliamentary democracy has a great future if only we could bring in more reputed people like Rajat Gupta to formulate public policy and keep people like Anna Hazare away from anywhere near public policy arena.

(Read more about the great deeds of Rajat Gupta in an article on this blog-site, called 'Manmohan Singh's public-private partnership with Rajat Gupta'.)

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