New Delhi: Amidst several scandalous deals involving MP Raja of DMK, Suresh Kalmadi – Congress MP, Ashok Chavan, CM of Maharashtra (now replaced by P. Chavan) in Adarsh Housing, running into lakhs of crores in rupee value the UPA government is conduction another huge deal to the extent of Rs.1600 crores, during the 3-day visit of Chinese PM, Wen Jiabao in Delhi, with our Commerce Minister Anand Sharma shaking the hand of China, while top Indian corporate giants looking on, in a meeting held on Wednesday, Dec.15.
The “Hindi-Chini Bhai Bhai” spirit of Nehru –Chou en Lai days of 1960-62 has been effaced now. Cheap Chinese goods that last for an year or less, were dumped in India for years and they disappeared recently. Now, China says India is its “partner” (as neighbours and largest democracy in the world, with GDP reaching 9% here) and not a competitor in business (presumbly with the Western countries and Russia).
India appears puffed up again and our Crorepathi businessmen in big cities seem to find a “Chinese gate” open to caned their debts.
There was a huge Banking scam some years ago, involving all 14 nationalized banks and the Bombay share markets and RBI had to rescue some banks like Syndicate Bank here and the north Indian banks, by financial assistance.
Several foreign banks also were in the red or had a red face due to “red balances” in their ledgers, as the Chartered Bank (UK) many of the huge borrowers of Corporate bodies of Indians had been unable to return the large amount of loans they took at the expense of common men among Indians and their huge non circulating assets and unpaid loans had to the written off.
There was a huge trade deficit with USSR and China Red Republic, which continues now. Foreign funds from investors are flowing in floods into India and all the “old bad days” and memories are forgotten in a new situation, where India thinks that it is floating on a ship, when European and American economies are sinking and going wet without redundancies.
But Chinese rules have greater material ideas of building an empire, through partnership or by a timely stab in the back. The Home Ministry knows it. Even if China pretends it is our partners we need to be alert, and court our wealth daily.