A plea to Mr. Parakala Prabhakar and Mrs. Nirmala Sitharaman for a free and just society on behalf of the DHFL FD Holders

To

Mr. Parakala Prabhakar, 

Former Communications Adviser, Government of Andhra Pradesh

Sub: A plea for a free and just society on behalf of the DHFL FD Holders

Dear Mr.  పరకాల ప్రభాకర్ Parakala Prabhakar,

Hope you and your family are maintaining good health in the midst of (a) anthropogenic glocal (=global+local) heating and (b) worldwide proliferation of fascist forces clubbed with market fundamentalism, that encourages free flow of private capital that exploits nature by considering it as a “free gift”.

We are emphasizing on these two above mentioned frightening crises:  

A.    after going through your blog ⤡, and especially your excellent thought provoking op-ed article, published in The Hindu (October 14, 2019⤡);

B.     after knowing that your favourite book is Stephen Hawking’s  Brief Answers to the Big Questions⤡.  The book points out one of the biggest threats to our planet: irreversible consequences of climate change that would make our climate like that of the Venus with a temperature of 250 °C. (This crisis is totally ignored by the mainstream Neo-Classical Economists as well as the government, who has already accepted debt-ridden developmental model as indoctrinated by the trio: WB-IMF-WTO).

Your article, A Lodestar to Steer The Economy ⤡ (op cit) has created lots of hues and cries in the public sphere (cf. a. ‘I Do Criticise Economic Policies ­Pursued By Modi Govt’: FM Sitharaman’s Husband Parakala Prabhakar⤡  b. Nirmala Sitharaman’s husband hits out at Centre over slowdown, says govt in denial⤡ c. Nirmala Sitharaman’s husband says Centre is in ‘denial mode’ about economic slowdown⤡; see also:  Raghuram Rajan expresses concern over India’s economic slowdown ⤡) as your logical protest against the contemporary economic policy adopted by the ruling party of the Republic of India, in which your spouse,  Nirmala Sitharaman, the current Minister of Finance and Corporate Affairs of India, is a part and parcel. Medias in the public sphere have entailed that you have committed a boo-boo as “When spouses criticise each other publicly, professional censure can end up taking a personal toll.”⤡ .

We do disagree with this point as circulated by the media as (a) rational exchange of dialogue without manipulation (vada or conversazione for the sake of tatvajijnasa without being defeated or won) as it is mentioned in the nyaya darsana) is always to be encouraged in a free and just society—wherever the locus of the dialogue may be: state or miniature form of the state, i.e., monogamous heterosexual reproductive family; (b) ‘Love Lab’⤡ experiment cannot quantify the complex human relationship.

Some tabloids and TV channels like to construct gimmicks with high decibel dins and bustles just like our present government, who are ostentatiously displaying statues, temples, anti-green bullet train, ballistic missiles etc., by taking foreign loans. They are appropriating stories by confusing the relationship between the home-order and state-order.

As it is an open letter to you and your beloved spouse, I am inadequately summarizing your arguments against the economy adopted by the present government for the readers’ sake (keeping in mind the plural reading of texts):

The BJP should adopt the Rao-Singh economic architecture, instead of just exhibiting an attitude of negation (neti-neti) towards Nehruvian socialism for mere political vendetta, without developing any alternative set of economic policies (niti) by themselves. It ritualistically promoted the Gandhian economy without implementing it in practice.

It has maintained its “denial mode” with regard to the ground situation involving the crisis-hit economic sectors’ rapid slowdown. Since its very inception, the Bharatiya Jana Sangh (the erstwhile formation of the BJP) had been advocating a capitalist, free-market economy (quite contrary to the svadesi ideology of the RSS). Even in that case, the BJP has cut a sorry figure to properly execute the capitalist economy. 

You are quite right against the counter-arguments given by the Hon. Madam FM as we, along with our grandparents and parents have enjoyed the following consequences of Nehruvian economy:

i)                   the Public Distribution System (PDS), but our progeny do not get that privilege;

ii)                 free government education and got the benefits of National Talent Scholarship; and

iii)       Our grandparents and parents, as we have observed, had never been burnt by the heat of rapid bankruptcies of different PSU and Private sector Banks. They were not at all bothered about banking.

However, we, the DHFL FD Holders, are in big trouble due to the crony and monopoly capitalist ventures of the present regime.

Hon. Madam FM has already opposed such branding a) ‘Not working for damaads’: FM Nirmala Sitharaman fires back at Congress over ‘crony capitalists’ jibe as reported on Feb 12, 2021⤡ . b) “Free Food Grain, Cooking Gas”: Nirmala Sitharaman Rebuts Crony Slur as reported on Feb 12, 2021⤡ c) ‘Who takes Mudra loans, damaads?’ Sitharaman’s dig at opposition over crony capitalism remark as reported on Feb 12, 2021⤡ d) PM Modi works for common people not for crony capitalists, says FM Nirmala Sitharaman in Lok Sabha as reported on 13 February, 2021. ⤡

Paradoxically enough, the DHFL is allegedly and plan fully handed over to the father-in-law of a damaad of a business tycoon, a close associate of the ruling party, in a throwaway price. Moreover, BJP’s Declared Assets increased By a staggering 627% in 10 Years (for more information please view our letter: FOLLOWING THE SANĀTANA DHARMA: GREEDY ACCUMULATION OR RENUNCIATION? QUESTIONS FROM AILING DHFL FD HOLDERS TO THE PRESIDENT OF INDIA VIEW HERE ⤡) How can it be done without cronies?

For this reason, we are spending sleepless nights, suffering from anxiety disorders etc., for the newly introduced IBC (2016), under which the Resolution Process is yet to be approved after lengthy nineteen COC meetings. It is really a nerve-wracking existence for us.

[For details, cf.,  DHFL SCAM AT A GLANCE: FROM THE PERSPECTIVES OF AILING FD HOLDERS VIEW HERE ⤡). Surprisingly enough, it may be a case of post hoc ergo propter hoc, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020, was awarded jointly to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats” with reference to game theory [Is it a game of chess that you love to play?].  VIEW HERE ⤡, when peculiar biddings on DHFL were going on under the COC.  

In spite of these facts of our sufferings due to the economic policies of the government, Hon. FM Madam, we are sure, would negate the above enunciations as she did in the past with counter-arguments: 

A.    How Finance Minister Reacted To Husband’s Critique On Economy, And Advice (as reported on October 15, 2019) ⤡

B.    Key reforms done: Nirmala Sitharaman responds to husband’s critique (as reported on October 15, 2019) ⤡

According to Hon. Madam FM, from 2014 to 2019,

“All the reforms have taken place between 2014 and 2019 [during the NDA rule] and the deep reforms like the GST were not introduced by the Congress. IBC and Aadhaar were introduced and amendments were carried out. The Ujjawala scheme benefited 8 lakh women. Many changes were made to the tax structure. After October 1, start-ups will now have to pay the lowest tax in India. All these should have also been praised.” 

She has also insisted on public banks to give loans instead of using reverse repo or reverse repurchase agreements. (As reported on Dec 20, 2019⤡)

Though we, as victims of the DHFL scam, have utter disagreements with the Hon. Madam FM’s descriptive listings and almost full agreement with Mr. Prabhakar’s discursive formation with explanatory adequacy, we would probably not be annihilated as we are not inhabitants of regimented society, where the fundamental human rights are compromised and there is no provision for the Article 19 of the Constitution of the Indian Republic⤡.

Reiterating the Directive Principles of State Policy Article 39 (c) ⤡, 

“The State shall, in particular, direct its policy towards securing: that the operation of the economic system does not result in the concentration of wealth and means of production to the common detriment.”

We, not only the victimized DHFL FD-Holders due to simulated (a la Baudrillard) crisis of monopoly capitalism, but along with all the sufferers and victims of contemporary economic policy, are urging to you for a green decentralized self-reliant party-less, moneyless free and just society characterized by horizontal mutual aid; or else we would have to suffer continuously from recurring bankruptcies, inflations and the catastrophic consequences of glocal heating. 

You may not have the time to read such a lengthy article-like letter. However, we are requesting both of you, please pay your kind attention to our problems, when both of you are enjoying two cups of coffee, Aloo Halwa accompanied with the ragas of Indian Classical Music. Home décor is now our far-fetched dream—we are now in the “choppy waters” as this type of negative situation is totally unprecedented in independent India’s history. 

Yours sincerely, 

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay 

ON BEHALF OF ALL ANGUISHED, AILING DHFL FD HOLDERS  [USUAL DISCLAIMERS APPLY]

बहुजनहिताय बहुजनसुखाय च॥

(“For the happiness of the many, for the welfare of the many”)

COPY TO: 

Mrs. Nirmala Sitharaman, Minister Of Finance And Corporate Affairs, Government Of India