Skip to main content

China-led, India-supported AIIB funding hyper-inflated infra projects, promoting crony capitalism: Mumbai meet

Medha Patkar addressing the convention
By Our Representative
A civil society-sponsored convention, concluded ahead of the high-profile AIIB (Asian Infrastructure and Investment Bank) board meet, to take place on June 25-26 in Mumbai, has sharply criticized the "China-led" international financial institution (IFI), insisting, it "rejects" AIIB claim that it "serves as a healthy and essential alternative to undemocratic IFIs such as the World Bank, Asian Development Bank and International Finance Corporation which are controlled by western powers."
Held in Mumbai on June 21-23, a resolution adopted at the end of the convention said, "The design and structure of the $100 billion AIIB functions equally undemocratically. What is worse, it invests in projects without in any manner complying with necessary environmental and social safeguards. In the process, AIIB is doling out billions of dollars of loans to critical sectors such as energy, road building and urbanization causing extensive negative environmental and social impacts."
The resolution noted. "As a result, India, the largest recipient of AIIB loans, has become a site for corporate land grab resulting in massive loss of livelihoods and displacement of rural and urban communities, the prime example being that of the Amravati capital city which is being developed on flood plains and 50,000 acres of fertile agricultural land forcibly acquired from farmers and workers."
Participated by over 1,000 delegates from 200 organizations, the convention was attended by senior activists, academics and financial analysists including Medha Patkar, economist Prof Arun Kumar, Praful Samantara, financial analyst Sucheta Dalal, activists Ulka Mahajan, Roma, Shaktiman Ghosh, Leo Colaco, T Peter, Dr Sunilam, Ram Wangkheirakpam, Leo Saldanha, Rajendra Ravi, Gabriele Dietrich, among others.
Prof Arun Kumar
Taking directly on Prime Minister Narendra Modi for "the IFI promoted development model without any public debate", and terming it "Modani model", the resolution said, it is "pushing big and unnecessary hyper-inflated infrastructure projects like industrial corridors, Bharatmala, Sagarmala, bullet trains, smart cities and others" -- all this "at the cost of basic necessities" of the people such as food, housing and clothing.
"This model is designed to strengthen the hegemony of capital, maximisation of profit and promotion of crony capitalism. The model is best described as: free hand to corporations and loot of labour, farmers, workers and adivasis. We reject this model and the governments and political parties who promote it. They have lost the moral and political legitimacy to rule", the resolution said.
It said, "The Government of India is hosting the AIIB AGM at a time when the Indian economy is reeling under multiple crises which are largely an outcome of a series of reckless and draconian actions of the administration led by Prime Minister Narendra Modi. The colossal disaster of demonetisation (November 2016), which was followed by an ill-planned unveiling of the Goods and Services Tax (GST) regime (2017), has resulted in a terrible attack on the fragile economic status of the poor, devastating millions of livelihoods in farming, fisher and pastoral communities as well as seriously damaging the entrepreneurship of small and medium enterprises and the unorganised sector."
It added, "These policies build on the failed neoliberal reforms and the agenda of liberalisation, privatisation and globalisation which began in 1991 at the behest of the IMF. The working systems of the Reserve Bank of India and other financial regulatory institutions, as well as public sector banks, have been undermined by the constant interference from the Finance Ministry of India, endangering the resilience of the country's financial architecture which has withstood multiple economic and financial crises over time."
"As a result, billions of dollars of bad debt remains unrecovered. Their volume is mounting. Some of India’s richest men, and the massive and powerful corporations they lead, are major debtors to India’s banks. Because of their deep access to high political power, their bad loans and Non-Performing Assets are being systematically written off without attaching their personal assets or taking legal action to tackle such serious economic violations", it said.
Demanding that the "loans, debts and tax benefits given to corporations, amounting to Rs 48 lakh crore approximately, be recovered, and be used to provide education, health and employment for all and to eliminate hunger and poverty", the resolution said, "This should also be used for waiving the farm loans of millions of marginal farmers, workers, adivasis and small enterprises, and to help them rebuild the economy."

Comments

Uma said…
Say what you like, nobody is listening. This is the only way to get the photographs and name in th e media world-wide

TRENDING

Buddhist shrines massively destroyed by Brahmanical rulers in "pre-Islamic" era: Historian DN Jha's survey

By Our Representative
Prominent historian DN Jha, an expert in India's ancient and medieval past, in his new book, "Against the Grain: Notes on Identity, Intolerance and History", in a sharp critique of "Hindutva ideologues", who look at the ancient period of Indian history as "a golden age marked by social harmony, devoid of any religious violence", has said, "Demolition and desecration of rival religious establishments, and the appropriation of their idols, was not uncommon in India before the advent of Islam".

RSS' 25,000 Shishu Mandirs 'follow' factory school model of Christian missionaries

By Bhabani Shankar Nayak*
The executive committee of the International Union of Anthropological and Ethnological Sciences (IUAES) recently decided to drop the KISS University in Odisha as the co-host of the World Anthropology Congress-2023. The decision is driven by the argument that KISS University is a factory school.

India must recognise: 4,085 km Himalayan borders are with Tibet, not China

By Tenzin Tsundue, Sandeep Pandey*
There has as been a cancerous wound around India’s Himalayan neck ever since India's humiliating defeat during the Chinese invasion of India in 1962. The recent Galwan Valley massacre has only added salt to the wound. It has come to this because, when China invaded the neighbouring country Tibet in 1950, India was in high romance with the newly-established communist regime under Mao Zedong after a bloody revolution.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur*
Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Time to give Covid burial, not suspend, World Bank's 'flawed' Doing Business ranking

By Maju Varghese*
On August 27, the World Bank came out with a statement suspending the Doing Business Report. The statement said that a number of irregularities have been reported regarding changes to the data in the Doing Business 2018 and Doing Business 2020 reports, published in October 2017 and 2019. The changes in the data were inconsistent with the Doing Business methodology.

Delhi riots: Cops summoning, grilling, intimidating young to give 'false' evidence

Counterview Desk
More than 440 concerned citizens have supported the statement issued by well-known bureaucrat-turned-human rights activist Harsh Mander ‘We will not be silenced’ which said that the communal riots in Delhi in February 2020 have not been caused by any conspiracy, as alleged by the Delhi Police, but by “hate speech and provocative statements made by a number of political leaders of the ruling party.”

WHO chief ignores India, cites Pak as one of 7 top examples in fight against Covid-19

By Our Representative
In a move that would cause consternation in India’s top policy makers in the Modi government, Dr Tedros Adhanom Ghebreyesus, World Health Organization (WHO) director-general, has singled out Pakistan among seven countries that have set “examples” in investing in a healthier and safer future in order to fight the Covid-19 pandemic.

Tata Mundra: NGOs worry as US court rules World Bank can't be sued for 'damages'

By Kate Fried, Mir Jalal*
On August 24 evening, a federal court ruled that the World Bank Group cannot be sued for any damage caused by its lending, despite last year’s Supreme Court ruling in the same case that these institutions can be sued for their “commercial activity” in the United States.

Top Catholic group wants quota for Dalit Christians, foreign fund licenses revived

By Our Representative
Reiterating its long-pending demand to give "scheduled rights for Dalit Christians”, the All-India Catholic Union (AICU) has regretted that while converts to Sikhism and Buddhism from the former untouchable, or Dalit communities, have been included in the scheduled caste (SC) category, Christians from the identical communities have been “kept out.”