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

New Odia CM's tribal heritage 'sets him apart' from Hindutva Brahminical norms

By Bhabani Shankar Nayak*  Mohan Charan Majhi took the oath as the new Chief Minister of Odisha following the electoral defeat of the BJD led by Naveen Patnaik, who served as Chief Minister for twenty-four years. The new Chief Minister is the son of a security guard and a four-time MLA who hails from the remote village of Raikala in the Keonjhar district. He belongs to the Santali tribe and comes from a working-class family. Such achievements and political mobilities are possible only in a democratic society. Majhi’s leadership even in the form of symbolic representation in a democracy deserves celebration.

Pellet gun fire severely injures Dalit worker off Bangladesh border

By Kirity Roy*  This is regarding an incident of firing pellets by the Border Security Force (BSF) personnel attached with Panchadoji Border Outpost of ‘E’ Company of 90 BSF Battalion on a Schedule Caste youth of village Parmananda under Dinhata Police Station of Cooch Behar district of West Bengal. The victim was severely injured and one portion of his face became disfigured due to pellet firing by the BSF.

Sanction to persecute Arundhati Roy under UAPA politically motivated: PUCL

Counterview Network  Top human rights group, People’s Union for Civil Liberties, has demanded that the authorities should immediately withdraw the prosecution against top author Arundhati Roy and Dr Sheikh Showkat Hussain, a Kashmir academic, under the " unconstitutional"  Unlawful Activities (Prevention) Act  (UAPA), calling the Delhi  Lieutenant-Governor nod for the Delhi police move "politically motivated".

What stops Kavach? Why no time to focus on common trains meant for common people?

By Atanu Roy  A goods train rammed into Kanchenjunga Express on 17th June morning in North Bengal. This could have been averted if the time tested anti-collision system (Kavach) was in place. 

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

Lip-service on World Environment Day vs 'watered-down' eco-safeguards

By Shankar Sharma*  Just a few days ago, the world remembered the routinely forgotten global environment on the occasion of World Environment Day, briefly though, maybe just for the day. There were reports of a few high profile ceremonies in different parts of the country, including a few in New Delhi. Prime Minister Narendra Modi reportedly asked the people of our country to plant one tree per each person as a mark of respect/ gratitude for our mothers.

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.