The Hindu : Unlikely allies

Online edition of India's National Newspaper
Sunday, Mar 28, 2004

National

National - Elections 2004

Unlikely allies

Pratim Ranjan Bose

KOLKATA

Politics is unlikely to turn the Nationalist Trinamool Congress and the CPI (M) into potential allies, but economics might as the Trinamool supremo and Union Minister for Coal, Mamata Banerjee, found while endorsing the line of CPI (M) politbureau member Sitaram Yechuri. Both feel that high rates of economic growth and job creation would remain elusive unless the government focuses its attention on the recovery of black money.

Participating in a debate on `FICCI's agenda for employment generation and poverty alleviation with 10 per cent annual GDP growth in next five years'', organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here, Mr. Yechuri said that Rs. 1.5 lakh crore in tax arrears, over Rs. one lakh crore of bad debts and the like are stuck in the black market economy; if recovered, even partially, these would leave enough surplus to ensure higher economic growth and more jobs.

Ms. Banerjee came out in support of Mr. Yechuri. "The amount of bad debts attributed to the financial institutions of the country and the tax arrears are greater than the size of the Union Budget,'' she said. She however feels that the first step in stopping generation of black money was the cleansing of the electoral process. "I am in favour of state funding of elections.''

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