This refers to ‘What factors will decide the outcome in Karnataka?’ (May 10). High voter turnout, per media reports, is bad news for the ruling party.
This does not augur well for the Bommai govt, with the leadership seeking religious blessings.
While there may be nothing wrong in doing so but it is a reflection of the leadership’s nervousness.
So will the BJP’s tall claims fall flat on counting day? It may be pertinent to recall the West Bengal elections where BJP’s lost despite its tall claims.
Accountants and PMLA
With reference to the editorial ‘Accounting for fraud’ (May 10). The decision of the government to make the Chartered Accountants accountable to report money laundering and terrorism financing transactions observed during audits is a timely deterrent measure.
Government loses a considerable amount of tax revenue due to evasions. As the reporting responsibility in those cases rests with the CAs, not only do they need to be well-satisfied with the KYC of the entities but should be exhibited as well to the satisfaction of the competent authorities.
Funds diverted from credit facilities and invested in other entities are a potential areas for money laundering. These transactions too need to be probed.
Aviation, flying low
In the domestic aviation scene of last three decades, on an average one airline has been collapsing every 30 months. Even for a developing nation of our size, this is too high and exposes the lack of professionalism both in the industry and the government.
Yet in hope or design many airports in Tier ll cities were made operational with plans to develop 100 more. But we today find India’s third largest airline Go First in financial turbulence and filing for insolvency.
Go First had problems of spares with its engine supplier Pratt Whitney with whom other airlines are in trouble as well. Supply chains have long turned interdependent and so there must be global policy coordination. No sector in any economy, can thrive in isolation.
It is indeed a matter of serious concern that India has signed ITA without ensuring provisions to safeguard the domestic IT players. More than lack of information with the members of negotiating committee political compulsions are dominating reasons for signing such agreements.
Despite playing a leadership role in the Paris Convention, India simply accepted all the provisions of Intellectual Property Rights proposed by WTO.
India produces the maximum number of IT professionals but is unable to leverage the benefits of that.
These issues must be driven by national interest.