Mo.Na.: मज़दूर क्र. १ या कुटिल-पूँजीपति मित्र

Modi Narendra Ji [MoNa] was fond of recounting his *humble origins* as a चायवाला [tea-maker] all these days, until he decided to reinvent himself on Tuesday, 1st of April, April Fool’s day, as the *Desh ka mazdoor no. 1*.
“You won’t get a mazdoor like me. Modi is desh ka mazdoor no. 1 hai,’’ he told a responsive crowd in Jabalpur where he spoke at length unlike his three previous rallies where he rushed through to compensate for the delay… “A meek, indecisive government won’t do. You have seen many rulers, give a chance to this sevak,’’ Modi said repeating his Madhya Pradesh counterpart’s slogan “Shasak nahi sevak”.
देशका मजदूर क्रमांक १.
MoNa may have forgotten or may not be aware, but the originality on this *Worker claim* has been made by someone else long back, albeit on a more modest scale. India’s largest family of *literally tens of millions of fully dependent workers and partially dependent workers* goes by the name of सहारा परिवार [Sahara Family]. It’s Parent in or Mentor in Chief is Roy Subroto Ji [RoSu], who fashioned himself as Managing Worker [प्रबंध मजदूर] long ago.
Subrata Roy is the country’s most bizarre business baron. Simply consider the designation of the founder and boss of the extremely high-profile yet supremely secretive Sahara Group: managing worker and chief guardian…. A hoodlum who tried to rig the Lucknow seat for Raj Babbar in last year’s Lok Sabha elections. A socialist who distributes 45 per cent of his pre-tax profits among his employees. An industrialist whose core business is laundering money for top politicians, even the underworld. [A K Sinha & G Chikermane in Outlook India]
सहारा परिवारके प्रबंध मजदूर.
MoNa could be in for some trouble if RoSUhas patented the मजदूर concept; however latter is in no position to fight at the moment as he is currently cooling his heels in Delhi’s Tihar Jail, where he was ordered some three weeks back by the Supreme Court [Sebi-Sahara case: A saga of big numbers and innocuous names].
Last week, I had expressed surprise at the mad euphoria in the REEL economy of BSE/NSE that had stock indices scaling *new peaks* on the back of earlier ones with no end in sight for this blind bull rage. The real economy was showing no signs of regaining health except some seasonal moderation in food inflation and consumer price index (CPI). [Read: मुखोटा Magic: BJP-Congress, FDI-FII]. I had then said: * the euphoria is said to be on account of the expectations of change of government at the center. Not just any government, but one led by Narendra Modi –the Messiah and Savior of the corporate world. Or is it really the other way round? The euphoria has been orchestrated so that it helps Modi to win the mantle of Premiership. This phenomenon of jacking up markets is not new. It is called ROUND TRIPPING (RT). RT is a euphemism for Indian black money returning to India via DTAA heavens like Mauritius and Singapore in the मुखोटा of Foreign Institutional Investors’ (FII) Inflows. Participatory Notes (P-Notes) is the material from which this मुखोटा is fashioned *.
Figures are now at hand that proves this hunch. Participatory Notes or P-Notes or Overseas Derivative Instruments (ODI), which allow so called High Net-worth Individuals overseas, hedge funds, other legal entities to invest opaquely in equity, derivatives and debt markets in India through registered Foreign Institutional Investors [FII] without revealing their identity to Indian market regulators, RBI or other government authorities. P-Note guarantees Anonymity on which black-money places highest premium.
** The Net Inflow of FII Investments in February was Rs. 12,741 Crores, out of which Rs. 11,337 Crore went to derivatives (including indices trading) and debt market, and balance Rs. 1404 Crores to equity.
** The total value of P-Note investments in Indian markets (equity, debt and derivatives) rose to Rs 1,72,738 crore at the end of February from Rs 1,63,348 crore in January. February saw P-Note investments rise by Rs. 9,390 Crores or some whopping 73.70% of total FII inflows- a Lion’s share.
** The asset under custody of FIIs at the end of February 2014 stands at Rs. 14,73,802 crore, out of which the value of participatory notes including PNs on derivatives is Rs. 1,72,738 crore, constituting 11.7 percent of the total asset under custody of FIIs.
** Provisional data showed [up to 23rd March?] that the foreign investors made net purchases [of equity] worth Rs 1,466 crore. So far in this month, the FIIs have bought stocks [debt+derivatives+equity] worth $2.27 billion [Rs. 13,620 crores @U$=Rs. 60].
The trend in March is continuation of what happened in January and February. While P-Notes constitute only 11.7% of the total assets in the custody of FIIs at the end of February 2014, they constitute 73.70% of total FII net inflows in February. This contrast alone should make clear the deliberate distortion caused by P-Notes in Indian stock market to try to influence voting behaviour in MoNa’s favour. Would it result in giving MoNa and BJP the much desired 272 or 300 seats? One would known only in May; but Stock Markets seem to know already. 
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One Response to “Mo.Na.: मज़दूर क्र. १ या कुटिल-पूँजीपति मित्र”

  1. Sadanand Patwardhan Says:

    While searching for the text of Modi’s campaign speech @Sholapur, I accidentally ran into a Blog post. Its author has done a painstaking job of compiling Modi’s claims about Governance and Development and contrasting them with facts gathered from various official sources. Since I am familiar with some of the issues, I knew what he was writing was factually correct. It is probably the most exhaustive compilation that I have seen so far. I would be happy to know if anyone familiar with different aspects of his compilation could point out any mistakes in what the author is contending.

    Campaign speeches are just that campaign speeches, full of hyperbole and lots of partial truths and even outright lies. No party is unblemished. But since Modi is made out to be the front runner by the media and has been on a ferocious campaign trail, I couldn’t help take a dig at him.

    १. चायवालेसे प्रधानमंत्री…..तक: चुनावके बात मोदीजी देशकी जनताको चाय पिलायेंगे, या सिर्फ कुटिल पुन्जिपतिन्को.
    २. देशका मज़दूर क्रमांक १: क्या देशकी जनता अडानीके निजी जेटसे घूमनेवाले इस मजदूरको सम्हाल पायेगी?
    ३. जनताका रखवाला हूँ: जो खुद झेड+ सुरक्षालेके घूम रहा है, वोह जनताकी निगरानी क्या करेगा?

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