Thursday, May 2, 2013

A Dump of Bullshit


From The Hindu dated Friday May 3rd, page 14
(with some apologies for a personal interpretation)

“Poverty,” said the Asian Development Bank chief, sipping his bottled water, “amid progress worries me greatly.  It is disheartening that in a region of such rapid progress, we still have a population of more than 800 million people living in absolute poverty.  This, along with growing inequality, remains an overarching challenge” he said, while making his presentation in an impeccably tailored suit, in a air-conditioned room at the Indian Expo Mart at Greater Noida (the outside temperature was 38 degrees Celsius). 

The ADB Chief indicated that the bank’s lending programme may have to be lowered, simply because the income from investments of surplus resources (which are mostly lent to European countries) has come down due to lower interest rates.  Despite the tight financial position, the Chief added, the ADB would still be interested in promoting a number of projects in India (remember, he is greatly worried by poverty).  Such projects include the Delhi-Mumbai Industrial Corridor - no doubt, all of India's poor people live along this line or will migrate to it - and other highway and railway projects.  He said that poverty could be eradicated only through (hold your breath: not food, not jobs & livelihood, not income, not security, not healthcare or sanitation) infrastructure development and, towards this end, co-financing with the private sector and attracting offshore funds - perhaps he had Argentina, Greece and Spain in mind - would “act as a catalyst in promoting infrastructure finance.”

Then, the ADB Chief seemed to forget everything he had said.  “It is because of domestic demand that India, China and other emerging market economies in Asia have enjoyed stronger growth and I think it will continue, led by strong consumption demand” he ended.

While he was making this epoch speech, no doubt to applause and encomium, there were two news items that entered the media radar. 

 - For the first time ever, all the fourteen districts of Kerala were declared drought-hit.  Perhaps they do not have infrastructure; of what use is total literacy, when a road to Hell may have made the drought easier to handle? 
 - The Supreme Court strongly endorsed the role of the gram sabha to decide if land must be given away to infrastructure projects, mining or industry.  It is beyond doubt, the Supreme Court said, that there is an organic connection between tribals and their land; that bond must be respected. 

The ADB Chief ended his meeting early.  He had to meet another 82 year old economist who, like him, lives in an ivory tower, but in New Delhi.  And then there was a flight to catch to another country, where this polemic pronouncement, this passionate plea for poverty purge, would be delivered to a fawning audience in the comfort of a temperature-controlled convention centre.