Plutocracy is defined as – governance in a country by the wealthy people. India is today a classic example of plutocracy where only money talks. Most of the institutions that a nation prides upon have collapsed under the burden of riches. Symptoms of collapse are all there like:
- Politics of Vote Bank
Votes are bought to ensure victory in elections - Growth without Development
Rapid GDP growth is not resulting in poverty alleviation - Concept of Paid News
Journalists are bought and most news is now planted - Sports mere entertainment
The most popular sport has become a gizmo in the hands of few rich people - Food Inflation at its peak
While millions are starving in India, food is being exported
What is the point in having independent judiciary, political system, bureaucracy and media? When a small section of rich people are bending all the rules and eventually ruling India.
The following three steps must be immediately implemented:
- Reveal the account details of Indians who hold Swiss bank accounts
- Scrap Mauritius treaty as most black money is bought via Mauritius
- Hawala transactions must be curbed as it generates a parallel economy
The number of rich in this country far exceeds the government estimates. If actual income of rich Indians is disclosed then all the 500 people in Fortune 500 would be Indians. It is high time to stop crony capitalism in India.