When Mukesh Ambani talks, the World Listens

"India will become richer before it gets older and the Chinese will become older before they get richer." These are the words of Reliance Industries’ Chairman, Mr. Mukesh Ambani who was speaking at a conference organised by the International Bar Association in Mumbai last weekend. His views were underlined by the demographic advantage that India has over most other major economies in the world, including China.

On the issue of corporate governance, Mr. Ambani was of the view that Indian corporates are among the best governed in the world. He said, "We really have a free press, that’s a big advantage in India. We have a sensible regulation. The good thing is that all of that works. I don’t think you can take isolated instances. If there’s a Madoff, the whole Wall Street doesn’t become bad." He also spoke against the disparity in distribution of wealth between the haves and the have-nots in India.

Incidentally, in two recent polls we conducted on our website, Mr. Ambani’s group did not score well - first in terms of investors’ admiration and then in terms of trustworthiness of financial reporting. As far as disparity of income is concerned, the irony in his statements is cleared from the fact that while an average Indian struggles for as basic needs as food, clothing and shelter, Mr. Ambani is building for himself a 27-storey sprawling building in Mumbai at a total cost of US$ 2 bn, which will make it the most expensive housing complex in the world!

What would your reaction be if you were told that in Andhra Pradesh, 94% of below the poverty line (BPL) category voters have accepted money for the purpose of deciding who to vote for? As striking as it sounds, there is much more to it. Tamil Nadu, Karnataka and Chhattisgarh, among many other states, too follow suit with above 70% of the BPL voters casting their vote on this basis.

At least that is what a survey conducted by Centre for Media Studies (CMS) has concluded. Further in context of India as a whole, it states that the national average of people who took cash to cast their votes is 22% in the general category and 37% in BPL families!

The above are some excerpts from "Equitymaster" to today.

So, now you know what our elections are.
Elections of whom we so are proud and beat our chests and shout to all the world that we are the world's largest democracy.
But then, what do you expect from the 95 % corrupt politicians who make up our
MLA's and MP's and 80% of our poulation live below the poverty line (BPL).
We are already getting a sample with convicted "people's representative" approaching the Supreme Court to hold their convictions under suspension until after the elections so that they can contest.
THE SUPREME COURT SHOULD REJECT ALL SUCH APPEALS !!

Radheshyam