Kerala CM Pinarayi Vijayan along with higher officials, will be on a 10-day foreign tour, after election. They are not to communist countries like China or N Korea but to capitalistic countries like Netherlands, Switzerland, France and Britain. Finance minister Thomas Isaac will also accompany the team to participate in the KIIFB masala bond listing in London.
Masala bond is not for a meagre sum. It is intended to collect a sum in tune with Rs 50000 crore and the present collection of Rs 2150 crore is only a tip of the iceberg, according to Finance Minister Thomas Isaac's lecture class before a less cheerful audience, possibly party cadres, in the party channel. Though the participants of the discussion were not seen impressed, Isaac was pretendedly smiling all time because of the thought of hefty sum likely to come via masala sale.
One pertinent question is: Do the present ministers have the mandate of the people to collect and spend such a huge amount with in a span of 2 years. Is it right on the part of the goverment to make future generation permanent debtors to western countries? Is there any approved modality for repayment of masala bonds? If so who approved it and when?
With available fund the govt. has done little to flood hit people. It is then unwise to think new models will be implemented for post-flood renovations with borrowed money.
K A Solaman
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