Will it be right to say that Indira Gandhi's policy of nationalization was correct and Narendra Modi's way of privatization is wrong?

 Before I answer this question I would like to ask a few a question first to to help people understand the intentions of Indira Gandhi behind nationalization. What was her personal interest in doing so? Why did Indira Gandhi undertake the nationalization of Banks? Did she want to make the nation strong or did she want to make any particular business house strong? What did she gain by doing nationalization? Whom did the Nationalisation of banks help? Did any businessman become extraordinarily rich because of Banks' nationalization? Did she impress any bank or LIC to give loans liberally to any business house or buy their shares? Did she introduce electoral bonds to be sold by SBI secretly to Congress? Did Indira Gandhi approve foreign funding to political parties? Or it was Modi, who approved foreign funding to the political parties?

Source - Centre For Media Studies

In contrast, let’s look at Modi Ji. He is a strong advocate of privatization. Who does this privatization help - the general public or the crony capitalist? Does privatization make the government strong or weak? Privatization of public assets makes businessmen like Adani & Ambani richer or poorer? Who gained the maximum because of the electoral bond? Which political was in dire need of foreign funding? Which political party received the maximum foreign funds? Who are the donors of these foreign funds? Why are they donating? Why did the BJP make political finding such a secret affair? What is the secret of the huge increase in BJP’s party fund and the election expense? Why the profit-making PSUs are only sold first not the loss-making ones? Why in the name of privatisation the entities like Adani looting the PUSs and the public sector banks only? If they are to take money from PSU banks only, why do we need privatization? This means the government has given the profitable PSUs at the cost of water and additionally given them money also.

Adani took over six major airports — Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati. After a competitive bidding process, the Adani Group won the rights to run all of them for 50 years just for 2440 crores. Do people find it fair value for all these six profit-making airports? This means Adani is paying not even 10 crores per airport per year if we divide the cost and Adani is paying only around 400 crores per airport for a 50-year lease. People would argue that Adani quoted the highest. But that kind of argument works for the laymen only, otherwise, people know how such things could be managed if you have government backing. My question is what was the desperate need to sell these profit-making airports in a bunch? If the government had to sell something, why not the loss-making ones? Or why few loss-making airports were not given in a bundled offer?

In the 2009 election, BJP spent around 7500 crores which increased to 12750 crores in 2014 and it further increased to 27500 crores in 2019. During this period Congress expenditure remained more or less static. Why Modi Ji has been so desperate the sell the profit-making PSUs at the first go instead of the loss-making ones? Is it in the interest of the nation or some private individuals? How come all of a sudden Adani received so much foreign funding through shell companies which doesn’t have know business background? How come Adani receiving foreign funding and Modi Ji approving foreign funding to political parties are almost simultaneous developments?

If we have to consider the rate of increase in BJP’s election expense over the last four elections, the saffron party would possibly be spending around 60000 crores. Where from such a big amount be managed? Money definitely doesn’t grow on trees. And even if grows on a tree, people would like to know what kind of tree produces such a large volume of money. Some ignorant bliss would claim that BJP has 18 crores plus members and if they donate Rs.1000/- each the party would get 18000 crores. Quite logical, but over so many years I have never heard common BJP members donating to the party fund for election. I have quite a good number of friends who are working for the party or holding some position. The nation should demand correction in the finance bill to disclose the names of the electoral bond buyers and the amount of money each party getting from foreign source and their identity. Quite often BJP supporters blame AAP for getting foreign funds. So it would be a golden opportunity to expose parties like AAP. Why is Modi Ji reluctant to do so?

India has the smallest public sector in the world somewhere at 2% and Modi Ji wants to privatise that also. In 53 years of banks' nationalization, only two banks have faced crisis, both under the Modi government. Between 1947 and 1969, 559 private banks in India failed, with numerous people losing their lifetime savings. A total of 736 private banks failed, amalgamated, ceased to function, transferred their liabilities and assets, or went into liquidation between 1948 and 1968. Since October 2000, 555 private banks have failed in the US. People who keep on criticizing Indira Gandhi for banks’ nationalization or are arguing in favour of bank privatization should think twice - whether total privatization would give them protection for their savings.

Let people not forget that the bulk of the loans given by public sector banks are to private corporate houses only. Adani also goes to SBI and LIC only begging for loans, for selling bonds and shares. If public sector banks are not efficient, why do they avail these loans from PSBs and why have they not taken such loans from private banks? When the Yes Bank faced a liquidity crisis, it was SBI only whom the government asked for rescue. If the public sector banks get privatized, who would rescue them in crisis? Blind privatization can not be a solution. Today’s generation has not faced the misery of frequent bank failure which prevailed prior to the nationalization of banks, so they keep on fighting for privatization under blind faith in Modi Ji. But just ask them to talk to the Yes Bank customer who faced the crisis. They all will say that even with a little less efficiency the PSU banks are far better when it comes to safety & security of their deposit.