How long before Modi breaks his silence over Panama Papers?
The Panama Papers are, as many experts believe, a potential political bomb. US corporate giants like Apple, Walmart and General Electric have stashed away $1.4 trillion (£980 billion) in tax havens. This sum is larger than the economic output of Russia, South Korea and Spain combined.
According to Oxfam this money is held in an "opaque and secretive network" of 1,608 subsidiaries based offshore. Notables like UK Prime Minister David Cameron, whose father is mentioned in the Panama Papers as an investor in a tax haven, is now under fire, not only by the Labour Party, but also the media. As is well known the prime minister of Iceland who was exposed in this scam has since resigned.
What is happening in India over this scam? An investigation team has been set up, but no action, not even an official clarification sought from those Indians named, in the unprecedented international journalistic survey of black money and offshore ventures.
Famous actor Amitabh Bachchan who reportedly has four offshore investments, has claimed that his name may have been misused. But what scrutiny has the Modi government done of such claims and ventures? All that has emerged of this mega scam has been leaked by the international consortium of journalists.
 |
| PM Narendra Modi with King of Saudi Arabia Salman bin Abdulaziz Al Saud. (PTI) |
The Indian government has so far done little that has come to light. Even earlier noted senior advocate Ram Jethmalani had accused the Modi government of refusing to take necessary measures to bring back black money to the country. Disgusted Jethmalani resigned from the BJP.
But the PM scarcely talks of this humongous scam. He travels to Saudi Arabia, fails to get the Saudis support for India's claim to Kashmir. Tentatively signs the controversial LSA agreement with the US, still unable to clinch it. Fails to finalise the massive Rafale fighter aircraft deal with France, with more visits abroad due for the widely travelling PM.
But what about India mounting a big investigation into the black money transactions exposed in the Panama Papers? Is this mega scam, like the much earlier Bofors scam, going to be covered up? Do top industrialists decide what the government will do or not do in a matter of critical national interest?
Even the media quick to take up less important issues, with the exception of The Indian Express, is not really exposing this scam despite lots of information in the international media.
The tragedy is that the amount of black money in Indian-owned or -controlled foreign assets could probably be of vital importance to the Indian economy especially in the social sector, where there is a major shortage of resources. The PM and the NDA's promises cannot be met without using all sources potentially available. But is anyone listening?