Centre institutionalising system of loot; corporate taxation must go up: Yogendra Yadav

Those in power at the Centre have “institutionalised a system of loot” and there is a real possibility today for “economic inequality to be turned into a major political question”, said political analyst and activist Yogendra Yadav.

Those in power at the Centre have “institutionalised a system of loot” and there is a real possibility today for “economic inequality to be turned into a major political question”, said political analyst and activist Yogendra Yadav.

Speaking at an event to remember the legacy of former Prime Minister Manmohan Singh, organised by Jagrutha Karnataka in Bengaluru on Friday, he said, “Less tax for corporates will not result in higher investments. What’s been happening in the last five years is loot; Corporate taxation must go up.” He advocated for wealth tax for revenues beyond ₹ 100 crore.

Prof. Yadav further said that today the biggest strike is not being carried out by working class, but by the capitalist class who threaten to shift their FDIs to another country. 

“Economic inequality to be turned into a major political question is a real possibility today. Odd as it may look, Indian political is ready for a sharp left turn,” he said. 

Prof. Yadav pointed out that MSP for farmers was raised significantly during Manmohan Singh-led UPA rule, in a manner not done before or after that. Agricultural growth during the period was unprecedented, he said. While Singh focused on growth, his government also ensured safety nets in the form of MNREGA and the Food Security Act. 

Noting that Singh was a consultative leader who respected dissent and differences, Prof. Yadav said, “He was being guided by someone whom the people of this country voted for, not by a businessman from Ahmedabad... You cannot make a decision like demonetisation if you have someone sane guiding you.” 

“What is considered his biggest weakness is to my mind his biggest strength. It is not great if any Prime Minister takes a decision themselves. Coalition is the most natural condition of power in a civilization like India,” he said.