The national outrage against Vijay Mallya is moving along predictable lines, unfortunately. Mallya is just one variable in the rotten equation which has brought us to this abhorrent situation. The other variables, if downplayed or ignored, will continue to rot the system.
Even as we denounce Mallya, we should ask a few other questions.
- Why did the public banks continue to top-up Mallya’s loans, thereby throwing good money after bad? How will those bankers be held accountable?
- What were the ‘outside pressures’ on these banks to loan money to Mallya? Should we allow these people to create other Mallyas in the future? What systemic changes are required to nip such outside pressures in the bud?
- Why is the government unable to sack Vijay Mallya from Rajya Sabha, to preserve the respect & sanctity of the parliament, and deter other wilful defaulters & criminals from entering the highest lawmaking body in India?
- We spend thousand of crores of public money to recapitalize inefficiently run public sector banks. While this is a necessary evil, why can’t we allow some failure? Why can’t we shock our public sector banks to provide better service & perform better?
- Government run Air India has been making losses perennially, and has perhaps lost more money than Mallya. How can we hold Air India & the Government accountable for mismanaging public money?
The sensationalism-driven journalists and social media need to think harder.