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| PDP rejects finance minister’s justification | | Cover up attempt exposes real intentions of govt: Baig | | EARLY TIMES REPORT
SRINAGAR, Jan 25: Terming the justification offered by the state finance minister A R Rather to the decision to drop J&K Bank as the Bankers to state government Peoples’ Democratic Party (PDP) today said it was an attempt at misleading the public opinion on a brazen sell out of state interests.
In a statement the senior party leader and former Deputy Chief Minister Muzaffar Hussein Baig said Rather’s statement exposes more of the government’s negative intentions and inefficient performance. Baig said if there is financial indiscipline in the state government, as Rather has acknowledged and cited as the main reason behind handing over all banking operations to RBI after divesting our own institution, the JK Bank, of this prime responsibility, why should we be punishing our premier financial institution instead of disciplining the expenditure?
This strange argument is an eloquent commentary at the government’s inability to improve its performance, curtail its own waywardness and extravagance beside NC’s propensity to escape responsibility at any cost while sticking on to power, he added.
Baig said it would have been more dignified for the government to admit that the present coalition in absence of a common minimum program had made the state ungovernable as it was being steered in different directions with every element in it pursuing an individual
agenda.
He said in fact the political waywardness of the Omar Abdullah government is at the root of the fiscal disaster that it projects now as a reason for the latest sell out.Maintaining that the shift from J&K Bank to RBI was primarily a partof the process that NC had led in divesting the state of all itseconomic strength, whether that was water or power projects or now thepremier Bank, there was hardly any convincing merit even in the detail
that the finance minister presented at his press conference.Baig said J&K state will not benefit from the interest payment tofinancial institutions for clearing the Rs 1300 crore overdraft fromJ&K Bank as the interest, which would prior to this new arrangemnt go
to J&K Bank and its growth, will now go to outside financialinstitutions.
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