BJP defending SEBI chief as it has something to fear, says Parakala Prabhakar
Economist Parakala Prabhakar speaking at a seminar on Indian economy organised by the Sabarmati Study and Research Centre of the Ernakulam District Congress Committee on Wednesday.
| Photo Credit: R.K. Nithin
Economist Parakala Prabhakar has accused the Bharatiya Janata Party (BJP) of defending Securities and Exchange Board of India (SEBI) and its chairperson Madhabi Puri Buch in the Hindenburg row fearing it would get exposed too.
“Now, it is for Madhabi Puri Buch and SEBI to defend it. But interestingly, the BJP is defending, though the report is not about the party. It is about her. What has Ravi Shankar Prasad [BJP leader] to do with it? What has BJP to do with it,” he asked at a lecture on the state of Indian economy held at the Ernakulam District Congress Committee office here on Wednesday.
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“The confidence of small and medium investors in the stock market will completely collapse, which is very dangerous to our economy,” he said.
Mr. Prabhakar said the country’s economy was in a very serious crisis. “Our unemployment is very high. Inflation is very high. Our prices and rural distress are very high. So, with all this, if the stock market also loses the confidence of investors, then it is going to be a huge problem,” he said.
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He pointed out that the voters gave a tight slap on the face of the BJP and Prime Minister Narendra Modi by not giving them an outright majority in the general elections. “I have only one disappointment. If the political parties [Opposition] had worked hard as the people of India and the civil society organisations, the results would have been different,” he said.
Quoting a report by the civil society organisation ‘Vote for Democracy’, he asked the public to question the Election Commission of India on allegations that around five crore votes were hiked (“dumped”) between initial voter turnout and final turnout to turn the verdict of the election in favour of the BJP-led National Democratic Alliance.
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