In a recent discussion on ‘The White Paper on Indian Economy’ in the Lok Sabha, leaders from various political parties such as NCP and JMM raised significant concerns about the state of digital platforms like Google Pay and PhonePe, alleging potential money laundering activities. NCP leader Supriya Sule particularly highlighted these concerns, describing these platforms as “ticking time bombs” and questioning the government’s efforts to prevent money laundering in the digital economy.
Sule’s remarks were prompted by recent events, notably the controversy surrounding Paytm Payments Bank Ltd (PPBL), which she deemed “alarming” and akin to money laundering. She emphasized the widespread use of Google Pay and PhonePe compared to the lesser-known BHIM app, urging the government to take decisive steps to ensure the integrity of digital transactions in an increasingly cashless economy.
Echoing Sule’s sentiments, JMM leader Vijay Kumar Hansdak accused the government of misusing central agencies such as the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), and Income Tax department to target opposition MPs. Hansdak called for a white paper to be issued on the alleged misuse of these agencies, alleging that the government’s authority relies heavily on entities like the ED for political leverage.
In response to these accusations, BJP MP Sanjay Jaiswal countered by pointing out the perceived corruption during the tenure of the previous UPA government. He claimed that corruption levels were unprecedented during the 10 years of UPA rule, accusing individuals of obtaining loans without intending to repay them. Jaiswal’s remarks sought to deflect attention from the current allegations and redirect focus to past grievances under the UPA regime.
AIMIM leader Asaduddin Owaisi contributed to the debate by questioning the effectiveness of the white paper on the Indian economy, labeling it as mere rhetoric rather than substantive analysis. Owaisi urged the government to explain the disparities in economic growth rates between the UPA and NDA governments. He highlighted statistics indicating higher average growth rates and lower fiscal deficits during the UPA era compared to the NDA’s tenure.
Owaisi also called attention to the impact of demonetization on the country’s poor and marginalized communities, pressing the government to provide insights into how the policy adversely affected these vulnerable groups. He emphasized the need for transparency regarding the economic consequences of major policy decisions like demonetization, especially in light of contrasting economic indicators between different government administrations.
IUML MP E T Mohammed Basheer criticized the white paper as biased towards the ruling BJP, dismissing it as a tool for political propaganda rather than objective analysis. Basheer highlighted the contributions of the Congress-led UPA government in enacting crucial legislations such as the Right to Information and Right to Education Acts, as well as implementing welfare programs like MNREGA for the benefit of disadvantaged populations.
The discussion in the Lok Sabha between NCP, JMM and other leaders has left underscored deep-seated concerns about the integrity of digital payment platforms, allegations of misuse of central agencies for political purposes, and divergent perspectives on the economic policies of past and present governments. As the debate continues, it remains to be seen how the government will address these issues and uphold accountability in economic governance.
