Economist Manmohan Singh Didn't Know About Zero-Balance Accounts: MP CM

(MENAFN- IANS) Bhopal, July 4 (IANS) In a blistering yet theatrical address that stirred both chuckles and applause, Madhya Pradesh Chief Minister Mohan Yadav unleashed a satirical critique of former Prime Minister Manmohan Singh, casting doubt on the renowned economist's understanding of grassroots realities.

Speaking at a public event organised to distribute laptops and transfer funds to meritorious students, CM Yadav cloaked his remarks in irony, alleging that despite Manmohan Singh's international academic laurels and his tenure as both Finance Minister and Prime Minister, "he was unaware that a zero-balance bank account could be opened free of cost."

The comment, sharp yet delivered with a smile, landed squarely in the long-running debate over policy versus practice.

CM Yadav reflected on the irony of a man hailed as a "financial wizard" failing to advocate what he described as a "trivial but transformational" idea. He used the opportunity to highlight the contrast between theoretical knowledge and practical reform, shifting attention to current Prime Minister Narendra Modi, whom he described as "the chaiwalah (tea vendor) who achieved what the economists could not".

According to CM Yadav, it was Prime Minister Modi who revolutionised India's banking landscape by launching the Jan Dhan Yojana. The introduction of zero-balance accounts, he argued, laid the groundwork for Direct Benefit Transfers that bypassed bureaucratic bottlenecks and ensured funds reached the poor directly.

Referring to former prime minister Rajiv Gandhi's famous remark that only 15 paise of every rupee reached the people, CM Yadav asserted that PM Modi had fixed that "leaky pipeline with intent, not just policy."

Backing his claim with examples, he added, "Now each of you has received 25,000 in your bank accounts. This is the benefit of DBT."

He pointed to the state's laptop assistance scheme, adding that those not given physical devices were credited directly, empowering them to purchase laptops independently.

"If finger-pointing were an Olympic sport, I'd have to thank my Congress friends for keeping me in top form," he quipped.

"Every time I raise an issue, they sigh and ask, 'Why drag us into this?' But if they don't speak, how else will I highlight their blind spots?", CM Yadav said.

Shifting to infrastructure, CM Yadav praised former Prime Minister Atal Bihari Vajpayee for initiating the Pradhan Mantri Gram Sadak Yojana (rural road scheme).“For the first time, the idea of 'Prime Minister's rural roads' left the dusty file and reached Gandhi's India - the real villages," he said.

He then took another dig at Manmohan Singh, claiming the former finance minister once questioned the need for roads in villages, arguing that bullock carts sufficed. "Thankfully, we've moved from bullock carts to bitumen," CM Yadav concluded.

"From golden expressways to quiet village paths, connectivity is no longer just a metaphor. And under Prime Minister Modi, that flame is not flickering - it's blazing. So, degree holders should consider that when the ground beneath you changes, it helps to look up from the textbooks," CM Yadav said.

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