The exit of Ramesh Abhishek, who retired as Secretary of the Department for Promotion of Industry and Internal trade (DPIIT), seems to be a welcome development for PM Narendra Modi’s Start up India initiative since the controversial bureaucrat is known more for his notorious role in many a thing than anything constructive.
Abhishek’s style of functioning and lack of business-friendly policy initiatives have not only discouraged budding entrepreneurs within and outside India from regarding India as a conducive business environment but also failed to provide institutional assistance to meet several business requirements like acquiring various registrations, bureaucratic certifications, obtaining institutional finance, labour law compliance and direct tax/service tax rules.
The art of abuse of regulatory powers shaped by Ramesh Abhishek was not just treacherous but hazardous for the growth and progress of India’s emerging markets and the industry as a whole.
This erring official, not only twisted and tweaked facts, but also misguided investigative agencies, media and the government. As one looks at the Rs 5600 crore payment crisis at the National Spot Exchange Limited (NSEL), more and more of Abhishek’s murky deeds are coming to light.
The Bihar cadre IAS officer, in his previous role as chief of erstwhile commodity market’s regulator, FMC, killed more than 10 lakh jobs in the commodities markets with his actions that were contrary to public interest. As the FMC Chairman, he could easily resolve the NSEL crisis by taking necessary actions against the defaulters to whom the entire money trail has been traced.
However, all the actions that he took as FMC chief were singularly targeted as part of a conspiracy against FTIL, NSEL and its founder Jignesh Shah despite no money trail to them. There are serious allegations against Abhishek that he along with P Chidambaram abused official powers to kill FTIL Group and its exchanges to help NSE.