New Delhi: In the wake of Prime Minister’s flagship project ‘Make in India’, where he is going overseas to promote it, the gruesome situation in the country compels one to ask ‘Is the Make-in-India’ initiative just a namesake programme?’
KS Kalyanasundaram, a first-generation entrepreneur in his blogpost wrote his grievances against the government where he mentioned about the hurdles he has been facing to run his newly-launched company ‘Whistle TV’.
In 2014, Kalyanasundaram, who has previously worked with several media companies, quit his job to launch his own music channel for which he had applied for a loan from the Bank of India.
He wrote in his post, “I had to offer my own flat, which I got from my father as, collateral. Bank of India, as a professional bank, did all the due diligence, conducted internal TEV, took my interviews several times, and finally sanctioned the loan.”
Having gotten the sanction, he invested all his savings, around Rs 7 crore to set up the channel and received license form the Ministry of I&B and in order to obtain the license he had to incur huge expenses on the project.
“We had to pay a hefty amount to uplink the channel. We had to do this as the bank said it would disburse the loan only after the license was obtained,” he added.
Since, then he approached the bank twice to get the sanctioned money but the bank told him that the loan disbursement would not be possible.
“When we approached the bank for disbursement with the license in hand, we were told that due to mismatch in bank’s Capital Adequacy Ratio, we would have to wait till September 2015. When we next approached the bank, we were told that the loan disbursement would not be possible!!! And this time there was no reason offered!!!”
Kalyanasundaram expressed his grief towards the situation of the government and lashed out by saying “How can a bank approve of the loan, make the entrepreneur invest heavily in the venture, and then back off citing internal policies? This amounts to not only the killing of the business but also the spirit of entrepreneurship.”
This blogpost is a wake-up call for government officials where the writer says “While our honourable Prime Minister Shri Modiji is promoting Make in India and Ease of Doing Business, the Government of India officials are being the biggest roadblock to this vision.”
Read the full blog here.
Below is the letter that he wrote to Finance Minister Arun Jaitley and awaiting is response:
And here are the bank documents which clearly says that his loan was sanctioned by the Bank of India: