Electrification of all villages shows the Modi government’s ability to work in mission mode, and the next step of power to all households is within reach, says Union minister Piyush Goyal. The co-incharge of BJP’s Karnataka campaign told Sidhartha and Rajeev Deshpande in an interview that this doer image will help BJP win. He also responded to allegations over his business dealings. Excerpts:
After village electrification, how feasible is the target of household electrification by the year end?
PM Narendra Modi’s promise that he will ensure all 18,252 census villages without electricity get a connection in 1,000 days has not only been achieved but another 1,227 villages, not covered in the original list but found to be un-electrified, have also been reached. It demonstrates that when this government takes up a target, we achieve it. We have also started reaching hamlets, majlas, tolas, dhanis.
Any number of this...
It could be in thousands and thousands. Our approach is that every willing consumer must get a connection. We are going to have camps in villages, vans will reach them to show benefits of a legal connection.
Do you have the infrastructure in place?
Most places yes. Though, somehow, we have faced problems in Karnataka where we were not allowed to get the land needed for setting up facilities. But after elections — I am confident we will see a BJP government — a double engine of development will work — the Centre and the state in unison.
What makes you so confident that BJP is winning?
People are frustrated by the level of corruption and malfeasance. In Bengaluru... just the name George, Harris, Roshan Baig. These stand for corruption and mafia raj. People are praying for change, it is evident.
But there are charges against BJP’s CM candidate B S Yeddyurappa and the Reddy brothers.
These charges have been examined by the court and dismissed with stinging remarks against the
Congress government. It has exposed Congress’s dirty tricks department. The court said BSY was deprived of his rights to reputation. It was political victimisation.
Congress has levelled charges against you too.
Iam a professional. I stood second in law in
Mumbai University. I was second all India in the CA exam. I have been an entrepreneur, after 2000 I was in strategic investing, and I have been a high tax payer. Instead of working in personal capacity, I had two companies for providing advisory services — Flashnet and Intercon. Both of which I completely stopped on May 26, 2014, when I became a minister. Allegations are being levelled for working for a living unlike leaders of Congress who have perhaps not worked for a day but live lavish lives.
The charge is that you sold Flashnet to a company which has interests in areas of the ministry you headed and that you did not declare the specific transactions.
I have worked with many companies but with the Piramal group (which bought Flashnet), I had not done any work. Then, as I read in the Piramal statement — they have not invested in any entity in the power sector (when I was power minister). As I stopped all my work on May 26, 2014, there should be some evidence that I have done a favour to someone. I have not taken a rupee of benefit nor provided a rupee of benefit.
It has been alleged that you did not reveal the transaction in your 2014 or 2015 declaration of assets.
All my declarations are in public domain. I was asked to submit a declaration in two months after becoming a minister. I submitted it on July 25, 2014. I brought in all assets till July 24. I had already sold shares of Flashnet. Share purchase agreement was executed and share certificates along with transfer deeds were handed over and full payment received by me by then. The money that I got is part of the declaration to the PM. My shareholding in Intercon is shown. Congress is raising irrelevant issues about companies I have nothing to do with any more. They are fudging figures and trying to malign my image.
In company records, the transfer date is September (2014).
Once I hand over share certificates, they have to hold a board meeting and lodge the shares. The formal transfer might be then but I have no beneficial interests. I am out of that company.
How do you explain the 100% jump in valuation?
I worked out of a rented property and whatever profit was earned was ploughed back into investments such as shares and properties. All this appreciates over time. On March 31, 2014, Flashnet’s net worth was Rs 12.55 crore. Assets acquired over a decade or so appreciated in value. Third party valuation was done and based on that, an investor took the assets. I paid Rs 7.7 crore capital gains tax on the transaction. Incidentally, I had booked an under-construction flat in Delhi in 2010 in the name of Flashnet. As it was under construction, it showed as loan and advance. In 2012-13, when the deed was registered, it showed as a flat. I had paid Rs 5 crore for the flat and when I sold Flashnet, the valuer had valued it at Rs 10 crore or so. After 13 months, I bought it back from Piramal for Rs 12.15 crore. This is a testimony to an arms-length transaction.
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