Why in news?
- Expressing serious concern over rising money power eroding the credibility of the country’s democratic polity, Vice President of India and Chairman of Rajya Sabha, Shri M. Venkaiah Naidu has called for effective laws of Parliament in quick time and simultaneous polls to check the menace.
- Shri Naidu noted that it is a reality that a millionaire has much better chances of becoming an MP or an MLA at the cost of the honest and more deserving low income Indians and referred to the assets of 475 members of the present Lok Sabha accounting for 88% of the 533 members whose declared assets were examined being in several crores
- The Vice President observed that short term benefits offered by the governments in the form of populist schemes for electoral advantage are at the cost of their ability to perform main functions besides adversely impacting the long term interests of the poor and the middle class
- Shri Naidu said; “Perhaps, time has come to consider a suitable legislation on the lines of FRBM (Fiscal Responsibility and Budget Management Act that puts a cap on Fiscal Deficit).
- Shri Venkaiah Naidu noted that “Time has come for the idea of simultaneous polls to be seriously considered for its many advantages including reducing the costs of holding polls and spending by political parties