Elephant-headed Hindu God Ganesha is one of the proposed gods for the banknotes. AP
Elephant-headed Hindu God Ganesha is one of the proposed gods for the banknotes. AP
Elephant-headed Hindu God Ganesha is one of the proposed gods for the banknotes. AP
Elephant-headed Hindu God Ganesha is one of the proposed gods for the banknotes. AP

Proposal to put Hindu gods on Indian banknotes called a political stunt


Taniya Dutta
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Delhi Chief Minister Arvind Kejriwal has come under fire for suggesting images of Hindu deities be added to Indian banknotes for the country’s “economic prosperity”.

Mr Kejriwal, 54, the three-term chief minister of the Indian capital, sparked controversy on Wednesday after he asked Prime Minister Narendra Modi’s government to incorporate images of Lakshmi, the goddess of wealth and elephant god Ganesh on banknotes.

“Our economy is not improving. We need to make multi-pronged efforts to develop our country … our efforts will bear fruit only when we have the blessings of god upon us,” Mr Kejriwal told a press conference.

He cited the image of Ganesh used on an Indonesian currency note to argue it had been allowed in a Muslim-majority country.

But his remarks were met with widespread disdain, with people questioning his intentions and saying it went against the secular nature of the country.

India, with a population of 1.3 billion, is officially secular although an overwhelming majority of people are practicing Hindus.

Many on social media criticised Mr Kejriwal, calling it a stunt to grab votes ahead of assembly elections later this year, where he is battling Mr Modi's Hindu nationalist Bharatiya Janata Party.

“#ArvindKejriwal is now going overboard in a desperate bid to out-Hindu the Hindutva wadi,” journalist Madhavan Narayanan said on Twitter.

“Stunts like wanting Ganesha and Lakshmi images on currency notes are vain & counterproductive. We don't want crumpled Lakshmis & twisted Ganeshas in stained chai (tea) shops.”

Many agreed the idea of gods on currency would be an insult. “Notes are stashed, torn and crumpled,” social media user Venkat said.

A Delhi High Court in 2014 came out against issuing coins with pictures of deities to commemorate religious events, saying it was against the constitution.

“By issuing a coin, you are celebrating a particular religion,” a bench of then-Chief Justice G Rohini and Justice Rajiv Sahai Endlaw said.

Mr Kejriwal, a former revenue officer, entered politics a decade ago with a vision of inclusiveness and a developmental agenda. He fought elections on issues like anti-communalism and corruption.

But since sweeping polls and forming a government in 2015 in Delhi, Mr Kerjiwal and his Aam Aadmi Party has been accused of increasingly indulging in Hindu majoritarian politics.

His party often targeted Mr Modi’s BJP for being “communal”, but on many occasions has tried to prove Hindu antecedents.

During the 2020 election campaign, he sang Hindu songs during television interviews and after winning organised a visit to a Hindu temple to seek blessings.

His party built a replica of Ram Mandir, the temple being constructed on land where the demolished Babri Masjid mosque once stood, at a Delhi stadium for Diwali in 2020.

His government is sponsoring a free Hindu pilgrimage for Delhi residents across India.

Many opposition parties have accused him of using the tactics to appease Hindu voters in view of the upcoming assembly elections in Himachal Pradesh and Gujarat states later this year.

AAP harbours ambitions to be a national political party. It won elections in northern Punjab state earlier this year.

“There is a limit to the way religion can be used as an instrument,” said Brinda Karat of the Communist Party of India.

She accused Mr Kejriwal of misusing religion for narrow political purposes, having previously talked “about health, education and development”.

The BJP, which banks on Hindu voters, also called Mr Kejriwal’s remarks a political gimmick.

“Their minister, Gujarat chief and leaders abused Hindu gods … and yet they are in the party,” said Manoj Tiwari, a BJP parliamentarian.

“They're bringing new tactics to save face in polls. Those who objected to Ram Mandir have come with a new mask.”

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: October 27, 2022, 10:35 PM