Respected Chief rnMinister, rnHaving given a brief background on fallacy in the major reasons put forth by your earlier government to continue with the Industry, I now turn my attention to the reasons why casinos should not exist in Indian context in general and Goa in particular.
Social reasons: If one believes in “Hindu mythology” and in scholarly studies and academic literature in Behavioural Finance, it has been proven beyond doubt from the times of Mahabharat to Harshad Mehta to Ketan Parekh, that Indians are emotional type of people in the world which means people get addicted and get carried away by the emotions of “Greed” and “Fright” and therefore, any industry that addicts them to animal instincts such as gambling, can destroy them. One of the major reasons why Indian Stock Markets are so tightly regulated and Investor Protection is given so much of an importance. And in spite of that people lose their hard earned money in spooky schemes. It is therefore not a right industry for Indians, unless of course they are tightly regulated like Stock Markets and there are enough Risk Management techniques in place. This, however, goes against the very ethos of the Industry.
Now the economics:
1. Employment: It is a myth the Goa based Casino Industry created employment for Goans either directly or indirectly. Directly it is well proven that Goans working in this industry may be hardly 5% to 7% of the total number of employees. As far as the indirect employment is concerned the benefits are minuscule. Considering the nature of Goan people the industry has attracted more outsiders in grabbing even the indirect benefits that emanate from this Industry. Taxi industry is a glaring example.
2. Revenue: As stated above if you get rid of the unwanted expenditure, this revenue shall not be needed. More importantly it is cash based industry and any cash based industry has huge number of leakages unless the government makes it “Cashless industry ” i.e. make people going to casinos transfer money via banks or pay by Credit or Debit Cards. Sir, I assure you the industry will close shop in 3 months. Therefore, saying government gets revenue from this is not a right thing to say.
3. Tourism Industry: Goa’s tourism industry thrived for a long time. But sir, after the Casinos have come to Goa, we have lost our image in the international markets. And we are now growing on lines of Thailand which we all agree is not the best example to grow and we must take steps to correct these ill effects before it’s late.
4. Bad name among Investors: Sir, Goa is getting a bad name among investors after the Casinos have entered Goa. In fact casinos are giving Goa a bad name among investors. Along with it, mindless development having scanty respect for the environment is also bringing a bad name for Goa among investors. If we get rid of the Casinos and bring in vision in the developmental process we shall create an Investor Friendly image and bring in more investments. Political: Politically sir there is no example in any developed world where an industry like casinos runs without any control and in the capital city, Goa is the only exception. Sir, politically too where Goans have shown a lot of anger against your party in the just concluded elections, driving them out shall bring in the same huge fan following for you that existed in 2012 and before. And I am sure you shall reap benefits of an extremely bold and Goa friendly decision.
Environmental: Sir, I am sure it must be paining you to see the beautiful Mandovi river in its present form. You must have seen the serene and divine Mandovi in your childhood. But sir, look at the river today. There were no mining barges to bring it to this level. I am sure there shall be a lot of reports that prove that pollution of Mandovi river is within the permissible limits but Sir, ask the Goemkar in you and you shall also accept that the soul Mandovi is brutally tortured.
Sir, for any project or Industry to be invited, it is evaluated on the basis of the Social Cost Benefit Analysis and sir the benefits emanating from Casinos do not outweigh the tremendous and exponentially rising costs, social, political, environmental and also economic, from any angle of the prism you hold. And one does not need an average teacher like me to tell and convince one of the best, most intelligent Goemkar Chief Minister like you about the threats it can pose for Goa in the near future. Sir, in this era of darkness all around you seem to be our only hope. I am sure you shall find merit in my appeal that I make to you for Goa and its posterity and do what is right for Goa, Goemkar and Goemkarponn.
Dev Borem Korum
Nilesh Borde.
(Letter concludes)
