Ali baba?
Liebling also warned in the 1960s that the business models of newspapers would one day prove their undoing. A prophecy that rings true today for the giants of that industry in his own country. But the 2009 poll results in the Indian elections have made Liebling doubly relevant. Voting for our favourite millionaire comes alive with the 15th Lok Sabha House of the People. Its 543 MPs are worth close to Rs. 28 billion The 64 union cabinet members from the Lok Sabha account for Rs. 5 billion. (One US dollar is worth just under 50 rupees. So reckon the Lok Sabha s total worth is around $2 billion.) And the links between wealth and winning elections are firmer than ever before.
If you are worth over Rs. 50 million, you are 75 times more likely to win an election to the Lok Sabha than if you are worth under Rs. 1 million. At least, in the case of the 2009 polls. (Some 23 of 64 Union Cabinet ministers whose asset worth is in the public domain fall into this Rs.50 million-plus category. Providing it stability of sorts, I guess. In the entire cabinet, only one falls into the less than Rs. 1 million group.)
Another 29 members of the cabinet fall into the Rs. 5 million to Rs.50 million category. If you re in this bracket, your chances of winning aren t as great as the 50 million plus, or Platinum Tier, elite. However, you are still 43 times more likely to win than those with less than Rs. 1 million in assets (i.e. almost the whole of India s population). The remaining ministers, in case you were losing sleep over their condition, fall into the Rs. 1 million to Rs. 5 million club, the cabinet equivalent of BPL (Below Poverty Line). However, there are five years in which to remedy this situation and alleviate the misery of this group.
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