Let eco recession be political discourse

It would be disastrous if this government with such an envious mandate does not come to terms with facts and figures of the Indian economy

PRABHAKAR TIMBLE | SEPTEMBER 14, 2019, 02:19 AM IST

PRABHAKAR TIMBLE  

Though disgraceful, it would be a prejudiced evaluation if due credit is not given to the present government and the parallel machinery of the right-wing forces with “free” media at its back and call and gigantic fake social media on its payroll for changing the national discourse. It is curtains down on the poverty agenda and the hoisting of the Aspirational India banner. Empathising with the poor and entitlements for the marginalized and backward sections is today pseudo-economics. It is old fashioned to deliberate on unemployment; instead it is trendy to debate on skilled India and five trillion dollar economy.   

The national dialogue is switching from a future of and for science to India’s glory of astrology and mythology. Home, revenue and law ministries ensure the selective spotlight on the political opponents ruthlessly signaling that the government of laws is engineered to a government of PM’s men. The nation which began to work for the brotherhood of all is redeploying energies to picture the anti-nationalism of many.   

Yoga and Fit India are winning the slot of governmental corruption and lawlessness in national dialogues. It seems that Narendra Modi managed to get engaged in the discovery of India’s forests eyeing the monumental work ‘The Discovery of India’ which inspires the people of India and the world at large.   

The print of parochial thinking, the paint of PoK and the opium of Om mantra and cow are so indelible that the voices espousing the crisis of economic meltdown are dim. The labour-intensive spinning industry is moving from bad to worse and the spinners are making losses resulting in partial shut-down and closure of some. The textile industry is in doldrums with the inevitable consequence of widespread unemployment in Northern India. Automobile industry is the worst hit and workers in this sector and allied services are being retrenched. Electronics manufacturers and traders are facing the brunt of recession.   

With the overall growth rate at less than 5%, the government is selling the undoable aspiration of 12% growth to reach a five trillion dollar economy. With growing unemployment in the organised sector coupled with falling purchasing power of the rural sections, the FMCG industry is forced to lay off workers. The scale is indeed massive. With decline in the value of the currency and grim economic situation, investors show preference to stock gold and shying away from other forms of financial investments, thus starving the fund flow for the markets. This is precipitating the liquidity crisis and flow of funds to productive industries including real estate and construction.   

What is astonishing is that the stakeholders are not prepared to stand together and speak despite the crisis. Never in the past, have industry and trade organisations such as FICCI, ASSOCHAM, IMC, CII remained so mute as today. The media too has preferred to keep the state of the economy invisible like the life of people in Jammu & Kashmir. The government claims that the state is not under curfew. However, Mehbooba Mufti’s daughter has to move the Supreme Court to   

meet her detained mother in Srinagar. Lawyers, politicians and journalists are detained. None has access to free media. Around 2000 young IT entrepreneurs of Kashmir are out of business with closure of internet and lease lines. To move out of Kashmir even for medical treatment, the route is through the Supreme Court.   

The real situation in J & K is invisible to India and the world. The story of the nation’s economic situation is the same. However, it can never be kept hidden for long. Though the giants from industry are tight-lipped and media men have pulled the shutters, the men on the street provide the pulse of the state of the economy. The countdown began with the celebrated demonetization. Politics seeped in economics with guided tax terrorism on business and industrial establishments.   

The uncertainty of economic policy and taking the business sector unawares to score brownie points unnerved the investors. Though the GST was an overall reform, the tax rates required rationalization to meet the economic realities. Instead of addressing economic issues, the government machinery continues to be busy with electoral politics and teaching lesson to neighbours and political opponents. The Finance Minister cannot come out of the child ego and the Prime Minister is entrenched in the parent ego. Despite a historic mandate, the BJP is not in a position to throw men in the political Cabinet with an adult ego. This is the nation’s misfortune and the BJP needs to do a course correction in this regard.   

The massive borrowing from the Reserve Bank of India is an indicator that the state of government finances is in a mess. Despite all this, it needs to be acknowledged that Narendra Modi’s image graph is not dented. The general public looks at the Prime Minister as a go-getter and hope that the recessionary cycle will be aborted. In the midst of economic gloom, there are sunrise areas. start-ups, on-line marketing and services, tourism and defence industry are doing well. The fake news of the economy and the chest thumping on Jammu & Kashmir has eclipsed the economic recessionary trends putting the economy in further peril. Pakistan, cow, NRC, political opponents bashing and declaring people illegal are priority issues in national discourse.   

If people continue to feel that economy is not a priority issue, the BJP will register wins in electoral politics and the people will lose. It would be disastrous if this government with such an envious mandate does not come to terms with facts and figures of the Indian economy.   

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