There is no denying the fact that India is facing an economic crisis that is worsening every day. International Monetary Fund (IMF) spokesperson said India’s economic growth is much weaker than expected” due to “corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies (NBFCs). He added that we will have a fresh set of numbers coming up, but the recent economic growth in India is much weaker than expected.
BJP government’s hyperbole about $5 trillion economy is becoming more and more distant as each day passes and the economic conditions of the country are not getting any better. It was actually Morgan Stanley, a multinational investment bank and financial services company that predicted in a report that India’s economy will reach $5-trillion mark by 2025. Since then, this figure was echoed in the statements and speeches of many of India’s politicians. An analysis of India’s economic growth shows that India seemed closest to hitting $5 trillion mark when the estimates for quarter one of 2018-19 were released and since then, the graph of India’s economic growth has only gone down.
As per a comparison, China added $1,465 billion to its economy in 2018 against the previous year — 20 times India’s net addition of $74 billion. Indian common people need to understand that GDP growth alone is not a sufficient tool to measure a country’s prosperity; a better measurement is GDP per capita. With a per capita GDP of $2,036, India ranks 147 out of 192 countries. The 7% growth rate translates into 5.9% growth at the per capita level. At this rate, India will take 60 years to reach where the US stands today in terms of GDP.
In these desperate times, Congress Interim President Sonia Gandhi has stated that it is not enough for Congress workers to agitate and protest on social media alone. In her own words, “The country is looking to us to confront and combat the forces that appropriate Mahatma Gandhi, Sardar Patel, Dr BR Ambedkar and misrepresent their true message for their nefarious ends. We must stand up fearlessly to fight on the streets, fight in villages, towns and cities.”
It is essential for not only Congress workers but all the responsible patriotic citizens of India who have nation’s best interests at heart to register their agitation against the disastrous economic policies of the sitting government. The Indian National Congress has announced a massive nationwide agitation on economic slowdown between October 15 and 25.
Sonia Gandhi is perfectly right in stating that India is facing a time when vendetta politics is at its peak and those who speak out against the establishment are being intimidated. Every institution is being diabolically subverted. The voices of dissent are being silenced. Democracy has never been at greater peril than it is now.
The Congress agitation will be held in the festive season to garner maximum attention and reach out to all the sections of the society. Conventions will be organized across the country to highlight the “economic slowdown” from September 20 to 30. Padyatras will be held across the country on October 2, and other events will be organized from October 3 to 9, to mark the 150th birth anniversary of Mahatma Gandhi and spread the message of the values that he devoted his life for.
Renowned economist and former Prime Minister of the Indian Republic, Dr. Manmohan Singh, has called this crisis a prolonged economic slowdown that is both structural and cyclical. It is established beyond doubt that policies like demonetization and GST have triggered this economic slowdown and since the BJP government is not owning up to its blunders, the time has come to remind them of the same.