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Indian government hollow growth claims and Indians suffering

, December 20, 2013, 1 Comments

India's Hallow Growth - MarketExpressIt is obvious that the economic and social situation of India has deteriorated sharply in the last 5 years. It does not take a rocket scientist to hear economic and financial woes from friends and relatives these days. Life has become extremely tough with consumer inflation of low double digits and job losses galore. Growth in India has halved as the current government’s half assed policies of dole distribution has led to a bankruptcy of the treasury.

The UPA government believes that it can come back to power by giving freebies and benefits to all and sundry under various policies. This was fine when the economy was booming and taxes were pouring in. But with the fiscal and current account deficits climbing to dangerous levels, this has become counterproductive. Inflation is rising at an alarming level as the currency goes for a tailspin. The central bank is being forced to increase interest rates to fight the galloping inflation even as the industry is showing a declining rate.

This bad state of affairs is due to the indifferent, arrogant, cynical and callous attitude to the current power dispensation which cares two hoots about the Indian citizens. The Congress party has faced some of the most humiliating defeats in some major Indian states and seems destined to make a new all time low in the next national elections. The Indian government seems enclosed in a self congratulatory illusionary balloon tom-tomming its great right to food, education etc. laws.

Some of these laws have proved to be highly counterproductive as massive Indian resources are spent on unproductive activities fueling inflation and widening deficits. Precious resources are being spent on consumption instead of investment in a capital starved country. 5 years of this nonsense have brought the economy to the throes of a complete disaster. However, the government seems hell bent on enacting more such insane laws before it bows out in the next 6 months. This has easily been one of the worst governments of modern India converting India’s dream growth story into a stagflation nightmare.

Gallup has confirmed the misery that Indians are facing; showing the number of Indians suffering has nearly doubled in the last 5 years in a survey. Most Indians are used to suffering with almost 80% of the population living on less than $2 a day.

But the current government has done a miracle of sorts by increasing the misery of Indian used to living in such miserable conditions. This is to hoping that Indians get a better leadership from the current bunch of callous and arrogant ones now.

  • aam admi

    There was a a trial at Nuremberg after WW2 for the NAZIs. We need a similar trial in India after the 2014 general elections for the Congress party leaders.