It would be a pity if Modi govt keeps ignoring bad economic news. Danger of doing nothing is that growth of 6% or less becomes the norm, not the unacceptable.
The Atal Bihari Vajpayee government’s disinvestment record has still not been matched by any government. UPA government’s record has been relatively pathetic.
In 2018, it was because of FSSAI's directives that 10,500 non-compliant food vendors were delisted by food delivery services like Zomato, Swiggy and UberEats.
There have been constant attempts to destabilise campuses in India. Take the suicides of Rohith Vemula, Payal Thadvi, Fathima Latheef or BHU protest for instance.
Promises tend to become irrelevant if care is not taken to create necessary enabling conditions to make them feasible. This is even truer of electoral promises.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
Both the governments expressed their commitment to strengthening their maritime cooperation to strengthen the maritime safety and security framework in the region.
While Modi cleared cobwebs of the past in many areas including the most intractable issue of Art 370, the fundamental structure reforms to get out of the quagmire of the old socialistic and control mind set of the Nehru Indira days has not found any salience at all with Modi. In fact, he seems to believe in it but wants better efficiency out of it and without corruption, of course. Demonetization seemed to be a beginning of a string of well ordered reforms but it just stopped at one episode. In Modi, we have a leader who has the political capital to demolish old structure and build a fresh one which will give impetus to the sustained economic growth. If Modi fails in his economic reforms, it would be a disaster as we may not get another leader of his standing in near future. India wasted 10 years under Man Mohan Singh and surely India can not afford to waste another 10 years under Modi!!
There’s been a dip in India’s fortunes along with China &rest of the world. Some things in the economic world defy understanding,why despite so much of money printing is inflation absent in the developed world .How can Japan & European economy have negative interest rates. If we grew in excess of 8/ ,from where have the structural problems crept up to drag us to 4.5,and so on. And amazingly the stock markets are trading at their lifetime highs.
(1) The stock markets in India are showing irrational exuberance; (2) the lack of inflation in the developed world is due to highly efficient supply chains and reasonably fair competition; the burden is passed onto less discerning economies and largely unfair societies willing to supply to developed countries at low prices even if that means paying low wages to their own workers (exploitative capitalism). The West does it in a more refined manner with low corruption and lack of black money in the system keeps inflation in check, and corporates compete by creating low wage jobs (till workers) but paying huge executive salaries and bonuses; (3) if the interest rates are low, so are the savings rate. Most middle class is living on credit in the Western world. It is consumption all the way on borrowed money; a system in which all stakeholders think they are winners. Summing it up, the world today is so interconnected, that financial and economic integration works just like nuclear deterrence. My theory is if that were not the case, China and US would have been at war by now.
Does the solution only lie with Modi? Or is it a failure of the society itself? Are we putting too much of blame on his government? Would the Congress have done better if the were in power? After all, the current NPA problems of the banks started under MMS with a free for all spending.
What about Indian schools and Universities? Railways?
I just checked on Google maps. It takes 18 hours to cover 613km between Allahabad and Bhopal by road! That is an average speed of about 30 km/hr.
While Modi should take a fair part of the blame, I suspect that it’s only part of the story. It’s a failure of society as a whole.
As a small example: if you want to put more money in the pockets of the poorer people, pay them more. This as citizens.
Too generous an assessment. More than five years ago, the advice should have been : This is a rare, stellar mandate the government should not waste. One million new job seekers each month, joining an already interminably long queue, should provide a democratically elected government with all the incentive it needs to place the economy at the centre of its concerns. We are still debating cyclical vs structural, slowdown vs recession. The only advice that will be heeded comes from the EVMs. Jharkhand should give us a better idea.
While Modi cleared cobwebs of the past in many areas including the most intractable issue of Art 370, the fundamental structure reforms to get out of the quagmire of the old socialistic and control mind set of the Nehru Indira days has not found any salience at all with Modi. In fact, he seems to believe in it but wants better efficiency out of it and without corruption, of course. Demonetization seemed to be a beginning of a string of well ordered reforms but it just stopped at one episode. In Modi, we have a leader who has the political capital to demolish old structure and build a fresh one which will give impetus to the sustained economic growth. If Modi fails in his economic reforms, it would be a disaster as we may not get another leader of his standing in near future. India wasted 10 years under Man Mohan Singh and surely India can not afford to waste another 10 years under Modi!!
There’s been a dip in India’s fortunes along with China &rest of the world. Some things in the economic world defy understanding,why despite so much of money printing is inflation absent in the developed world .How can Japan & European economy have negative interest rates. If we grew in excess of 8/ ,from where have the structural problems crept up to drag us to 4.5,and so on. And amazingly the stock markets are trading at their lifetime highs.
(1) The stock markets in India are showing irrational exuberance; (2) the lack of inflation in the developed world is due to highly efficient supply chains and reasonably fair competition; the burden is passed onto less discerning economies and largely unfair societies willing to supply to developed countries at low prices even if that means paying low wages to their own workers (exploitative capitalism). The West does it in a more refined manner with low corruption and lack of black money in the system keeps inflation in check, and corporates compete by creating low wage jobs (till workers) but paying huge executive salaries and bonuses; (3) if the interest rates are low, so are the savings rate. Most middle class is living on credit in the Western world. It is consumption all the way on borrowed money; a system in which all stakeholders think they are winners. Summing it up, the world today is so interconnected, that financial and economic integration works just like nuclear deterrence. My theory is if that were not the case, China and US would have been at war by now.
Does the solution only lie with Modi? Or is it a failure of the society itself? Are we putting too much of blame on his government? Would the Congress have done better if the were in power? After all, the current NPA problems of the banks started under MMS with a free for all spending.
What about Indian schools and Universities? Railways?
I just checked on Google maps. It takes 18 hours to cover 613km between Allahabad and Bhopal by road! That is an average speed of about 30 km/hr.
While Modi should take a fair part of the blame, I suspect that it’s only part of the story. It’s a failure of society as a whole.
As a small example: if you want to put more money in the pockets of the poorer people, pay them more. This as citizens.
Too generous an assessment. More than five years ago, the advice should have been : This is a rare, stellar mandate the government should not waste. One million new job seekers each month, joining an already interminably long queue, should provide a democratically elected government with all the incentive it needs to place the economy at the centre of its concerns. We are still debating cyclical vs structural, slowdown vs recession. The only advice that will be heeded comes from the EVMs. Jharkhand should give us a better idea.
The problem starts when we pretend that all is well when nothing is well.