An Economic Times article written by Manya Tandon read, ‘Indian Economy now resembles a stalling aircraft.’
The engine is failing, there is heavy turbulence and passengers are equally scared.
But the pilot and co-pilot assure them everything is in control.
Every individual has some basic needs such as food, air, water, and a few bucks to survive.
However, these requisites nullify if you manage to control the media.
We have talked about air and water crisis in previous videos. In this video, I would like to focus on the economy.
Money is lavishly spent on elections but gets scarce when it comes to development.
A few years ago, a man promised us a better economy and ‘achhe din’
But ‘achhe din’ is like a girlfriend. Neither it existed in UPA, nor does it exists today.
A World Bank report stated that India is now the seventh biggest economy in the world. Before this, it was the fifth biggest.
Before you accuse the World Bank of peddling ISI agenda, you must know that even the International Monetary Fund has released a similar report.
IMF has projected that India’s GDP growth rate will be 7% in the current financial year.
Some other agencies predict our GDP to be as low as 6.2%
You don’t know this because you watch the news.
No one is talking about the Economic crisis amidst Kashmir issue.
You could either choose to remain quiet and call yourself a nationalist.
Or you could recognise the problem and start asking questions. Just like anti-nationals.
Data shows us that Indian Economy is stumbling in every economic parameter.
A Business Standard report stated that July was the worst month for stock market in past 17 years
Indian Economy performed BottleCap challenge quite well.
Amidst low investments and a decline in exports, the rupee is getting weaker against the dollar.
FM Nirmala Sitharaman has said she doesn’t let stock market affect her.
PM has said the economy will reach $5 trillion by 2024.
But the reality is that a consumer is thinking twice before buying a packet of biscuits worth Rs 5.
The automobile market is facing a severe crisis
Automobile sector employs about 35 million people and accounts to 7% of the country’s GDP.
Government drives Economy like Salman Khan drives a vehicle.
Tax terrorism is suffocating businesses and entrepreneurs.
11 big automobile companies noted double-digit declines in June 2019
Five lakh passenger vehicles and 30 lakh two-wheelers have remained unsold this financial year.
So the automobile sector is in serious trouble.
Normally, we start reducing our grocery expenditure when we are running low on budget.
Companies are applying the same tactic.
Automobile companies are shutting down their manufacturing units and cutting down on manpower expenditure
About 3.5 lakh people have already lost their jobs as a result of this crisis.
Similar to the water crisis, the economic crisis was simmering from the past few years.
A part of this can be attributed to global economic slowdown.
Experts argue that demonetization, ill-implemented GST and lack of trust in the Government played a major role in harming the economy.
PM Modi was re-elected with a huge mandate in the elections.
The result wasn’t welcomed by the markets and investors lost 12 lakh crore in the first fifty days of Modi Govt 2.0
People absorbed the loss in exchange for a majority Government
Investors were expecting something big from the budget.
They worshipped FM as Goddess Laxmi and entered NSE as we enter in a temple.
Budget 2019 turned out to be a huge disappointment with no policy decisions and an increase in tax surcharge.
Millionaires are leaving the country because of ‘tax terrorism’ by the Government.
Government has claimed that India will become $5 trillion economy before the next Lok Sabha Elections
*Finance Minister reciting a poem*
We need a growth rate of over 12% per annum to achieve the target in a short span of time
Our current GDP is hovering around 6% from the past couple of years.
Our GDP growth rate is quite suspicious.
Former CEA Arvind Subramanian claims the figure is fudged. He says the real GDP is about 4.5%
Not only Arvind Subramanian, but SBI chairman Rajnish Kumar has also accepted there is a slowdown in demand.
Even CAG has said that GST failed to live up to its potential.
Investors like Rahul Bajaj have expressed their concerns about the economic crisis.
Investors are being muzzled from speaking about the economic crisis.
India’s economy is not as strong as it appears to be.
However, there is a solution.
We need to accept the problem in the first place.
Our politicians should now shift their focus from Kashmir to Economy
India is a young country. But our youth is either unemployed or unemployable.
Statues and cow tax will not help the economy.
We should focus on Education, Employment and Economy.
All these are interconnected.
Demand, investments, and jobs are directly proportional to each other.
With better job opportunities, we can milk our resources and contribute in the economy.
Recently, our Prime Minister has said that the Government has created an atmosphere for inclusive growth.
Government plans to encourage businesses and entrepreneurship.
We hope that Government walks the talk because the nation desperately needs to revive its economy.
Late Atal Bihari Vajpayee-“Politics will carry on. Governments will be formed and dissolved. This is a continuous cycle but this country should not stop on its path to progress and prosperity”