There is little surprise that the seventh anniversary — and the completion of two years of the second term — of the Modi government at the Centre passed off without any fanfare; and the Covid pandemic’s spread is not the only reason. It’s clear as sunlight that the ruling establishment is caught in a mood of despondence and the nation left in a state of disappointment vis a vis the performance of this government on multiple fronts. The worst is on the economic front.
The scenario was turning worse long before the Covid pandemic came in and unsettled life. The GDP growth rate had sunk to four per cent, an 11-year low from a high of nine per cent left behind by the previous UPA establishment. By now, it is clear that the management of the economy would require a more serious approach and able hands must guide the economy of the country. By contrast, even in the face of the huge corruption and scams, the UPA terms were impressive in terms of the steady growth they brought about to the national economy. This, even granted that the trickle-down theory pursued by Dr Manmohan Singh to lift the economy had its negative side – as in the manner in which this process made the “rich segments richer and the poor, poorer.”
The reverse drive is happening on the economic front in recent years with the pandemic having added a fresh and lethal force to this downhill ride. As per the report released by the National Statistical Office on Monday, India registered a negative growth of 7.3 per cent for fiscal 2020, while the fourth quarter of the last fiscal, or the period between January and March this year – before the second wave of the Covid19 — showed a negligible rise of 1.6 per cent. This too could be a washout considering the adverse impact of the present run of lockdowns across the nation. Covid19 has hit the national economy hard, but that does not necessarily mean the nation must not be caught in a cycle of despair and stop in its tracks. Other than the news of a Central Vista project, very little is heard of a forward momentum in any sector of the economy including the infrastructure sector overall. At the same time, offensives like the one in Lakshadweep, are not held back either. The BJP continues to push its Hindutva agenda despite resistance from various quarters and therefore dividing the nation further. This year too will be a washout in terms of economic growth more so when the government itself is seen to be caught in a policy paralysis.
