When Narendra Modi came to power, his corporate friends were happy. They thought he would cut down social welfare spending and extend them benefits instead. They were right. From the start itself, PM Modi went about weakening the social sector schemes of the UPA, which affected rural demand and in turn created the economic mess we are in today. The agitation of the Patidars – the prominent business community of Gujarat – has exposed the hollowness of the Gujarat model. Over the years, the growth had, clearly, not been transferred to the common man. The same is happening all over India. Worryingly, new projects worth only Rs. 1 lakh crore were announced in the December 2015 quarter, down from Rs. 4 lakh crore in December 2014. This is the lowest in the past 5 quarters, and on a year-on-year basis, is lower by 74%.
Sherful Islam
(The views expressed by the author in the article are his/her own.)
