Tuesday, June 6, 2023
HomeColumnThis is why India lagging behind! — Part I

This is why India lagging behind! — Part I

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economy2India comes after China and Japan when it comes to the foreigners who are spread across the globe either for education or employment. Chinese and Japanese return to their country eventually, they don’t leave their citizenship and they always prefer to work for their country at the end and this is what matters the most to them.

The number of Indians spread across the world is increasing day by day and the numbers are increasing not to return to their country back and this is very depressing, damaging and heart-wrenching for the nation itself. In the name of democracy, India is growing in new ways, where the roads of a small villages lead to town, town to metropolitan and finally from metropolitan to another country by leaving this country, and the question that comes at the front is that ‘are these roads have become the actual identity of India’?

Leaders, who are always excited to run the country, spend most of the time of their tenure on the land of the other countries all because that the whole system of this country is either completely dependent on capital or capitalists who first coagulate government and then to themselves through that same government. If politics of the country wobble at that time, they leave citizenship first and then question India’s institutions while the government, as well as the people of India, remain silent.

Despite the entire glare about India in the world. There is no increase of dollar in the Indian market and question has been made unsettled. 40 billion dollars in 2017 and 43 billion dollars in 2018 was invested in India whereas, in the country like Brazil, the foreign investment in 2018 was 59 billion dollars where the government spends least of their time and money on travelling around the world.


However, China has 143 billion dollars foreign investment in 2018. Before comparing India to other countries, we must first understand the fact that when Modi-Yogi government organised a seminar on the basis of Gujarat model in UP, then a foreign corporate who agreed to invest in the state, however, a few days later when researches came out, it was known that the state which is highly dependent on the agricultural economy has neither provided any means to the farmers so that they can save the crops nor the government has any special schemes for cows, bulls or lands where farmers do the cultivation, which is an evidence in itself that the UP government has failed to even work on ground level in favour of  farmers as well as arranging very basic needs for the state people.

At present, the Indian economy has hit the lowest point. Each decision made during the 2014 elections stayed unredeemed. The forceful quest for the neo-liberal policy has constrained the institutionalisation of cronyism as the dominant feature of this government. This is the fountainhead of high-level corruption and scams. The government’s defensive corporate association and sponsorship have prompted the undermining of regulators, independent agencies and set down the methods to ensure the guideline of check and balance.

Be it the Rafale jet deal, Pradhan Mantri Fasal Bima Yojana, the telecom division shenanigans and the great bank robberies — these have carried the components into play with crony capitalism as the focal point. Accordingly, instead of famous discernment, the horrible condition of the Indian economy isn’t just the result of a botch of monetary and money related circumstance but determined by cronyism. There are many factors which talk length about the bad governance in the last five years that have weakened the nation.

Demonetisation itself is seen as one of the biggest scams of this country in decades. Money had returned to its place before November 8, 2016. The four goals proclaimed by the government were never intended to be accomplished and the questions now emerging are that who benefitted from this action of banning high denomination of Rs 1000 and Rs 500 notes? It was reported that large conversions have taken place in Gujarat cooperative banks.


Demonetisation has demolished the cash-driven unorganised and informal sectors which have severely dented the economic growth and impacted employment devastatingly. It has now unfolded that, after Raghuram Rajan’s exit, the RBI Board had cleared the demonetisation exercise, and they had similarly dismissed the veracity of the government’s claims. However, the effect of the exercise likewise needs a closer examination. In view on these facts and developments, a Joint Parliamentary Committee (JPC) probe is essential into this whole exercise to bring out the truth behind this disastrous decision.

Since the Rafale deal took place, the Modi government has come into radar of criticism and there is nothing bad about it as the government is obliged to answer the questions raised by opposition leaders. New certainties are turning out on the inconsistencies of the government in clinching the Rafale deal. The most shocking of these is the government’s own affirmation in the Supreme Court that there is no sovereign assurance from the French government but just a letter of comfort which isn’t lawfully enforceable to ensure the delivery of this high-value contract.

(Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of AFTERNOON VOICE and AFTERNOON VOICE does not assume any responsibility or liability for the same.)

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