There was a time when the republic of India was deemed as the powerhouse of South Asia due to its rapidly growing economy and financial management, but this has now become a fable of old times. The reality of today’s Indian economy is of a Titanic which is rapidly sinking under an indecisive and faltering administration. In just a few years, India has gone from being one of the world’s fastest-growing, IT outsourcing-led, export-oriented economy to a protection-seeking laggard.
According to the latest IMF reports, India’s GDP growth has experienced a rock bottom hard with a contraction of massive -10.3%, decreasing down from 4.2% in 2019 and 8.9 in 2015. This downfall is being considered as the worst to date
This made India plummeting below the neighboring country, Bangladesh which used to be considered as the poorest country of the region is now surpassing India with +4% GDP growth.
Imagine a country, whose per capita income was 40% less than India’s GDP 5 years back, has not only competed with India but also surpassed it amazingly. That means a lot has happened in these 5 years that made India fall behind.
Now the question arises that is India’s economic condition that grim, and if yes how did it deteriorate so rapidly?
Yes, indeed, India is going through one of the worst economic crisis since 1991, and why? – Well, The answer lies in the incompetent administration. The last 5 years of the Modi regime pushed India’s economy to the verge of destruction. Where the country was projected to be a superpower in 2020 and was supposed to compete with the largest economies like China, the current debacle narrates the story of misjudgments, erroneous decisions, and failed governance. Let us give you a quick review of how India’s economic condition deteriorates in the Modi regime.
India broke its own economic momentum with demonetization, which gained no profit to the Indian economy, in fact, it left the economy struggling and dangling between life and death. Demonetization changed the private consumption pattern in India.
People spent less on consumer goods and prefer keeping cash in bank accounts due to a shortage of hand-ready cash. Small and medium enterprises that ran on cash had also faced a downturn, while the shortage of ready cash has limited people’s consumption patterns to a large extent and affected the economy in a very bad way.
An upsurge in Poverty and Hunger
According to reports, on the Global World Hunger Index chart, India has acquired the 94th position, way ahead of Bangladesh and Pakistan, which suggests the serious conditions of hunger, poverty, and malnutrition in the country. The global news platform Foreign Policy has declared India as ‘officially’ poorer country than Bangladesh and Pak. Modi Hai to Mumkin Hai
At this point, I’m thinking about Indian retired keyboard Major, Gaurav Arya, who used to mock Pakistan by flaunting India’s money that “we have more money than you Pakistanis”- Ehm, I’m hating to break your bubble of delusion, sir but you have been OFFICIALLY declared as bhooki nangi (in sense of hunger index and Bollywood) country.
Worst Decisions amid Global Pandemic Worsen Economy
The regime of Modi has taken down India from the list of progressive to regressive countries. Now some people would suggest that blaming the government would be incorrect as the GDP falls due to the Covid19 pandemic, which is true. But the question is was India the only country with Covid?
India is not the only country that faced the brunt of the Coronavirus, Bangladesh had to face it too, but the latter is still in a better condition than India.
According to the World Economic Forum report, Bangladesh is a densely populated country like India, having a similar threat from the virus yet it progressed under the lockdown while the Indian economy falls like the empire of playing cards.
Reason? Modi’s failed strategy to curb Pandemic by curfew-like lockdown without having any backup plans. The repercussions of this curfew come out as a major jolt to the business sector while taking out an unprecedented recession in the 70 years history of India.
And no, I’m not saying that. These reports were published In an Indian mag The Print which suggests that Modi’s poorly planned lockdown didn’t save the people from Corona but killed the economy instead.
Moreover, despite the brutal lockdown, you can still see the upsurge in Covid cases which has reached to massive 80,000 cases a day, worse than any country in the world.
Whereas on other hand, despite being as much exposed to the global pandemic as India, Bangladesh showed a massive development, even under lockdown. Even Pakistan, which was falling behind these two states, and was under threat to get financially wrecked amid Covid 19 lockdown, handled the condition well, and showed growth in the charts rather than declining.
Indian Economy and God as Scapegoat:
The Government of India always carries an escape plan to sneak out if gets into trouble and this time, to get away with the allegation of destroying the economy back doors, the Modi Government put the entire blame on God. Earlier, Indian Finance Minister Nirmala Sitharaman referred to the current situation as an act of GOD. She said that the Indian economy is facing an extraordinary act of God which may result in a contraction in India’s growth for the current fiscal.
Alright, with due respect, Mam, the pandemic in Bangladesh, Pakistan, and other countries was also an act of God, not of Raavan, yet these countries have come out shining and still toiling hard to make through this.
China faces the worst wrath of Covid yet still manages to stabilize its economy and if you look at New Zealand, a ‘Lady PM’ (as Modi Ji criticizes Lady PM in Bangladesh) Jacinda Ardem, had managed the economy and corona amazingly. Covid there was also an ‘Act of God’ yet they didn’t try to use it as a scapegoat.
However, cut the long story short, today India’s financial condition is disappointing, and it is predicted to get worse by the end of the year, and all credit goes to Modi Sarkar. All he has given to its nation in these 5 years was hate, extremism, and bloodshed. His warmongering and belligerent nature did not only made India the most abhorred state in the neighborhood, but also exposed poor Indians to the threat of war who are already struggling with the basic necessities of life.