By – Rahul Kumar, Senior Journalist, and Media Columnists
Since 2014, nothing socially and economically good is happening in India. As a citizen of India, I must have a duty to know about the people who are behind drowning of Bharat. In the last four and half years, bureaucrats, economists and policy makers left no stone unturned to befool Mr. Modi while advising him. The majority of the so-called intellectuals do such a foolish thing for saving either their lucrative jobs or pleasing their bosses. For example, Rajiv Kumar, Vice Chairman of Niti Aayog, a think tank argues that “the depreciation of the Indian Rupee against the USD is not indicative of a bad time for the Indian economy”. A data from Reserve bank of India shows that India`s reserve exchange further fell by $ 1.82bn to $ 401bn. A common man in India understands that devaluation of rupee affects exports and imports. People like Rajiv Kumar should be removed from Niti Aayog without further delay since such advisers are detrimental to the health of the country.
Due to demonetization and GST, bank credit to MSMEs had fallen by 3.4% year-on-year, says RBI data. It further shows that banks do not trust start-ups because such loans are viewed as risky. The trade data released by the commerce ministry revealed that merchandise imports during July were valued at $ 43.79 billion, a growth of 28.81 percent compared to $33.99 billion in the year-ago period. The sharp surge in imports led to worsening of trade deficit to $18.02 billion in the reporting month as against a deficit of $11.45 billion during July 2017.
A data from RBI` income expenditure statement of 2016-17 shows costs of printing notes went up to around Rs 80 billion in 2016-17 from Rs 34 billion in 2015-16. There was a substantial fall in interest income and net interest on LAF operations came down from Rs 5 billion in 2015-16 to minus Rs 174 billion in 2016-17. Non-performing assets (NPAs) further frustrated the Indian economy. As put forward by Bernanke and Lown in 1991 that declines in bank capital have contributed to the slowdown in lending. Economic survey, the government of India (2016-17) demonstrated that “all this added up to an extraordinary increase in the debt of non-financial corporations”.
To understand a true picture of central government expenditure budget, the following table shows that Modi`s government is spending more than Dr. Manmohan Singh`s government. Despite more expenditure there no visible progress in the country. City after city is unlivable dirt. Infrastructure deteriorating day by day, roads are broken, government hospitals crying due to a shortage of funds and staff, government schools run out of funds, teachers etc. Duties and taxes raised on petroleum products constraining the livelihood of the common man.
Budget Expenditure of Central Government in Rs. Cr – Congress vs BJP Rule.
| 2009-10 | 2010-11 | 2011-12 | 2012-13 | 2013-14 | Manmohan |
| 10,24,487 | 11,97,328 | 13,04,365 | 1,41,0372 | 15,59,447 | 64,95,999 |
| 2014-15 | 2015-16 | 2016-17 | 2017-18 | 2018-19 | Modi |
| 16,63,673 | 17,90,783 | 19,75,194 | 22,17,750 | 24,42,213 | 100,89,613 |
Source: Economic Survey, the Ministry of Finance, Government of India.
Due to wrong policies of the Modi government, the economic health of the country has further deteriorated. We, of course, cannot blame Modi alone there are other so-called intellectuals of this country who needs to be held responsible for the worst economic condition of the country. When Modi is close to finishing his five years term in power, his own Minister in the cabinet such as Nitin Gadkari said, where are the Jobs? There are suppressed voices coming out of Modi cabinet since a few of them know from the heart that the economic health of the country is not at all good. In that case, it becomes a duty of every citizen to dismantle Modi and the BJP.
