Budget 2026 Opinion

Opinion | Who Is This Economy Really Working For?

I am often told that I only question the government, that I never praise its achievements.


So let me ask you, my readers, a simple question.


How many times in a single day do you read that India is the fourth largest economy in the world? That we are the fastest growing major economy? That we are on the path to becoming an economic superpower?

 

Now ask yourself something else. How many times do you read that in the 2025 Global Hunger Index, India is ranked 102 out of 123 countries, with a score of 25.8, a level officially classified as serious hunger? How often are you reminded that malnutrition in India remains a deep crisis, with 35.5 percent of children under five stunted and 19.3 percent wasted, as recorded in the National Family Health Survey 5?


These are not opposition slogans. These are official numbers. And I choose not to ignore these, not to brush these figures under the carpet.

 

So if you are looking for labels, consider me that person who speaks for the hungry, the malnourished, the poor, and the struggling middle class. Amid the celebration and glamour of economic “superpowerdom”, I choose to keep reminding you of those who do not feature in the victory speeches.


Many also ask why I speak only about this government. Why not the UPA or earlier regimes?

 

I will not keep repeating that I questioned past governments just as sharply, perhaps even more. I have said that often enough. Instead, let me ask you something more fundamental.


Did we not elect this government and reject the previous one with the promise of “ache din”? Were those good days meant to be felt in our daily lives, or only heard as a narrative amplified by the government and its supporting media ecosystem? In this constant display of economic success stories, shouldn’t someone hold up a mirror?

 

On the eve of the Budget, some uncomfortable questions must be asked.


Net FDI is now negative. Nominal per capita income stands at roughly $ 2,818 a year. Yet we proudly repeat that we are the fourth largest economy in the world.


For whom, exactly?

 

Yes, India has overtaken Japan in total GDP. But when that wealth is divided among 1.4 billion people, reality looks very different. In nominal per capita terms, India is ranked around 144th globally. Even on purchasing power parity, we are still only around 125th. These rankings are not academic. They define how people live.


A poor citizen cannot afford quality. Even modest aspiration is taxed out of reach. Consumption is celebrated in speeches, but punished in practice. Wealth continues to concentrate at the top, with one percent of the population controlling nearly half the country’s wealth.

 

So what real economic benefits have reached the ordinary Indian?


Is employment more secure? Has disposable income grown in a meaningful way? Has social mobility improved? Or are we mistaking headline GDP rankings for lived economic reality?


Economic size without fair distribution is not strength. It is imbalance. An economy cannot call itself a superpower when growth does not translate into dignity, affordability, and opportunity for the majority.

 

Before celebrating big numbers, perhaps we should pause and ask a simpler, more honest question.


Who is this economy really working for?

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