It is heartening to see the FM’s low key spouse Mr. Parakala Prabhakar, express some candid and genuine views on the pathetic and deteriorating state of the Indian economy.
The Indian economy’s continued slowdown has now become a matter of deep concern. More than the slowdown itself, what is worrisome is that none of the multiple relief measures announced by the FM so far have managed to bear any fruit and arrest the slide in our growth rate. It has failed to inspire any confidence and consumer and corporate demand remain subdued. What is even more troubling is that the government has no idea whatsoever and is thus unable to confidently reassure, as to when will the slowdown stop and a revival in the economy will begin. Thus while corporates selfishly cheer and applaud the tax rate cuts, they say nothing as to when will they resume fresh investments. The unfortunate part is that despite sector after sector facing a receding growth, the government continues to be in a denial mode even now, as was again evident from the thoughtless statement of Mr. Ravi Shankar Prasad that if box office collections of movies are good, then where is the economic slowdown. That also explains why the government is offering revival solutions in parts, without any coherent strategy.
While sycophant corporates and a fawning media do not speak the disturbing economic reality to the government, it is heartening to see the FM’s low key spouse Mr. Parakala Prabhakar, express some candid and genuine views on the pathetic and deteriorating state of the Indian economy. In a recent article he points out the disturbing statistics about the state of the Indian economy ie GDP growth rate at 5% at a six-year low, private consumption at 3.1% at an 18 quarter low, slowdown in rural spending at twice the rate of the urban slowdown, credit off-take by small and medium enterprises remains stagnant and so do exports and unemployment is at a 45 year high. He rightly points out that the government remains in a denial mode, even though as per data, sector after sector is staring at a seriously challenging situation. He then points out that despite this the government is yet to come to grips with what ails the economy and that it has no strategic vision to address these challenges.
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Mr. Prabhakar then analyses to state that the BJP as a party has no economic philosophy or economic architecture of its own. It is not identified with any particular economic philosophy or architecture and apart from constantly criticising the Nehruvian model, it does not state what is its own economic model. He thus points out that there was little change in India’s economic philosophy and policies when Mr. Atal Bihari Vajpayee came to power and that he continued the Rao-Singh economic architecture that was established under P. V. Narsimha Rao. The party has never debated and defined its economic policy at the highest levels and it has limited itself to intriguing the Nehruvian Model from the fringes of the political spectrum. He says that the party merely indulges in ‘neti, neti’ i.e. not this, not this but does not specify what is its own ‘Niti’. He further advises the BJP to say that since it follows the Rao-Singh economic philosophy, and has not explicitly challenged or rejected it, it must adapt, embrace and own it. If that is done then it will remove the uncertainty and infirmity in the BJP’s economic thinking and that will prevent its ideology being offered through the shouting brigade on the TV shows and through whats app forwards, with questionable antecedents. It will inspire confidence in the economy and it will give a definite direction to our economy.
And this lack of any economic ideology of the BJP is evident from the fact that despite the huge economic crisis that is unfolding, it has no defined overall strategy or vision to combat it. All that the government is doing is to take measures in bits and pieces and as a reaction to sector-wise crisis, rather than as part of an overall economic plan or strategy. The revival measures announced so far are patchy and in bits and pieces and lack any vision whatsoever, confirming what Mr. Prabhakar says that the BJP is devoid of any economic philosophy or architecture that it pursues as a political party.
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