The death of Cafe Coffee Day (CCD) founder, VG Siddhartha and the recent outburst against the government by industrialist Rahul Bajaj is a clear indication that the Indian economy is going from bad to worse.
Once a flourishing company generating thousands of jobs, the CCD has been struggling to operate smoothly in the last few years. It is alleged that founder VG Siddhartha committed suicide due to the uncertainty surrounding the company. In a letter he had sent a day before his disappearance, Siddhartha had said that he was sorry to let people who put their faith in him, down. He also said that he faced a lot of harassment from DG of the Tax department as well as partners of a private equity firm. This is clear case of tax terrorism unleashed by the present regime on the business community.
Further, during the 12th annual general meeting (AGM) of the Bajaj Auto on Friday, it took on the government for its inability to kick-start growth. It also criticised the government for sending out confusing signals regarding the e-Vehicle policy. Eighty-one-year-old billionaire Rahul Bajaj was especially very critical and blamed the government’s inaction for falling demand and poor private investments in the country.
The auto industry is going through a rough period. Several companies have reported drop in the demands. Lack of demand is hurting the growth of these industries and this will directly affect the economy. The economic slowdown will damage job prospects and will lead to a serious job crisis in the country.
The sad reality is that the Union government refuses to accept that there is a problem. The government is busy trumpeting about its so-called achievements. With weak opposition and entire media on their side, the Narendra Modi-led BJP government is enjoying without being held accountable.