The Indian economy is in a tailspin but the government is using every trick to distract the attention of the people. The Reserve Bank of India (RBI) recently warned that bad debts may rise again in the next nine months, mainly due to a weak macro situation, higher slippages and low credit growth. Former chief economic advisor to the government of India, Arvind Subramanian, recently caused a stir by saying that the government’s figures of GDP growth – 4.5 per cent – could be a “rosier picture than the underlying reality.”
Subramanian further said that the economic downturn that India is facing is not an ordinary slowdown but something that hasn’t been seen in the last 20-30 years. This is big, coming from the man who just a few years back was framing economic policies for the BJP government. The economy needs urgent attention, but Prime Minister Narendra Modi does not seem to care about it. He is using issues like the CAA to keep the people distracted. In order to hide its failure on the economic front, the present regime is trying to divide the people on religious lines. But for how long will this tactic work? A time will come when the people will start asking questions on jobs. Unemployment is growing and the youths are becoming restless. Instead of sorting the economic crisis, the government of the day is busy playing politics on communal lines. Before it is too late, the government needs to fix the Indian economy for the betterment of the nation.