Wednesday, September 27, 2017

Commentary: who rode the economy to the brink?

This article by a former finance minister is likely to prove a watershed in India’s recent history for the following reasons:

·        It breaks a long spell of lies, euphemisms and ostrich like conduct on the part of the official experts and economists by admitting a wide range of plain facts from the economy.

·        It duly places the demonetization and the GST measures against the policy backdrop and pinpoints a great economic opportunity lost by the government.

·        It places the responsibility where it truly belongs

·        It is a voice that belongs within the BJP fold and thus has greater credibility in a noisy political atmosphere

·        It is also a strong political statement – it clearly admits that the atmosphere of fear within the BJP circles is preventing the party leaders from speaking out. Clearly, this applies even more strongly to the ordinary citizens and the intellectuals, and some sections of the media as well.

Soon after the demonetization move, Modi during an address to the Indian community in Japan had clapped his hands in sadistic glee, taking much pleasure in the sufferings of those were running helter-skelter trying to recover their monies. Now his karma, as they say, sits on his work desk staring him in the face like an ogre refusing to budge.  

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