Monday, 15 December 2014

The Dream has Evaporated


The present Government of India came to power on the promise of ' vikaas ', that is, rapid economic growth, which will create millions of jobs.

After the 61st Constitutional Amendment of 1988, which lowered the voting age from 21 to 18, tens of millions of young people got voting rights.

The main desire of young people is to get jobs, and here was a person and party which will give them jobs. In contrast , the Congress had nothing to offer but a dumb person whose only credentials were his dynasty,and scam after scam. So it was really a walk over. Like the children following the Pied Piper of Hamelin, the Indian youth, cutting through caste and community lines, voted for the great man who will give them all jobs. If anyone said a word against him, the social media, very well managed, would launch a barrage of abuses and invective against the hapless victim.

But now 6 months have passed, and where are the jobs ? Intehaa ho gayi intezaar ki !

As pointed out in my article ' Vikaas ' , which can be seen on my blog justicekatju.blogspot.in, manufacturing has declined 4.3 % in October, and the future is gloomy. The growth of fixed investment, the foundation of future production, was virtually zero.

The slogan ' Make in India ' has proved to be hollow. Foreigners are not investing in India. As a U.S. businessman said recently " There's a lot of sizzle, but where's the steak ? ". One Indian industrialist who did not wish to be quoted, said : " Why will foreigners come to invest in India, when even Indian businessmen are not investing here ? ". If the conditions are not conducive, no amount of sloganeering will make foreigners invest in India. The Dong Business Report of the World Bank and IFC places India as low as 142nd among the 189 countries surveyed for finding out which have a good business environment. The Report places India 184th in ease of getting a construction permit, 134th in getting electricity connections, 121st in registering property, 156th in paying taxes, 123rd in ease of foreign trade, 137th in resolving insolvency, and 186th in enforcing contracts. In large parts of the country there is acute shortage of water, electricity, good roads,etc. These figures prove that the new Government had done little or nothing on these fronts,and has instead gone for stunts.

Also, even if some industrialists invest in India, how many jobs can that create ? They will be capital intensive, not labour intensive industries, and may create only a few thousand jobs. But the requirement is of tens of crores of jobs. Presently, 1 crore youth enter the job market every year, but only about 5 lac new jobs are created. Hence unemployment is bound to further increase.

The dream has rapidly evaporated, and now what is left is Ram Mandir and ' ghar vaapasi '.

Jai Ho

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