The daylight robbery of Rs.1.5 crore at an ATM kiosk on Bungalow Road in Roopnagar, North Delhi is in my opinion a portend of the days to come.Such an incident can be directly attributed to the massive unemployment facing the country and the crass commercialization and 'get rich soon ' culture prevailing in India.
It is reported that 1 crore new youth are entering the job market in India each year, but only 5 lac new jobs are created annually in the organized sector of our economy ( see my article "Unemployment in India ' and Dr. Bharat Jhunjhunwala's comment on my facebook page and my blog justicekatju.blogspot.in ). What are the remaining 95 lacs to do ? Some of them may become street vegetable vendors, hawkers etc, but even such insecure low paid work cannot absorb all such unemployed.
The inevitable result is bound be a spurt in crime nationwide.
Jobs are created on a large scale when the economy is rapidly expanding, in other words when there is rapid and large scale industrialization, but how can there be large scale rapid industrialization when the masses have little purchasing power ? After all, the goods manufactured have to be sold, but how can they be sold when the masses are poor, and barely have money to buy even essentials like food and medicines ? Therefore our economy is, and is likely to remain, stagnant for a long time.
" High unpredictable winds and misfortunes are in the sky "
( old Chinese adage )
Your Lordship, how about training everyone to become day traders at the stock exchange by giving them notional capital. Mr Rakesh Jhunjhunwala must be made the Director of this occupation.
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