Economy
Economy needs a strong stimulus PRIYANKA CHATURVEDI
That India was a perfect growth story before 2014 would be incorrect to claim , but is it any better seven years down the line under a single-party majority ?
It is the economy , Stupid ! An oft repeated reminder , the world over , to nations , its leaders and to its people that all other arguments are irrelevant if you do not have an economy that ensures- jobs , per capita income , welfare schemes and a thriving growth market . In India , it is a story of a nation that was deliberately waylaid from its goals at the altar of one party ' s inability to get it right for the nation . We have a nation that has been distracted by an agenda that only creates more schisms in anation as diverse as ours . That India was a perfect growth story before 2014 would be incorrect to claim , but is it any better seven years down the line under a single party majority that can ride roughshod over opposition ? The answer is no , an emphatic no .
The National Statistical Office released the latest GDP figures , and it paints a grim picture of our economy , it exposes the government ineptitude to not just handle the economy but also the pandemic . An annual GDP that touched a high of 8.3 per cent in 2016-17 has recorded a negative growth of 7.3 per cent , this is the first time India has recorded negative annual growth since 1979-80 . An annual nominal GDP
14 Legacy India | June 2021 that stood as high as 13.8 per cent in 2012-13 now stands at -3 per cent . So , should the Covid-19 pandemic alone be blamed for this ? The datawill show you that it is otherwise . It started to fall from an unthought out demonetization in 2016 , which Dr Manmohan Singh had rightfully called " organized loot & legalized plunder " and followed it up with the implementation of flawed GST in 2017 , that GST has been an idea gone awry in implementation is clear from all the non-BJP states calling out its unfairness in the recent Council meet . The disagreements in the GST Council should be an indicator of how this will unfold .
The government of India continues to defend the fall in Indian economy as being much lesser than other countries , but that ' s incorrect , India has been amongst the worst hit . Acceptance to the truth is the only way to course correct . However , a party unwilling to learn will find that a difficult ask . Leaving some data , which government can refute at leisure , GDP growth rate of USA in 2020 -3.5 per cent , Germany -4.9 per cent , France -8.2 per cent , China 2.3 per cent , Japan -4.8 per cent and India at -7.3 per cent . India ' s GDP per capita income has come down from 10.6 per cent in 2016-17 to -5.4 per cent in 2020-
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