21 . Many countries including Bangladesh have overtaken India in per-capita-GDP terms .
The country has been seeing a steady rise in prices of essentials and with fuel prices hitting a century in many cities it is a question worth asking of the central government what it has done to bring relief to aam aadmi ? The party that fought on the slogan mehengai ki maar is clearly in pyaar with the rising prices . In the first three years , the government greatly benefited from very low crude oil prices , the Prime Minister even called himself a naseebwala , sadly the badnaseebi is that we have elected a government not being able to control the prices . Despite a sharp fall in oil prices , instead of passing the benefits to the people the government has levied additional taxes on fuel at the cost of people ' s misery . India has been struggling with bad loans and NPAs in the banking system , a partial legacy of the UPA cannot be denied , however it has seen a phenomenal rise under BJP watch , a party that claimed it had a solution to the problem has in fact aggravated the problem RBI estimates suggest that India ' s NPAs bad loan ratio could surge to 13.5 per cent . which will add further burden to the GDP growth .
Joblessness in the country has been steadily rising under the watch of a party that promised 15 crore jobs . A year after demonetisation , as per government ' s own data - India ' s unemployment rate hit a 45-year high . India has started witnessing
In the first three years , the government greatly benefited from very low crude oil prices , the Prime Minister even called himself a naseebwala , sadly the badnaseebi is that we have elected a government not being able to control the prices . Despite a sharp fall in oil prices , instead of passing the benefits to the people the government has levied additional taxes on fuel at the cost of people ' s misery .
unemployment rates close to 6-7 per cent in the years leading up to Covid-19 . It is estimated that 12.2 crore people have lost their jobs during Covid-19 . India ' s middle class has shrunk by 3.2 crore and over 7.5 crore have been pushed into poverty .
When the first wave of the pandemic hit the country , the Prime Minister unilaterally enforced a strict lockdown . India barely gotfour hours to follow the orders- it led to unprecedented migrant crisis that India ever witnessedin its independent history , the union cabinet ministers continued to firefight with fudged data and made-uptruths to escape accountability . People went hungry , they died , they lost their incomes and their homes but the government continued to sing All is Well , India still does not have the data to the number of deaths caused due to the lockdown . The Prime Minister announced an
Aatmanirbhar package that would be 10 per cent of GDP , but when Finance Minister speltit out it turned out to be barely one per cent of the GDP as confirmed by economic experts .
As the cases of Covid in the first wave began to slide we had BJP leaders calling it an endgame of Covid-19 and the party in its National Executive Committee applauded the Prime Minister for ending Covid in the nation . The finance minister and the RBIstarted to speak of V-shapedand K-shaped recoveries . The truth ? We were hurtling not just into a second Covid wave which would be much worse but also bring along with it some more disastrous economic conditions , history will remember both . The year 2020-21 has been the worst year for India ' s economy & growth story in four decades . Aatmanirbhar Bharat was to revive the economy and provide support to businesses however despite its lofty promises the targets were missed . Many industries which were badly hit such as hospitality , food and beverage , entertainment were kept out of the ambit . Despite the government ' s absolute contempt for experts , they have suggested that the economy needs a strong dose of stimulus for it to pick up , increased government expenditure besides that of the Central Vista , direct transfers of cash - 200 million womenwith JanDhan accounts were given a sum of Rs . 500 per month for a quarter in 2020 and after that the families have been left to fend for themselves . �
www . legacyindia . in June 2021 | Legacy India 15