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Originally Posted by Theyota I hope the regime realizes that we have a massive jobs and earnings crises and it is a ticking time bomb. There is a huge section of society that is being left behind with no jobs or earnings growth. A single mediocre illness has capability of taking many families towards bankruptcy or debt traps.
The booming job market talk that we see in the IT folks thread with people bickering about their 5 million INR salaries covers only a small fraction of a percent. A major section of our society still earns the same salaries that they were earning a decade back. The whole of unorganized industry has not kept up with inflation. Of the two part time drivers my parents use, one of them is a part time lecturer and another one is a BCom graduate. One of them is from from weaker sections of our society and is eligible for all kinds of reservations and still has no decent job.
Without being political, my personal opinion is that the current regime has never had a professional finance minister from day one and has also ran away any financial/economic professional worth his dime. I cannot think of a single growth engine at the grass roots level. There is a lot of hype and propaganda with small things here and there. |
This is I suppose a comment made in ignorance. One thing about propaganda is that it takes more energy to refute than to spread, it's called
Brandolini's law.
So let us see what this "regime" and not a democratically elected government has done for financial inclusion that is having and will have massive long term benefit in future for the poorest of Indians.
Jan Dhan Yojana: 99% of households have at least 1 bank account.
Direct Benefit Transfer: Together with Jan Dhan and Aadhar, DBT cuts the middle man from government benefit transfers and puts benefits directly into the bank accounts of those in need.
MUDRA: Micro-financing for 120 million people to encourage entrepreneurship and small businesses. 90 million of the beneficiaries were women
Ease of Doing Business: Ranking jumped from 142 to 63 in 7 years.
Digital Banking: Erstwhile governments laughed at the thought of digital economy. Now even tea sellers are accepting digital payments. Poor households now have access to financial savings, monetary security, and business opportunity – something that has alluded them for decades since India’s inception. The compounding effect of wealth creation has been buttressed by a direct deliverance of welfare, which has been hampered in the past by corruption.
Inflation was successfully tamed in the last 2019 till Wuhan Virus made a dent. Both CPI and WPI never went above 5%, which is within the range prescribed by MPC. This is a far cry compared to @004-14 era when inflation was in near double digits for 6 consecutive years.The Average inflation in India during 2014-2018 was 4.7%,whereas it was around 10.1% in 2009-2014. Inflation now is 5.80%.
Foreign reserve: Comfy at around 700 Billion Dollars (3rd in world).
LED distribution: again significant contribution from energy savings to cost cut.
IBC: The Insolvency and Bankruptcy Code has begun to transform the Indian NPA resolution process and its credit culture. Creation of Bad Banks.
RERA again benefiting the consumers.
Increased Formalisation and Taxation base of the economy.Due to GST and Demo, Tax-to-GDP ratio has improved remarkably.
Mission Indradhanush: Immunisation of around 2.55 crore children from 12 deadly diseases. It has been lauded by even International organisations. Mission Indradhanush upped vaccine coverage growth rate from 1% a year to 6.7%, a rare success.
Under the Jan Aushadhi scheme, 8000+ Jan Aushadhi Kendras are selling medicines at affordable and cheap prices and around 1700 medical items have been added to existing list of medicines available. The Jan Aushadi Scheme saw only 80 stores till March 31, 2014, and only 100 medical items were added between 2008-14.Plus, prices of stents have been capped to prevent extortion from patients.
E-NAM: Reforming agricultural markets, which introduces transparency and competition to agricultural market, removing the middlemen from the process.
BharatNet programme: the government had ensured broadband connectivity to 1.56 lakh GPs, with the central government contributing over Rs 61,000 crore towards the scheme in phase one. Although as part of the UPA’s plan 300,000 km of optical fibre network was to be laid until 2014, only a dismal 350 km could be laid.
Now there are roads and infra, housing, electricity, solar, and how we tackled Wuhan virus which is still decimating the global economic powerhouses. I could go on and on but please read the ground to understand the reality.
We had an economist as leader, a person who has been at the helm for 40 years and shaped modern Indian economy but yet 7 years back it was in ruin. The first FM was a science student and an ICS officer. Don't think TTK ji or Desai ji or Chavan ji were economists either. Hon'ble ex FM Shri R. venkataraman was also not an economist. Except eminet DR. Gadgil(67-71)and Dr. Lakdawala (77-80) none of the Deputy chairman of planning commission were economist, commission's chairman is always the PM. We all know what we achieved back then. My father waited 5 years for his Priya Scooter and then ultimately paid a premium to get it.