Let me be undiplomatic and, thus, candid: what a downhill toboggan ride it has been for the country since May 26, 2014! The real GDP growth over the past four years, if you discount the statistical jugglery brought about by the change of base year from 2004-05 to 2010-11, has averaged a derisory 5 per cent. The past three years have been the worst in terms of investments by Indian corporates into the economy. There has been a flight of capital with thousands of high net worth individuals opting to become non-residents. Agrarian distress is at an all-time high, with peasant movements and agitations sweeping across most states. A Tughlaqi demonetisation, coupled with an irrational GST, has wiped out the informal sector of the country’s economy.
No worthwhile job creation has happened. A government that promised eight crore new jobs in four years did not even create eight lakh new employment opportunities. The International Labour Organisation claims that only 823,000 jobs had been created in India till October 2017; most of it classified as vulnerable employment. An amount of Rs 15 lakh that was promised to be deposited in each person’s bank account in the first 100 days of the Modi government has become the sina qua non of the surreal commitments made during the election campaign. When confronted, the BJP president tried to brush it off as just another jumla. Pakora economics has become the order of the day.