The Truth of Crashing Indian Economy !

The rise of right-wing authoritarianism, by attempting to divide people on religious or racial lines, across the globe comes hand in hand with misery for the masses, the working class, in particular, and massive unemployment. This is true for India, as well.

The BJP – RSS fascism in India has to be seen in a wider socio-political-economic scenario of global capitalism. The economic crisis in the market forces of the West ‘trickles down’ to rest of the world with its baggage of recession, unemployment, inflation etc. As economic crisis deepens, the Government is neither able to deliver jobs and decent livelihood to the people nor guarantee life and security, and thus is increasingly resorting to the politics of hate, making people fight amongst themselves, rather than fighting against the Government. In the Modi-Shah regime, the issues of survival and dignity, ensured through dignified employment, education, health, have taken a backseat; while with the help of the Godi Media, communal hatred has taken the front seat. This is the core of any fascist ideology.

Here, we discuss the economic condition of the country while the Godi Media spreads disharmony and hatred among people.

• The GDP of India grew at an abysmal 4.5% in Quarter 2 of FY 2019-20, with the automobile sector becoming a major crisis point in business. It constitutes about 7% of the GDP and 37 million workers directly and indirectly.
• Today, the Government can no longer continue its denial of the economic recession. The recent responses of the Finance Ministry have been to give tax cuts worth Rs. 1,450 billion to the corporate sector. Almost the entire amount of Rs. 1700 billion that the Government had appropriated from the RBI has been gifted to the corporates.
• The Taxation Laws (Amendment) Act 2019 was passed in the parliament in the shadow of CAA. The Act reduced the corporate tax rate of domestic companies with turnover up to Rs. 450 crore from 25% to 22% and from 30% to 22% for others.
• Non-Performing Assets have also been on a steady rise at 12.7% in September 2019, and RBI predicting them to reach 13.2% by September 2020. The lack of loan retrieval due to the demand crunch and massive loan frauds in the recent years has aggravated the financial turmoil.
• The unemployment rate in India has averaged at 5.16% from 1983 until 2019, reaching an all-time high of 8.50% in October 2019. The November Inflation Rate of the country was at a 3-Year high. Former Chief Statistician of India, Pranab Sen, argues that the FM’s recent packages have focused solely on the supply side, ignoring the real problem. “The FM’s measures don’t address the problem of demand contraction. I don’t see a recovery out of those,” he says, adding that the economy will recover in two or three quarters only if the Government quickly shifts its attention from mega highway projects to smaller core sector activities that have a quicker turnaround.

While this Government destroys our democratic institution and our Constitution, it is also continuously filling the coffers of the crony capitalists which immensely helped the RSS-BJP to power. The 19 crore people who go hungry every night in our country do not have space in the debate rooms of the communalized corporate media.  So there remains a dire need to bring about peoples’ solidarities against this fascist regime. The BJP-RSS duo seeks to divide the working class of the country over religious identities; but their sectarian ideas must be defeated by a constant and vigilant engagement with the masses in the grassroot level. It must be realized that people can never be enemies of each other, it is always the rich and powerful that stand in antagonism against us, plundering our pockets, scrapping our education and healthcare, living on our taxes.

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