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The Sudden Change in Indian Economy

BY ANINDYA BANERJEE

These days India is facing a bad time in economy and henceforth all the wheels of development are running slow. It is not that India has stopped its entire growth element, but the international economic crisis and the increasing fuel price per barrel have had their impacts on the Indian economy. As the present Indian Union Government increased the price of fuel, the impacts came to the economy and extended the annoyance to the kitchens of India. Now the daily essential goods are out of reach of more than 50 crores (500 million) of people and more and more people are going below the poverty line.

After 2003 when India was seeing good days and the feel of good breeze was everywhere, the sudden change in world economy changed the whole scenario of India as well. Now even the upper middle class people have cut down their daily expenses. Several families have started preferring mass transport systems rather than private cars. Because of increased diesel prices, the public carrier fare and the carriage cost of goods has increased, and so have the steel, cement and CNG prices. Generally people are facing tough times to survive. As the fuel price goes high, the vegetables, pulses, and rice prices are also going so high that average people cannot afford them as they could earlier. People are bound to cut their expenses drastically because like the prices, their salary is not growing. But the businessmen have their good time as in this situation they have their gains like artificial price hike and illegal stock maintaining. So they are in the profit centre.

It is good to globalize and it is also good to import all the good things from other developed countries, but in the name of profit if we import the debris from there and as a result we are doing bad for ourselves. What is the use? Because of such agreements as GATT, we have a good exposure in world market and it is really good for us, but like the other developed countries or countries like China and Japan, who did their ground work before opening their markets to the world, we didn’t. So now the effects are showing and they are going against us. Now it is too late for that.

So the remedy now is to collect the taxes in such a manner so as to reduce the burden from the average people and take extra from the creamy layers so that everyone can survive. Apart from that if we divert the national income to some sort of agricultural development so that farming grows, we will have enough supply of cereals and pulses. We also have to establish some good transport system so that food supply can reach the destination easily.

What next then? Come and join the bandwagon and let’s make our own small effort. By adding it all, it will become one huge sea of effort against malpractices and carry on in the midst of scarcity and develop towards proper economic growth.

 

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Other articles by Anindya Banerjee:

‘Paddy to Payroll: Emerging Mindscape of Generation V’ has been written in partnership with Supratim Chowdhury.

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