Friday, June 5, 2015

In the present context,the growling of GDP growth is little misnomer



 The present government is feeling elated and complacent to project the figure of GDP growth of 7.5% during the first quarter of the current calendar year. They are barking up, and trying to climb the wrong tree, maybe to mesmerize the proletariat of India. The economists and the very learned populace of India, which obviously constitute a tiny fraction, may agree to this connotation of GDP growth, but very seriously how many of us are clear of this acronym in details. The common people, who are mostly living on a meal to meal, will be more interested to know whether their economic condition will be improved upon or whether they will be better off socially or whether any of their family members can get a job or not in the near future. Despite various promises by Modi and his team, they are not able to assuage the aspirations of job seekers and the job market is still pervaded with a gloomy atmosphere. Under these circumstances, how far it is justified to jingle the GDP growth vociferously, it is not understood. Creation of job opportunities needs a strategic method with a little bit of lateral thinking to make a change in policy decisions. Everyone knows that the world market is agog with a recessionary trend, but in the midst of this economic turmoil, Modi has to trumpet his rhetorical power and convert the same into a concrete plan to increase the employment growth substantially. In the past one year, the fact of employment unfortunately does not seem to be a priority for the policy makers of India. There is a wide gap being perceived between the talks and the actions. This lack of focus to this vital issue is creating a topsy-turvy, at least for the younger generations, who is supposed to be the backbone and the supporters of Modi for a long time.

The NDA government is screaming from the rooftop of this GDP growth, ultimately, making confusion whether the condition of shamble economies is still cluttered or not.  The mammoth population of India is not so agile to keep a pace to this barking of NDA government. Though the investment scenario is somewhat better, the effervescence of new projects is laudable and at the same time, abandoning of the old projects are in a declining trade, but all these are yet to be translated in the growth of employment as people are looking for.

The real estate and infrastructure projects, which will cause a growth in employment, are not at all hunky-dory. This sector is trampled with a sluggish growth.  Exports get diminished.  The growth of core sectors is hobbling showing a timid growth. One can only say that economies are recovering, but that does not warrant for that much whining and complacency. 

Modi, who is a trailblazer runs countries to countries, convincing them to speed up the process of business augmentation in India and he is personally monitoring various conceptual strategies like Make in India, but unless he is successful to induce his home stalwarts, business magnets and industrialists support his reforms, the employment growth will not rise phenomenally even after a passage of his whole tenure of five years.  So, he needs to make a shift in his present paradigm and put more focus on the domestic front so as to increase employment growth  along with the GDP.

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