The Road to Economic Recovery: Addressing India's Slumping GDP Growth

India's GDP, though massive at over 2.5 trillion, has recently faced a significant slowdown, with the GDP growth rate slipping to a lukewarm 5%. This decline is a concerning sign for the Indian economy and its citizens. Understanding the complexities of this issue requires an examination of the inherent challenges, the role of economic policies, and the moral responsibility of the public and the government.

Economic Policies and Their Impact

The prosperity of any nation and its citizens is deeply tied to the richness of natural resources and the implementation of unbiased policies. In a democratic system, every policy affects the common people, who hold the ultimate power through their voting rights. It is the duty of every individual to ensure that their vote is not manipulated, to protect and practice democracy.

Ill-conceived and poorly implemented policies often lead to undesirable outcomes. For example, the unplanned lockdowns resulted in the loss of close to 12 crore jobs and failed to anticipate the economic downtime it would cause. Additionally, weakened economic planning before implementing such measures had adverse consequences.

Other critical policies, such as the goods and services tax (GST), were introduced without thorough debate or discussion. These decisions have had a significant impact on the economy and public trust. The lack of transparency and the absence of economic experts' input in major policy decisions have raised questions about the efficiency and effectiveness of governance.

The Role of the Common People

Despite the complexities and challenges, the common people also bear some responsibility. During lockdowns, more could have been done to support the economy without waiting for government aid. Here are some potential personal actions:

Growing vegetables in kitchen gardens or on rooftops. Exploring one-line jobs or small-scale opportunities. Innovating on existing products. Reading books to enhance personal growth. Completing pending tasks and ensuring personal development. Devoting time to educate children. Following pandemic protocols rigorously.

These actions would have contributed positively to the economy and made communities more self-sufficient.

Addressing the Reservations System

The reservation policy is a delicate subject. While it aims to provide benefits to marginalized communities, its implementation often faces criticism. The policy is criticized for not having exit criteria, leading to an unfair system. It is argued that the system is perpetually expanding due to the increasing population, which means the same people are benefiting repeatedly.

The reservation policy must incorporate merit. Excluding those who have already benefited under the scheme and integrating a system for new, deserving candidates is essential for equitable growth. Merit should be a pivotal factor in promoting individuals for employment, education, and other opportunities. The system should ensure that reservations are temporary and do not become a perpetual entitlement.

Challenges in Governance

A decade ago, the central and state governance in India was more centralized, with the center as the giver, auditor, and monitoring authority. However, over time, governance has shifted to a federal model, characterized by a reluctance to follow central directives. States often misuse funds and refuse to cooperate with the central government, hindering coordinated national development.

Furthermore, the rise in crimes against women, children, and the deplorable state of drug peddling highlights the need for stricter law enforcement. Political and economic power abuse exacerbates these crimes, leaving the public and the economy unable to focus on developmental activities.

The economy is closely tied to public service and governance. The banks, Niti Aayog, and other agencies have been depleted of funds, and the RBI has become a facilitator for government spending rather than a regulatory body. The focus on corporate interests over public sector employment and essential services further exacerbates the economic and moral challenges.

Conclusion

The slumping GDP growth rate in India is a complex issue with deep-rooted causes. Balancing economic policies with the needs of the common people is essential. Grassroots actions and cooperative governance are key to recovery. By addressing the reservation policy with merit, ensuring fair governance, and reinforcing effective economic planning, India can regain its growth momentum.

It is an interdependent effort, and every individual and institution has a role to play. Let us work together to build a more resilient and prosperous economy.