Prime Minister Narendra Modi’s reforms in the agriculture sector through the farm laws are remarkable and unprecedented. Since Independence, almost all political outfits intended to provide the freedom for farmers to market their outputs as per their wish, but it has become reality only now. It has been proven—as Dr B.R. Ambedkar had remarked in the debate of the Constituent Assembly, “The love of the intellectual Indian for the village community is, of course, infinite, if not pathetic”—by PM Modi, with his relentless efforts for farm enactments to double farmers’ income, strengthen rural India and uplift it from the existing pathetic conditions. This is the first time that the Union government has proactively reacted in favour of farmers, despite the hurdles created by those who always paid only lip service to them without offering any practical solutions.
Though the world and national economies slowed down in FY 2013-14, along with a structural paralysis of our institutions due to the incompetent governance of UPA-2, PM Modi did not undermine the inherent strengths and capacities of the nation. Despite the lapses inherited from UPA-2, he has been trying his best to make India’s economy evolve in real terms through remedial measures such as demonetisation and GST implementation. PM Modi took these challenges for providing long-term benefits to our economy and installed a system of checks and balances by making the data available in these processes.
Here is a question for some of the so-called intellectuals: Why was the growth rate below 5% prior to Modi taking charge as PM? Manmohan Singh handed over the country to Modi with less than 5% of growth rate, policy paralysis and widespread corruption in every department. In the first term of governance, the Modi-led government prioritised the cleaning of garbage within the systems with reforms and building friendly relations with other countries. Further, as per a few, GST implementation without proper planning and resources adversely impacted the economy. But I want to ask them to check how many people demanded for the GST as a measure to avoid multiple-taxation and reduce burden on consumers before Modi occupied the chair of PM.
To people arguing against both demonetisation and GST as a cause for economic setback in 2014-19, I ask: Why did other countries in Europe, Asia and the Middle East register a low growth rate during this five-year period? Were demonetisation and GST in India causes for the crises of Brexit, Greece, Argentina and the Middle East too? It also speaks of the narrow mindset of the few who allege that demonetisation was a ploy to win the then Uttar Pradesh elections and the GST to win the 2019 Lok Sabha elections. Neither of the two moves was meant as political issues in a limited sense, but as long-term game changers for India’s economy.
The Covid-19 pandemic was also not tailor-made for India. It originated in China and was spread from several other parts of the world, and nobody will have a definite solution to it until a vaccine is available for all. Relentless precautionary measures are required to safeguard our people as a primary priority, while keeping an eye on the economic activity of the nation simultaneously, in such a situation. Such an equilibrium has been maintained by PM Modi, in consultation with experts and state governments, especially for balancing the lockdown and ‘unlock’ phases in our system, to minimise both the spread of the virus and losses to the economy. Though there had been some practical problems with the migrant labour crisis, the PM has assisted the country’s poor as much as possible, especially with the Aatmanirbhar Bharat package.
PM Modi stands clear on a Rs 100 lakh crore investment over the next five years to reach his goal of making India a $5 trillion economy. The same was expressed in the first budget for 2019-20 during NDA-2 after the massive victory in the 2019 general elections. Unfortunately, negative comments have been thrown at PM Modi and his government, alleging that his only priorities have been the abrogation of Article 35A and scrapping of Article 370, bringing in the CAA, and building the Ram temple in Ayodhya, all as Hindu majoritarian moves against the interest of minorities, instead of any value addition to our economy. These allegations are being made by a few intellectuals without noticing the facts, like when the nation’s economy almost reached $3 trillion from the earlier $1.7 trillion in 2014, right after Modi became PM. It is now steadily progressing towards $5 trillion. Moreover, India ranked 63rd in the most recent EODB index, and, according to latest reports, forex reserves in India have reached $555.12 billion, which is the highest in the history of our nation yet. The Aatmanirbhar Bharat package is also playing a crucial role in the revival of our economy. Economic and financial indicators are already displaying positive results, despite the pandemic and global slowdown. Hence, Modi is planning on both the fundamental issues for the benefit of all, irrespective of region, religion and caste, and delivering on promises made by the BJP.
It has become a habit of some Left-oriented intellectuals to spew venom and cause outrage by commenting on how PM Modi has been implementing reforms with a Hindutva agenda under the influence of the RSS, rather than promoting economic freedoms or economic prosperity. But such a perception is incorrect and intended to mislead the public with their intellectual bankruptcy. The abrogation of Article 370, the CAA and the triple talaq decision do not pertain to the imposition of Hindutva. These have been required to curb evils throughout Indian society. Apart from this, our economy has actually emerged as the sixth largest in the world and the third largest in terms of Power of Purchasing Parity (PPP) in the year 2020. India’s forex reserves are at its highest and the entire world has recognised India as an influential power, about to emerge as a $5 trillion economy and the third largest in the world by 2025.
The writer holds a degree in commerce and works as an FCA.