In the past four and half years, the country has gone through a major socio-political and economic upheaval as never before. At no point in the recent history has the country as a whole, and more importantly the marginalised sections of the society, been subjected to such distress. Looking at each section of the society, whether it is farmers, small business, students, teachers / academics, women, adivasis, religious minorities, dalits, fisher folk, civil society, intellectuals or journalists, each of them have faced the brunt of this government. Democratic processes have been scuttled, institutions were undermined and witnessed heavy partisan interference, shrinking democratic spaces and gagging voices that would question the government.
But questions have been plenty! For, May 2014 guaranteed good days ahead, jobs aplenty and economy doing miracles. However the ensuing four years have a different and uncomfortable story to say. As in any responsible and functioning democracy, the track record of the government should be put under scrutiny by its citizens as a step towards holding the government accountable. There are many efforts in this direction. This book is a small effort towards looking closer into the economic and developmental track record of the last four and a half years.
For this alone, is a daunting task, considering the tectonic changes happened in the sector. Demonetisation, GST, failed attempt for the Financial Resolution and Deposit Insurance Bill, bank mergers, weakening and undermining the powers of RBI, the tension between the Govt and RBI, IL&FS scam, LIC bailing out IDBI are only a few out of the many steps this government has taken, which have collectively shaken the foundations of Indian economy and subjected its citizens to innumerable sufferings and distress. Joblessness, reverse migration, farm distress and sluggish industrial growth have only fuelled the distress and disenchantment.
The book “Rubbles of an Economic Earthquake” by no way is a complete analysis of the economic performance of Modi government. But an attempt to look into some of the key aspects of impacts on the economy.