Well this is my second blog on Mr. Modi’s efforts to revive Indian Economy!
The first one was: Shri Modi and Jim Collins – Good to Great
Undoubtedly Shri Modi attracted Great Expectations globally. The nation which approx. a decade before attracted global attention by strong GDP growth and created a large middle class backed by strong job market mostly fueled by growth in IT sector.
And the nation or basically its govt. which disappointed its citizens specially in the period of 2010 to 2014 by abysmal GDP growth and plummeting job market with sinking hopes and dreams of young Indians.
The Nation got marred by Scams
The last govt. failed to arrest sinking economy and run away of investors. They simply kept believing that countrymen can be easily fooled by false promises. Scams became ubiquitous and govt. kept denying their even existence. An oil giant gold plated its expenses under joint venture with the govt.and asked for quadruple price of the output. The govt. was more than happy to honor it. Then came the Mother of all Scams known as 2G Scam and thereafter the Father of all Scams known as Coalgate. All this turn of events resulted in zero confidence in the Indian economy and jobs became scare in lieu of dearth of any fresh projects.
Now it has been one year of Mr. Modi Govt. in India. Good News is that outlook is optimistic now. However there is no denial that ground realities are still same as a year old with slight improvement only.
Why?? There is an old story that when a strong army approaches a city and loss can be foreseen, the retreating army poisons the well of drinking water and burn the garrisons having food. There is also known tale that when Rome was burning Nero was busy with music.
Retreating Army burning garrisons
Same was the case in India with previous govt. First they kept ignoring that country is burning with scams and common public wealth is gradually evaporating. Second they burnt all the good projects in pipeline so as new govt. get the economy in pretty bad shape. And that what happened.
Modi Govt. is astonishingly stuck with the scale of mess what they got from the previous. For common Indians it is difficult to understand the scale of bad situation. Mr. Modi started globe trotting from the very beginning and started “resetting” the relations with all major countries. The process of investing has been made easier and clearance of files to start any factory has been simplified.
However the desperate youngsters who want jobs are still waiting for rosy economy.The situation is that it will take time to fill the pits made by previous govt.. Yet it can be predicted that the way govt. is working now, things should improved by their third year.
It will be a huge growth probably volcanic growth impending in India very shortly. The Sensex also looks like going to touch 50k in next 3 years. These are my mere predictions however.
After a long while India finally got a full majority govt. and obviously there are Great Expectations from Mr. Modi. I hope he will succeed in making the nation truly Great!