Will the ‘Golden Bird’ of yore return?

We could well be on our way to becoming the ‘golden bird’ of yore, looking at our capabilities and achievements in different fields, be it economic, industrial, sports, or contribution to global wealth and well-being. But, we are still lagging in terms of per capita incomes and ridden with social and economic disparities. Unbridled population growth and black money are the culprits, says the author.

India has emerged as the 5th biggest economy in the world, pushing down Britain to the 6th position. This happened in just 75 years of independence. We were left free after Britain looted $45 trillion of our wealth. They transformed us from a ‘golden bird’ to a poor and starving country. Our country was divided on both the eastern and western sides on the eve of independence. We became free, but were in a very bad shape. Even our life expectancy was reduced to 32 years. We couldn’t even grow enough grains to feed our people and we had to depend on rotten grain imports from the US under the PL 480 scheme. As per the State Bank of India prediction, we may reach the spot of 3rd biggest economy by 2029. Bloomberg news has certified our new position by saying that on an adjusted basis, the size of the Indian economy in the quarter ending March 2022 was $854.7 billion as against the UK economy of $816 billion.

Grown and growing

Our happiness today in the 75th year of our independence is not limited to the new position but also to the fast pace of growth. For the first quarter of FY 2022-23, our GDP was 13.5%, which is unmatched in the world. The comparative figure of GDP for the same period for China is 0.4%, while for the US it is negative. Economists have calculated the GDP figures of the major economies of the world for Q1 of FY 2022-23, and found that India’s GDP is 2.8 times the average GDP of the major economies, which is only 4.8%. So, India today emerges as the fastest growing major economy of the world by a wide margin. The third richest person in the world is an Indian and is also the first for an Asian. It has been reported that more Indians are buying properties in the UK than the British themselves. Our foreign direct investment is one of the highest. Our ease of doing business has eased to a very large extent. India has become the home of more than 100 unicorns and the numbers are rapidly being added every month. The valuation of unicorns created in the last eight years is Rs 12 lakh crore. The number of startups stand today at more than 70,000, which have grown from a few hundreds in a short time.

"Our happiness today in the 75th year of independence is not just limited to the new position but also to the fast pace of growth. For the first quarter of FY 2022-23, our GDP was 13.5% which is unmatched in the world. The comparative figure of GDP for the same period for China is 0.4%, while for the US it is negative."

Sustainable growth

Our performance in the economic field is not accidental. It is sustainable. We are warriors of a long duration. The Prime Minister announced from the Red Fort that India will become a superpower by the year 2047, when the country celebrates 100 years of independence. Economists the world over see this fact. The world today, especially the developed world, is witnessing a very bad phase of high inflation of 40 years. Europe is also in the same situation and it has an added problem of energy. It has been perceived that Europe is going to have a very cold winter after the problem of inadequate supply of gas from Russia. India is in a much better situation. Our inflation is 7%, which is more than the prescribed upper-limit of 6% set by the RBI, but it is moving down. Our inflation has been dependent on the global price of oil but now we have started buying oil from Russia to a large extent. We get oil from Russia at an almost 25% discount and we can pay in rupees as per the rupee–rouble accord. We are self-sufficient in food and we even export grain to needy countries.

We are following the principle of Aatma Nirbhar Bharat, and at the same time we are accelerating our export. We are making efforts to make ourselves an important player in the global supply chain.

Other feathers

Our success is not limited to the economic field alone. The way the populous country of 135 crore people fought the Covid pandemic has also been praised all over the world. We did not even have the basic requirements to fight the pandemic, but in a very short time we could manufacture and even export them. The complicated manufacture of the much needed vaccine was considered impossible, but we even did that and till now we have given more than 200 crore shots to our people. When the developed world found fighting corona difficult, we succeeded brilliantly. We gave vaccines to the poor and friendly countries as a token of goodwill and friendship.

We are progressing very fast in the field of solar energy to make India fossil free within the stipulated limited time, as promised to ourselves and to the world. Our space programme is picking up fast too. Our performance in the field of sports is also very encouraging. The world keeps on appreciating our talented hardworking professionals and that is the reason why today they are heading as many as 500 companies. The country that was decried at the time of independence as a country of snake charmers, has charmed its critics today.

"The way the populous country of 135 crore people fought the Covid pandemic has been praised all over the world. We did not even have the basic requirements to fight the pandemic, but in a very short time we could manufacture and even export them. The complicated manufacture of the much needed vaccine was considered impossible, but we even did that."

Roadblocks too

In the backdrop of the economic data of high level economic performance, there is a genuine question being asked. Though we are the 5th biggest economy today and may in a short time of 5-8 years reach the spot of the 3rd biggest economy, why is there poverty and why is our per capita income still very low? The answer is simple and that is our high population. The country can add wealth but as long as our population is massive and rapidly increasing every year, poverty of the masses will remain. We want the government to make us rich but we fail in our duty to control the population. Still if there is an increase in the divisible kitty of money, per capita income will increase, but not to our full satisfaction while the population continues to grow. As per statistics, the per capita income eight years back was $1450, while it is now $2250, a rise of 55 per cent.

Despite the rising status of the economy of our country, some of our own people are to blame for our poverty and inequality. Corruption, tax evasion, illegal financial activities obstruct the smooth passage of wealth earned by the country reaching the general public. Enforcement agencies like Income tax, ED and CBI, keep on getting enlarged with more people joining the game.

So much stash

To understand the extent of this problem, let us consider some results of the recent raids by the enforcement agencies. A cash deposit of Rs 57 crores, foreign currencies and a huge quantity of gold was found with a female aide of a Bengal minister, allegedly earned in the teachers’ recruitment scam. In the case of a perfume trader, a massive sum of Rs 187 crores and a huge quantity of gold was seized in Kannauj (UP). Cash deposit of Rs 56 crores was recovered from a businessman in Jalna , Maharashtra. Unexplained cash, allegedly illegal income, of a senior IAS officer, amounting to Rs 19 crore was seized from an aide in Jharkhand. Cash amounting to many crores was again recovered from the aides of a state political executive. Illegal financial activities like drug trafficking, cattle smuggling, illegal excavations of minerals etc., have also been detected. In West Bengal, a small fish trader was found keeping unexplained cash of Rs 1.40 crores. These examples show that money is being illegally earned and cornered by some people. Even where the activity was not illegal, like in the case of the fish trader, tax remained unpaid. And to avoid getting caught, it was kept hidden. Money earned in the country should be kept in the banking channels after tax payment, so that it can be used for the country and ultimately reach the general public. Who are the culprits? We ourselves, or some among us.

Black money is the biggest enemy of the country’s economy. It is very difficult to count it. I am reminded of the saying by Einstein, “Not everything that can be amounted counts.” Many fail to understand that while making money, the constitutional duties as a citizen cannot be kept aside. Money is just a tool for livelihood and for the welfare of the society. Henry Ford once said, “A business that makes nothing but money is a poor kind of business.” A simple life style gives you freedom. An expensive life style enslaves you. We should try to have a simple lifestyle, even if we earn big money, as it keeps us free from stress and makes us happy. This also helps in stopping us from becoming culprits in the progress of the country.