The Centre rolls back stringent laws, cadges money from RBI. But to fix the economy, structural flaws must be addressed.
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Rs 1,76,000 crore! It is, and was, a curious, controversial, and debatable figure. When the former comptroller and auditor general Vinod Rai estimated that this was the notional loss to the exchequer due to the 2G spectrum scam during the previous UPA regime, it jolted the nation, and proved to be one of the reasons for the downfall of the Congress and its allies since 2014. This week, when the government armtwist ed the Reserve Bank of India to transfer a similar amount from its reserves to bail it out, it rang a bell.
The RBI transfer proves that the government finances are in tatters. Last week, when Union finance minister Nirmala Sitharaman announced a slew of new measures and budgetrelated rollbacks, she silently acknowledged that the economy was teetering on the verge of a crisis. Growth has slowed down, investments have lost pace, unemployment is high and consumers have postponed purchases. Several key sectors such as automobiles, consumer goods, retail, and textiles are in the doldrums.
Banks are cagey to lend to industry or retail consumers because of their bad loans. Although they have come down, they are still high. The alternative, non banking financial companies are in disar ray. More important are the sentiments of Indian and foreign investors, who are shattered by the seemingly strongarm official tactics to extract more taxes out of them. As Outlook’s last cover story (Death by Debt, Sep 2) revealed, India Inc is gripped by fear and despair.
Esta historia es de la edición September 09, 2019 de Outlook.
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Esta historia es de la edición September 09, 2019 de Outlook.
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