The liquidity crisis of unprecedented dimensions that the Modi government has unleashed shocks the economy, drives people to despair and ruin and threatens consequences that have not been fully fathomed yet.
PRIME MINISTER NARENDRA MODI surprised the nation on November 8 with his “master stroke” of demonetising the two central pillars of the Indian currency system—the Rs.500 and Rs.1,000 notes —in his war on the black economy. But within a couple of days even he must have been surprised by the utter lack of preparedness that pushed the country into a crisis of a kind the world has rarely seen.
As those at the helm dithered, revised, reviewed and modified the scheme, almost on a daily basis—changing the terms on which millions of Indians could exchange the dud currency they were saddled with or to simply draw cash to meet their everyday needs—it became evident that there simply was no plan. By the tenth day it became clear that those responsible for the massive self-inflicted upheaval—the Prime Minister, the Finance Ministry and the Reserve Bank of India (RBI)—were witless and clueless about how the exercise was unravelling. Above all, the government was shown to be callous, having utter disregard for either the nature of the Indian economy or how the people earn their livelihoods. The simple truth that cash is not the last refuge of the Indian scoundrel but the lubricant that drives the vast swathes of the Indian economy has been lost on the policy pundits, the bhakts seeking a techno-utopian fix to weighty and long-standing problems and the elite who see India in their own image.
Bu hikaye FRONTLINE dergisinin December 9, 2016 sayısından alınmıştır.
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Bu hikaye FRONTLINE dergisinin December 9, 2016 sayısından alınmıştır.
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How Not To Handle An Epidemic
The lockdowns were meant to buy time to put in place appropriate health measures and contain the coronavirus’ spread, but they have failed to achieve the objective and heaped immense misery on the marginalised sections of society. India is still in the exponential phase of the COVID-19 infection and community transmission is a reality that the government refuses to accept.
Tragedy on foot
As the COVID-19-induced lockdown cuts the ground beneath their feet in Tamil Nadu, thousands of migrant workers are trudging along the highway to the relative safety of their upcountry homes.
Sarpanchs as game changers
Odisha manages to keep COVID-19 well under control because of the strong participation of panchayati raj institutions and the community at the grass-roots level under the leadership of Chief Minister Naveen Patnaik.
Scapegoating China
As the COVID-19 death rate spikes and the economy tanks in the United States, Donald Trump and his advisers target China and the World Health Organisation with an eye to winning the forthcoming presidential election.
New worries
Kerala’s measured approach to the pandemic and lockdown has yielded results. But it still has to grapple with their huge economic impact on its economy, which it feels the Centre’s special financial relief package does little to alleviate.
No love lost for labour
Taking advantage of the lockdown and the inability of workers to organise protests, many State governments introduce sweeping changes to labour laws to the detriment of workers on the pretext of reviving production and boosting the economy.
Capital's Malthusian moment
In a world that needs substantial reorienting of production and distribution, Indian capital is resorting to a militant form of moribund neoliberalism to overcome its current crisis. In this pursuit of profit, it is ready and willing to throw into mortal peril millions whom it adjudicates as not worth their means—an admixture of social Darwinism born of capital’s avarice and brutalism spawned by Hindutva. .
Understanding migration
When governments and their plans are found to be blatantly wanting in addressing reverse migration, exercises such as the Ekta Parishad’s survey of migrant workers throughout India can be useful to work out creative long-lasting solutions.
Waiting for Jabalpur moment
The Supreme Court’s role in ensuring executive accountability during the ongoing lockdown leaves much to be desired. Standing in shining contrast is the record of some High Courts.
An empty package
The Modi regime, which has been unable to control the COVID-19 infection, restore economic activity and provide relief to millions exposed to starvation, trains its sights on Indian democracy, making use of the panic generated by fear and a lockdown that forecloses paths of resistance.
