Large parts of the Indian economy—rural and urban—are in distress. Will the anger of the Indian precariat singe the ruling BJP in this election or will the party find enough takers for its poll plank of national security and nationalism?
The Indian economy is in the grip of a slowdown. Economic distress runs deep and is alarmingly widespread. Businesses have failed across sectors, from aviation to telecom. Investments are drying up, having fallen to a 14-year low in the October-December quarter of FY19, according to data from the Centre for Monitoring Indian Economy (CMIE). The shadow banking sector, which has easier lending norms and funds a lot of big and small businesses, is in turmoil, such as the collapse of the IL&FS group that financed big infrastructure businesses. Small businesses are still reeling under the compliance burden of the Goods and Services Tax (GST). This widespread economic gloom has become a reccuring leitmotif in the election campaign of the Congress, amid competing narratives of national security and nationalism that the BJP would now have the voter focus on. Of the total 900 million people eligible to vote, around 300 million are distressed voters—a segment that is economically vulnerable, has no job security and is typically the first to feel the brunt of big economic disruptions. The spectre of demonetisation leaps readily to mind. The 300 million figure is a conservative estimate by India today of the number of voters directly and indirectly employed in the distress sectors—220 million in agriculture, 45 million in textiles and 52 million in real estate and construction. Another 4 million each are employed in the telecom and leather sectors, 4.6 million in gems and jewellery, 2 million in rubber and a million in the plastics industry. Will these voters hold the Modi government accountable for the distress that has gripped the economy or will their focus waver from their precarious livelihoods to the BJP’s new poll rhetoric of national security and nationalism?
SIGNS OF AGONY
This story is from the May 20, 2019 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 20, 2019 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
On the Waterfront
Exquisite cocktails, a delicious mezze platter and a stunning view of the sun dipping into the Mandovi river makes Feri Bar, north Goa's new haunt.
Fine Dining Minus the Fuss
Papa's recasts familiar Indian dishes in modern, artful forms, liberated from geographical boundaries.
Breath of Fresh (Ai)r
With the first thin laptop designed with artificial intelligence (AI) in the forefront, Apple's new MacBook Air M3 is future ready.
Creature Comforts
Bookmark Resorts, Jogi Mahal, Ranthambore brings an elevated luxury experience to tiger country
Sleek Sophistication
The newest Range Rover builds on its well-earned cache and also promises comfort and style
With Delhi at its Hearth
Under the mentorship of Michelin star chef Vineet Bhatia, the eponymous Dhilli at the Oberoi, New Delhi celebrates its formative first year.
COLOUR ME GREEN
Even with the inclusions, fractures, and fissures that are integral to an emerald, it's allure remains undiminished. The question is what enhancements should you allow?
THE LATITUDE THAT LONGITUDES ACCORD
As the world of whiskies expands beyond the Scottish highlands, America, Ireland and Japan, Spice dots the map with new world centres of spirited joy.
WHY LUXURY TRAINS ARE THE SMARTEST WAY TO TRAVEL IN 2024
Forget high-speed rail. Steve King applauds the revival of sumptuous - and soporific - trains, from the Royal Scotsman to the relaunched Orient Express
HOLIDAY IN THE WILD
WITH KENYA OFFERING VISA-FREE TRAVEL NOW, THE AFRICAN WILDLIFE FANTASY HAS COME HOME TO ROOST.