IT'S TIME FOR ECONOMIC DEMOCRACY

We see wider divisions between socioeconomic classes and within the federal polity. We must focus on the well-being of all, rather than enriching a select few

- K M CHANDRASEKHAR

When I was working as cabinet secretary, then Prime Minister Manmohan Singh would insist on me meeting him one-on-one at least once a week. He would express annoyance in his gentle way if I missed a week. Each time I met him, he would begin with the question, "What is the state of the nation?" I would brief him on internal security, left-wing extremism, administration, events of note and, primarily, the state of the economy. His mind was focused principally on the economy and administration.

If I am asked this question now, what would be my answer? I would say the level of hatred and divisiveness in society has gone down a tad but still simmers, and we are sitting indisputably on top of a volcano. I would say that the income pyramid is still skewed, with billionaires getting richer and the middle classes, lower-income groups and destitute still deprived of hope.

Economic policy is designed for the very rich. I would inform him that the states are of the opinion that the Centre is expropriating a humongous portion of the national resources and that Finance Commission recommendations are cleverly bypassed.

Yet, the country has undergone a sea change during the year. In the first part of the year, the expectation was that Modi and his government would ride back to power on the back of a similar majority as in 2014 and 2019, perhaps even more substantial.