Reforms are the answer to India's present crisis

Have you heard of Bhamashah, the epitome of financial renunciation for a cause? He was the treasurer (finance minister) of Mewar in 1578, when Maharana Pratap was living in the jungle after losing to the Mughals.

- Shashi Shekhar

Bhamashah gave all of his family wealth to the Maharana who used the funds to raise a new army and reclaim most parts of his kingdom that he had lost to the Mughals. This gripping, fairytale-like turnaround story holds an important lesson. If the State and the people join hands, they can make the impossible happen.

The lesson has become extremely relevant in the present context as our world deals with a decade of crisis. It began with the Covid-19 pandemic, followed by the Ukraine-Russia war and the Israel-Gaza conflict; now, the war in West Asia has blown to smithereens all the established norms and networks that built the edifice of global village over the last three decades.

A few examples are enough to understand the gravity of the situation. After three months of restraint, the prices of petrol, gas and diesel are rising. The Wholesale Price Index (WPI) inflation is at 8.30%. Despite what the government data says about retail inflation, grocery, dairy, and vegetable bills are rising. Many industries are complaining about increased input costs and decreasing profit margins. Daily-wagers are feeling the pinch.