A Midsummer Daydream!

Is our economy schizophrenic? Shyamal takes a hard look and provides the answer. An exclusive for Different Truths.

It is one lazy Himsagar-mango-licking summer noon, when I go on watching playful sparrows on my slightly tilted window. Someone outside playing on FM – kagaj ke do pankh le ke uda chala jaaye re jahan nahi jana tha yeh wahin chala haye re boka mon ta re. Unknowingly, I start humming the lyrics may be for its schizophreniform charms of incredulous imagery.

By the way, someone deeply knowledgeable, a few days back, used a psycho disorder, schizophrenia, referring to the current state of our economy. Potentially, such references are explosive and as usual, the media, political circle and medical fraternity sharply reacted. Hallucinated image of sticking paper wings to fly over to anywhere of course may become fatal, however, melodiously the lyrics speak out.

Amidst many odds in life, a common man seeks solace within his daydreaming where his wanting desires meander for realisation. But policy making for the economy is no matter of dream or hallucination, although political dispensation enjoys acting as a dream merchant obviously. Mistaking ever a commoner may not dream he will ride his two-wheeler pouring fuel for Rs. 40 a liter or a housewife cooking with gas for Rs. 400 per cylinder or her cooking oil purchased for Rs. 50 a liter, or a pensioner earning interest on gratuity fund invested in bank @12% a year. Harsh reality does affect each person, each household – mine, your or his/her within the tag ‘Aam Janta’ of this land. But from primitive caveman to any modern common man, a trivial dream has been alluring – Roti Kapda Makan in its variants and summing up happiness quotient.

The official statements reiterate that macro fundamentals of our economy are too strong to withstand any dent be it from international financial upheaval or from internal crisis out of demonetisation fallback, lockdown consequence or healthcare inadequacies. Our RBI assures the monetary policy mechanism takes adequate care of price stability. Our North Block babudom confirms fiscal valves duly adjusted to ensure plus 7% growth rate. The dream for a 5 trillion economy is achievable by 2024. Despite our absolute unpreparedness and lack of political alertness tackling pandemic our medico research groups, our field medico personnel have withstood all strains and threats to come out with vaccines in record time along with medical professionals managing healthcare facilities with limited infra support.

The grim reality is open to all. During the month of April 2021 alone, more than 7 million people become jobless. As per CME data, our unemployment rate as of May surges to 11.9% when the global average is 6.47%. Against RBI projected rate of inflation at 5.1% for 21-22 current CPI rate (May 21) 6.30% and WPI rate all-time high 12.94%. A surprising fact since the announcement of lockdown by the Hon’ble PM except for short withdrawal of restrictions in states plying of private and public vehicles as well as buses, trains, air travels almost stand choked. Consumption of petroleum products fell to 194 mt from 214 mt in 19-20 but price has been soaring high despite low demand. By the way, even though world prices have not surged high in view of the global pandemic effect, healthcare goes haywire except the propensity to get vaccinated is on rising having used 29cr plus doses so far. Education, specifically the classroom teaching system is in toss without definite programmes and completion of curriculum. To do or not to do is the buzzword among government and school boards wherein private school managers hold a cake of full fees without holding classes. Now, where do one search for fundamentals to hold on? An economy in modern days improvises from traditional monetary and fiscal projections into the broad pasture of social welfare – universal literacy, public healthcare, childcare, economic equality, social security schemes, and old-age care – all these and more. Our public health care budget is less than 3% of GDP Whereas for less populated Denmark it is 14% and for more populated France it is 15%. Even though there are varied Nordic, Mediterranean or Continental models of social welfare programmed.

Beyond the crucial technicalities of economic assessment, the very purpose of the growth or upliftment for a nation is hidden, happiness – the ultimate dream of the people. A householder and a homemaker, when both dream together for a nest to happiness and a state facilitates, the final parameter is satisfied.

If dreams die, life’s a barren field. Hold onto the dreams!

Visuals by Different Truths