Creating despair in society and igniting hatred against the government just for the sake of opposing it will weaken democracy.
Dr Manmohan Singh is credited with revolutionary changes in India’s economic policies. He was the finance minister in the government of P.V. Narasimha Rao. Therefore, it seems appropriate to recall some of Manmohan Singh’s thoughts on the potentially serious and provocative debates and clashes likely to occur within and outside the Parliament over the 2024-25 budget, which is to be presented by Prime Minister Narendra Modi’s government in July 2024. In June 1993, during an interview regarding serious allegations of economic mismanagement against his government and Prime Minister Rao, Dr Manmohan Singh said, “In a democracy, disputes over allegations are natural. Therefore, I am not worried about disputes. But I believe that there is a need for a code of conduct for all sides in the country so that public confidence in politics is not eroded by allegations and controversies. After all, social change in the country comes through politics and democracy. If an environment is created in the country that all those in power are crooks and the credibility of the country’s leadership is damaged, then it will harm the bright future of the country and also hinder the welfare of the people.” His view should be given more importance in the current era of politics.
Dr Manmohan Singh is no longer in Parliament, but as a former Prime Minister and the most senior elder leader of the Congress Party, it would be fitting for Rahul Gandhi, his core advisory team, and some of the highly aggressive leaders of allied parties in the coalition to act more responsibly on political and economic issues, keeping Singh’s views in mind. There is no doubt that unemployment and inflation have always been major issues for the opposition. Even in prosperous developed countries, these issues are raised in Parliament. Therefore, in the new budget, the government will provide details of plans and budget provisions to address these problems.
However, in recent years, Rahul Gandhi and other opposition leaders have made government jobs and reservations the basis of their struggle. While nowhere in the world are government jobs considered the sole solution. In India, there is no official survey record available for the millions of people working in the unorganized sector, such as independent electricians, plumbers, artisans, street vendors, small shop workers, and private tutors. Moreover, young people employed in small private institutions or businesses also sit for job exams. They are labelled unemployed, creating an uproar.
In recent years, millions of youths have received training at skill development centres and are finding good-paying jobs somewhere. Some public sector companies are successful and profitable, but the leaders demanding employment in sick and loss-making government companies are the same ones who claimed to bring about a computer revolution in India. In many communist countries, the approach has now changed, with importance given to small enterprises and self-employment. Therefore, every possible effort is needed to attract large-scale domestic and foreign investment in manufacturing, infrastructure, the modernization of agricultural work, and private defence resource factories in India.
Creating despair in society and igniting hatred against the government just for the sake of opposing it will weaken democracy.
Not only the government but also the IMF has estimated that India’s GDP growth will be 7%. The organization argues that better private consumption, especially in rural India, is responsible for this growth outlook. In 2024, India is ranked 5th in the world in GDP ranking. India’s economy claims diversity and rapid growth, boosted by key sectors such as information technology, services, agriculture, and manufacturing. The country leverages its vast domestic market, a young and technologically skilled workforce, and an expanding middle class. Prime Minister Narendra Modi also wrote on the social media platform “X” that India’s job market is growing and that prominent people worldwide are predicting that India will soon become a superpower. In his X post, PM Modi wrote, “With 125 million jobs created in the country during the fiscal years 2014-23, the number of EPFO subscribers doubling, and India on track to become the third largest economy by 2030, India’s future looks bright.”
According to PM Modi’s post on “The Great Indian Job Story,” 69% of Indians believe that the country’s economy is moving in the right direction, compared to the global average of 38%. This is due to domestic consumption, which has made India the 5th largest economy in the world and increased its influence on platforms like the BRICS and G7 summits. It shows that 125 million jobs were created in the country between the fiscal years 2014-23, averaging 20 million jobs per year. Additionally, there was a 56% increase in workers’ incomes during the fiscal year 2022-23. It also highlights that India’s AI market will reach $77 billion by 2027 and that India is on the path to becoming a $10 trillion economy.
Earlier, a report was released by the State Bank of India, which stated that 125 million employment opportunities were created in India between the fiscal years 2014 and 2023, which is 4.3 times more than the employment opportunities created between the fiscal years 2004 and 2014. The report mentioned that excluding agriculture-related jobs, 89 million jobs were created in the manufacturing and service sectors between the fiscal years 2014 and 2023. In comparison, 66 million new employment opportunities were created between the fiscal years 2004 and 2014.
The report further stated that the employment figure in micro, small, and medium enterprises (MSMEs) registered with the MSME Ministry has crossed 200 million. According to data on the MSME Ministry’s Udyam Portal as of July 4, 20.20 million people are employed in 4.68 million registered MSMEs. Of these, 23 million jobs are in informal micro-units exempt from GST. Jobs in MSMEs have increased by 66% compared to last July. The report also mentioned that due to the government’s focus on infrastructure, there has been a significant increase in employment opportunities in the construction sector.
The first budget of the Modi government’s third term will be a significant economic document. Besides other aspects, this budget will provide a roadmap to make India a developed nation by 2047. It is essential that, keeping in mind the broader interests of the public and long-term outcomes, there is positive discussion in Parliament with agreement and disagreement, and voices are raised to improve the functioning of the government. This can help maintain the credibility of the entire political system.