India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
When growth numbers flatter power, hide job scarcity, and mute rising costs, bad data stops disciplining policy and democracy pays a hefty price, writes the famed economist professor.
India has replaced genuine welfare—education, health, justice, and environmental care—with short-term handouts that buy loyalty but stunt progress.
India’s growth dream rests more on political spin and statistical sleight-of-hand than on real economic fundamentals.
Beginning in the mid-1980s, the prevailing belief among Indian and international observers was that the authoritarian Chinese regime would mismanage its economy, while democratic India would emerge as the bigger and more developed of the two. Instead, India is now paying the price for underinvesting in its human capital.
The Harshad Mehta scam served as a stark warning against the perils of unregulated capitalism, but its message was overshadowed by the narrative of economic liberalisation. Post-liberalisation, India witnessed large-scale pilfering from state-owned banks, further eroding public trust in financial institutions.
Indian authorities are downplaying inconvenient macroeconomic facts so that they can celebrate high GDP figures ahead of hosting the G20 summit. But in covering up the growing struggles faced by the vast majority of Indians, they are playing a cynical and dangerous game.
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