oppn parties Low Benchmarks and Easy Satisfaction Lead to Gloating

News Snippets

  • S Jaishankar, Minister of External Affairs, says Pakistan should release and repatriate Kulbhushan Jadhav immediately
  • Karnataka Governor Vajubhai Vala asks the Speaker to hold the trust vote latest by 1.30 pm today
  • The Government sends a list of 24 questions to mobile app company that runs video app TikTok seeking answers for anti-national and obscene content carried on the platform
  • Sarvana Bhawan founder P Rajagopal, serving a life term for murder, dies in a Chennai hospital
  • SC allows time till July 31 to the Ayodhya mediation panel
  • IT department attaches "benami" plot worth Rs 400cr in Noida. The plot allegedly belongs to BSP leader [email protected]@@s brother and his wife
  • Dawood [email protected]@@s nephew, Md. Rizwan Iqbal, was arrested from Mumbai airport as he was waiting to board a flight to Dubai
  • Trouble brews in Bihar JD(U)-BJP alliance as Bihar police asks special branch officers to keep tabs on RSS activities
  • Trust vote in Karnataka assembly today. With rebel MLAs deciding to stay away after the SC order, the Congress-JD(S) government is likely to fall as it does not have the numbers
  • Amit Shah says the government will identify and deport illegal immigrants from all parts of the country
  • Reports from Pakistan confirm that Hafiz Saeed has been arrested and sent to jail
  • After the SC order, Karnataka Speaker says he will go by the Constitution in deciding on the resignations of the 16 MLAs
  • Rebel MLAs say they will not attend the trust vote on Thursday
  • Supreme Court rules that rebel MLAs cannot be forced to attend the assembly and vote in the floor test
  • Both the Centre and the Assam government have sought re-verification of up to 20% of draft NRC data
International Court of Justice agrees with India, stays Kulbhushan Jadhav's execution. It asks Pakistan to allow consular access to the accused.
oppn parties
Low Benchmarks and Easy Satisfaction Lead to Gloating

By Sunil Garodia

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator. Writes for a number of publications.
When people were gloating over Indian economy’s relatively better performance in times of global depression and how it had managed to insulate itself to a small degree from the ups and downs of the global economies, that hard taskmaster, RBI governor Raghuram Rajan, said that India was like a “one-eyed king” in a land of blinds. To anyone familiar with this saying, it was a perfectly apt description of the situation. But finance minister Arun Jaitley and commerce minister Nirmala Sitharaman took umbrage at Rajan’s remark. They said it failed to recognize the inherent strengths of Indian economy.

There are people who get satisfied with very low benchmarks. Raghuram Rajan is not one of them and obviously Jaitley and Sitharaman are. When compared to other economies, the Indian economy has without doubt done well in the last year. Most of the credit goes to the prudent policies of the NDA government and the strict monitoring of the situation by the RBI. But why compare to others? We should judge the performance not by comparing it with how others have fared but by comparing it to what we could have achieved but failed to do. Indian economy has the inherent strength to achieve a growth of 9 to 10% every year. If we manage just 7% and gloat, we are definitely being one-eyed kings in a land of blinds.

Jaitley and Sitharaman should have higher benchmarks that are independent of what is happening in other economies. We did well in the first half of 1990’s when the reforms process was in full swing. This government has failed to undertake any major structural reform. It has put in place a lot of things that can lead to such reforms but has shied away from giving the economy that one big push it needs to reinvigorate it. Of course it is true that some of its big measures, like the GST, have been blocked by an irresponsible opposition. But gloating over small achievements will make it push reforms on the backburner. India should aim for 10%, or even higher, growth. It has the capacity but its political class lacks the necessary vision despite talks of acche din.