oppn parties Low Benchmarks and Easy Satisfaction Lead to Gloating

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  • JNU students march against the steep hike in fees, keep HRD minister Ramesh Pokhriyal stuck at the venue of the convocation
  • USFDA says Cytotron, an anti-cancer kit developed by Bengaluru based Rajah Vijay Kumar, is a "breakthrough device" for treating liver, pancreatic and breast cancers
  • Car sales show a minuscule uptrend after declining continuously for 11 months
  • Industrial output contracts by 4.3% in September, the worst decline in 8 years
  • Centre defends abrogation of Article 370 in the Supreme Court, says the power under it was used by the President six times previously
  • Legendary singer Lata Mangeshkar admitted to hospital with lung infection, put on ventilator
  • Shiv Sena MP Arvind Sawant quits as Union Minister
  • National Security Advisor Ajit Doval met the leaders of both Hindus and Muslims in Delhi on Sunday to ensure peace and harmony is maintained after the Ayodhya verdict
  • Tipu Jayanti passes off peacefully in Karnataka
  • 10 dead as Cyclone Bulbul leaves destruction in its wake in West Bengal
  • Shefali Verma breaks Sachin's 30-year old record by scoring an international fifty at 15 years and 285 days
  • Former Chief Election Commissioner T N Seshan dies at 87
  • India beat Bangladesh by 30 runs to win the 3rd T20 and clinch the series 2-1. Deepak Chahar becomes the first Indian to take a hat-trick in T20s and returns the best bowling figures of 6/7
  • Centre removes SPG cover of the Gandhis. However, they will still get Z-category security
  • CJI Ranjan Gogoi will have a meeting with UP chief secretary and DGP of the state in his chamber ahead of the verdict on the Ayodhya land dispute next week
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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.