India’s GDP growth has fallen sharply – It is not an act of god..

It is alarming that India’s GDP growth has steeply fallen during the 1^st quarter of the current financial year (from April to June, 2020). The GDP growth has declined by 23.9%.  Ms. Nirmala Sitharaman, Finance Minister, has already declared that the country’s economy is suffering due to the act of god. She has referred the COVID-19 as an act of god.

But the Finance Minister and the Modi government should accept that Indian economy was seriously affected even before COVID-19 came. The mindless demonetisation done by the government, as well as the introduction of the GST, have seriously affected the micro, small and medium industries (MSM sector). To come out of this situation, the Modi government gave Rs.1.4 lakh crore to the Indian corporates, by cutting down the wealth tax. However, this did not work at all. Even before India was attacked by the COVID-19, the economy of the country was badly affected by the mismanagement of the Modi government, as a result of which domestic demand shrunk and millions of jobs were lost. The government should not hide behind the COVID-19, but should take appropriate steps to increase the purchasing power of the working people. The Central Trade Unions have demanded a cash  payment of Rs.7,500/- every month, for 6 months, to all the families which are not paying income tax. Only such meaningful steps will bring the Indian economy back on the track, by increasing the purchasing power of the working masses.