‘Abandoning Economics And Fueling The Economy, The Modi Regime Destroyed India’s Economic Boom’: Former minister Thomas Isaac has alleged that the Modi regime has ruined India’s economic boom. Thomas Isaac said demonetization was like shooting the tires of a speeding car. He also blamed India’s economic collapse on Modi’s perverse policies. Thomas Isaac stated in his Facebook post that the country is suffering today as a result of abandoning economics and filling the economic gap.
Full text of Thomas Isaac’s Facebook post
It was the Modi regime that destroyed India’s economic boom. Demonetization has become like shooting the tires of a speeding car. Since then, India’s economic growth has been on the decline since 2016. Just before covid, it reached 3.7 percent. Thus, when economic growth continues to slow down, there are two things a government should do. 1) Demand should be boosted by increasing government spending. 2) Lower interest rates should encourage private investment. The Modi government has done the exact opposite of both.
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In 2012-13, government expenditure was 14.2 percent of national income. The year the Modi government came to power, it became 13.4 percent. 12.5 percent in 2017-18 and 12.2 percent in 2018-19. The exact opposite of what a government should do when a recession takes hold. This is the same action taken on the interest rate. In 2012-13, the real repo rate (that is, the repo rate minus inflation) was -2.1 percent. In 2013-14, it was -1.8 percent. In 2014-15, when Modi came to power, the real repo rate rose to 2 percent. There was a sudden increase in the real interest rate of 3.8 percent. The real repo rate was between 1.8 and 2.9 for the entire subsequent years. The Repo rate was cut when covid came.
Thus, India’s economic collapse was created by Modi’s inverted policies. Who makes such stupid decisions? Read what Sangh Parivaar Sajith Chandran wrote below my post comparing Kerala and Gujarat:
Do not reheat boiled water because:
“The Sangha has decided to ignore what Thomas Isaac or Amartya Sen says about economics. Our decision is to grow the economy according to the opinion of policy experts like Jaggi Vasudev Sri Ravi Shankar.” I have no right to associate my name with Amartya Sen. But you have experienced what happens if you take the advice of the policy experts mentioned later.
This is exactly what happened with demonetization. No economist would advise this strategy. It is believed that Arthakranti leader Anil Bokil, who was behind the “Petrol for Rs 50” and “Abolition of Income Tax” jokes, was the mentor behind demonetization. Today, the country is experiencing the result of abandoning economics and filling the economic market.
