Essence of What FM Said & Left Unsaid
FM of India held a press conference on 23 Aug 2019. The essence of what she said & left unsaid is given below in simple words:
- When the world economy is in a bad shape, India is still doing well (implying that Modi has done bad for India but not too bad!)
- Reluctantly admitted that Modi has ruined India’s economy, though intentions have been good (when ‘good intentions’ are stated it means acceptance of incompetence; remember the use of ‘good intentions’ at the time of demonetization!).
- Still Modi would like to continue blaming Congress for what is happening in 2019 (Since Indians believe this false propaganda, it makes political sense to continue feeding this falsehood!).
- Announced partial roll-back of some of the worst policies (CSR-criminal offence; super-rich tax, surcharge on FPIs) & few confidence building measures for manufacturing industry, including MSMEs, housing & financial sectors.
- Forecasted more announcements in the future.
Expected Impact of Measures
- The announcements are good and have been welcomed by the corporate.
- Reduction in GST as anticipated by the auto industry has not come because the government is staring at a serious shortfall in its own projected revenue.
- Whether these measures are able to increase domestic demand and generate employment is debatable.