Essence of What FM Said & Left Unsaid

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.
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