The chart above is a bill of health for the state of the world economy and its finances.
Nothing looks good for several countries of the world … even the so-called “advanced economies”.
In comparative terms , the chart tells me that India is doing no better or no worse than many of the advanced economies. But it is clear to me that, except for the Unemployment figures, on all other metrics India is doing better than its peers.
But then no one in the country at this point in time when we’re still reeling from the terrible impact of the Second Wave of Wuhan Virus is going to be able to derive any comfort from this comparison… and none can blame them for it.
But then there are doomsayers, anarchists and “tool-kit” artisans amongst our political classes who take perverse pleasure in making our economic situation to be even grimmer and pessimistic than it is really. For them, no matter what the ground reality is, the Government is making a mess of the nation’s finances and the ship is sinking like the Titanic.
https://www.hindustantimes.com/india-news/ostrich-reading-economic-data-anurag-thakur-replies-to-chidambaram-on-gdp-101622633517911-amp.html
I’ve decided not to listen to these prophets of economic doom and gloom because they ought to be rightly dismissed or ignored as professional, cynical, congenital Cassandras.
As I see it, in India today there are 3 capable and steady hands wielding the control of the ship of the economy … At the helm is skipper FM Nirmala Sitharaman; at the wheel is RBI Governor Shaktikanta; and as expert navigator at his desk sits Chief Economic Advisor, Krishnamurthi Subramaniam.
The three are the Financial Triumvirate of India at the moment … And I think they can be trusted to steer us all on a safe course through rough and stormy seas over the remaining part of this fiscal year .
I feel I can trust their judgment and competence because so far in this tempestuous journey since 2020 that the economy has travelled, the ship has been rocked very badly at times but not once has it ever stalled or been driven off-course towards uncharted or uncertain waters. The ship sails even now through the storm on a reasonable even keel thanks to this triumvirate.
Let’s give the triumvirate a big hand with loud cheers please ! And a big thumbs down with the loudest boos to the Cassandras!
Sudarshan Madabushi