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Should I Believe BJP’s Development Or Not?
After 2014 election there has been increased focus on country’s GDP and Indian National Congress has become the felon for every crisis. Remembering the “Gujarat Election”, Narendra Modi claimed that Congress is the main reason behind the solicitation of economic growth of nation. But according to Modi’s detractors, the routinely gathering and analyzing of data has completely broken down. But govt. is sclerotic over it. The zeitgeist of this year is rendering a vicious testimony. At this instance India is running short of economic adviser and chief statistician. After retirement of T.C.A Anant , the post of chief accountant has remained vacant. Although BJP is shouting their slogan ” Sabka Sath- Sabka Vikas”, progressive alliances are suspecting a bad period in Indian economy. No government has ever been so mischievous in collecting data. After mid December of 2016, pusillanimous RBI didn’t publish the exact recovered amount of cash after demonetization roll-out. The economic advisers usually have been announced, while the previous incumbent is in place. But no new announcement has come yet and Govt. is trying to hide it surreptitiously in full vow. The reason behind transgression may be due to lack of political will or real data. Is it necessary to have economic data? Yes, it is!! From counting the GDP to allocating budget to government expenditure, economic data are the basis of all. The most scientific process of calculating GDP is
GDP= C+I+G+(X-M) [ C= Consumer spending I= Business Spending X= Exports
G= Govt. spending ]
- But who is going collect the data? There is one study that exposed the testimony of GDP of India . It suggests India’s GDP is overstated by 37% and that growth is way lower than that registered between 1966-2006. The whole process GDP calculation based on two exotic ways. Firstly it compare the satellite picture of 188 nations over a long a time to compare the quantifiable growth in luminosity. The same study over-estimated the GDP of China by 65%. Second method, a less exotic way, involves trying to reconcile a wide variety of indicators like electric output, passenger travel, construction indicators, stock market, etc . Chinese Premier Li Keqiang admitted that these methods of calculating GDP are “Man Made”. So it is clear that we are unable to collect accurate data and any private researcher can not collect all data individually. Not only GDP, for a country of 1.2 billion people these data are important to identify the main economic problems of the country. According to Okun’s law a percentage increase in unemployment causes a fall of 2% in GDP. So, people of India can’t access the gamut of data on India’s development and the mercenary politicians are evading this to dampen the Indian economy.So are we growing or Modi and his army is trying to simply mislead us with their communal politics? Question must be asked.