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‘Bharat to be a developed nation by 2047’

25-year roadmap to get there may be unveiled even as BJP-led Narendra Modi juggernaut gets ready to rollout seeking a third term K.A.Badarinath Twenty five years roadmap for turning Bharat into a modern, independent and developed economy with a large say in global affairs is the common theme that runs through both Presidential address at the start of Parliament’s budget session and economic survey for 2022-23. Both President Draupadi Murmu and Finance Minister Nirmala Sitharaman did the honours in the colonial era Parliament building as they reflected Prime Minister Narendra Modi’s resolve to roll out firm plans for Bharat in ‘Amrit Kaal’ spread over to 2047. Evolving a fully self-reliant country sans poverty, prosperous middle class with youth and women at forefront have been envisaged by the Modi government that will allow fulfilling all humanitarian obligations globally. Focus on ‘unity in diversity’ in Presidential address also marks yet another assertion from the government that Bharat will continue to cherish, embellish and groom all minorities by faith, worship and sections of a larger Hindu society. This may perhaps be intended at demolishing a false narrative being constructed by few global outlets that minorities in Bharat are being hounded out or subjected to genocide. The roadmap to achieve the ‘golden future’ may draw inspiration from Bharat’s glorious past, freedom struggle and 1.4 billion people’s resolve. This is the line pursued by Modi government as it readies to draw curtains on ‘amrit mahotsav’ that marks 75-years of Bharat’s independence after having pushed back colonial occupiers. Presidential address and economic survey fine print that outlines the blue print for a ‘developed country’ is nothing short of a grand stand vision for Bharat joining the big boys globally as a developed nation. Both the documents proudly declare Bharat as fifth largest economy that would expand to $ 3.5 trillion in two months. The federal budget to be presented on Wednesday by Nirmala Sitharaman may provide more clues or offer different specs to attaining the exulted status of a developed economy. Economic survey has already talked about achieving 10 – 12 nominal GDP growth in medium term as a commitment and objective to taking India big on world map as second or third largest economic powerhouse. Both Presidential address and the survey simultaneously articulated the nine years report card of Narendra Modi government’s performance across sectors. Given that BJP-led ruling alliance will have to face the electorate in May – June 2024 seeking a third term, this report card serves as a ready reckoner of what has been done during last nine odd years. Similarity does not end here. Presidential address lists out the government’s achievements in socio-economic sectors thereby improving people’s lives. Concomitantly, the survey provides a lengthy list of economic reforms and fundamental change in structural governance brought in by the Modi government. Bringing transparency and openness into public life may be yet another theme point apart from weeding out corruption at different levels. Corruption is the big plank on which BJP-led Hindu centric formation assumed power with complete majority for first time in 2014. On the reforms front, both President Murmu and Finance Minister Sitharaman have listed Goods and Services Tax (GST) as a big success story in tax reforms. While the states still have issues on GST, revenue sharing formula and several hurdles in ending the fake bills, the reform is definitely a game changer given that multitude of taxes have been phased out. Economic survey for the first time introduced a complete assessment of how peoples live changed owing to improvement in social sector indices. On the other hand, President Murmu reeled out figures to reflect the on-ground change brought about. For instance, in digitized economy, Bharat has reported Rs three lakh crore worth transactions on the e-market place. Similarly, over Rs 27 lakh crore have got transferred into bank accounts of the beneficiaries in 300-odd schemes through direct benefit transfers. Over 50 crore people have been treated under Ayushman Bharat scheme and accessed affordable medicines from 9000 jan aushadi kendras.This led to saving of over Rs 80,000 crore that could have been forked out by people on health treatment.  Over 7.5 crore households have got access to tap water. Under what started as an anti-Covid 19 drive over Rs 3.5 lakh crore worth food grains were provided to the poor and needy. Rs 2.25 lakh crore distributed as support to farmers. Out of this, Rs 50,000 crore has gone to women farmers alone.Over 36,000 hamlets of tribals have virtually been adopted under a PM’s scheme. 500 blocks seem to have got a facelift as ‘aspirational’ campaigns. Over nine crore women have benefited through self help groups while 70 per cent of small borrowers from banks were women. President’s address provided another 100 such data points to support the Modi government’s articulation on bringing about ‘transformational shift’ in people’s lives.  This also makes us believe that quietly, Modi government is getting into election mode especially after the two days national executive committee meetings of BJP held in New Delhi. On the global front, Modi government may speak on two issues prominently as a sovereign outfit and as president of G-20 as well as SCO. A peek into tomorrow’s budget may provide more clues to Modi’s big vision statement.

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Fact Sheet
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Explainer:India’s energy security

In the last few decades, nation states have become increasingly aware of the limited resources which surround them and have formulated pointed strategies to ensure they have sufficient energy resources to keep their economy running. In the last year, when the conflict between Russia and Ukraine deepened, global supply chains of raw energy material have been put under the scanner. Several countries have imposed full or partial bans on Russian oil and gas while some have increased the intake of these Russian materials owing to discounted prices. The West, specially, the US, EU and other NATO countries have been urging other nations, like India to cut trade ties with Russia and to reduce their dependence on Russian crude oil and gas. In this backdrop, as data suggests, India must ensure its energy needs are met timely to sustain its economic growth and accelerate social progress and development. It is essential to analyse the energy requirements of India vis-a-vis the supply of energy raw materials and how India continues to diversify its energy supply. As India becomes the third biggest importer of crude oil from Russia, it is imperative for other nation states to holistically view the Indian energy demand patterns and its production.

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Business Policy
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Zero Tolerance Towards Corruption

Congress culture of institutionalized corruption that seeped into other political formations must end. Rising above corruption is real tribute to freedom fighters as Bharat enters a new era @75. K.A.Badarinath When Enforcement Directorate raided Trinamool Congress leader Partha Chatterjee and his associate Arpita, there was hue and cry debunking the move as ‘political coercion’ against Mamta Banerjee’s government in West Bengal. Trunks full of cash, jewelry, property documents found from two flats in South West Kolkata and Belghoria blunted the opposition tirade against Narendra Modi government of using Enforcement Directorate as a political utility tool. TMC’s undeclared second in command Partha Chatterjee was audacious enough to claim that he had nothing to do with proceeds of school jobs scam parked in Arpita’s flats. Arpita also denies knowledge of this treasure trove that has turned out to be a billion dollar question for the enforcement sleuths. Conveniently enough, TMC supremo Mamta Banerjee disowned Partha and refused to take his calls in wee hours thereby making a desperate attempt to wash her hands off the scam or own up responsibility. The drama that unfolded post-cam drama last two weeks point to criminal collapse of governance structures in West Bengal and institutionalization of corruption that’s practiced with no remorse whatsoever. Should Mamta Banerjee not own up and offer a more rational explanation for using primary schools to fill in the party leaders’ coffers In the first place, the school jobs scam investigation got underway owing to hard work put in by enforcement officials in sync with a directive from the Kolkata High Court based on an in-depth analysis and findings of a high powered committee. So, the first argument that Modi went after his political rivals may not stand. Elected representatives’ brazenness to force youngsters to cough up bribes is rather unnerving. Manipulation of merit sheets, in teachers and personnel recruitment in schools reeks of a system that collapsed during previous communist rule. This system has conveniently been used by TMC political machinery and perfected for illegal gains. Second salvo against Modi government was fired by the Shiv Sena that lost out in Maharastra power slugfest owing to vertical spit in the party run by Uddav Thakarey. When Enforcement officials took custody of Sanjay Raut on charges of money laundering along with Wadhawans, Shiv Sena cried foul and ‘political vendetta’ to finish the Sena. Corruption and Shiv Sena were never two entities in the latter’s growth under Balasaheb and now Uddav Thakarey. Sena may have grudge against BJP for outwitting it in electoral machinations and managing political equations. Core question here is whether it can defend its leaders that have seeped themselves in charges of money laundering with select businessmen? Is investigation into a case of money laundering by Enforcement Directorate an illegal and politically motivated operation? Does Sena have plausible explanation for the laundering charges against its biggies? Whose liquid cash was lying in Sanjay Rout’s place? Thankfully, till now he has not dis-owned the retrieved cash like his TMC counterpart Partha Chatterjee? Third case in point is the huge cash chest recovered from three Jharkhand MLAs of Congress at Howrah by Kolkata Police. Well, are these public representatives available for sale is the moot question? Interestingly enough, the tipoff on cash was passed on to TMC by the JMM political leadership and both seem to have sensed an opportunity to settle their political scores with Congress in Jharkhand as well as West Bengal. In the process, what happened is that murky side of Congress culture bereft of values got exposed. It’s rather laughable that Congress leadership suspended these MLAs instantly ‘for anti-party activities’. But then, who would hold the Congress leadership to account for having bred a culture of corruption post-independence to benefit a few close buddies of the party’s ‘first family’? Can one forget umpteen numbers of scandals that tumbled out of Congress cupboard especially during two terms of United Progressive Alliance government at centre? Even today, the Congress first family is under scrutiny of Enforcement Directorate on charges of money laundering through trusts and corporate entities that own National Herald. Case of Satyendar Jain, an AAP minister in-charge of party’s affairs in Punjab is rather very interesting. Has Enforcement Directorate perpetuated a crime by probing his alleged money laundering activities? Acquiring assets that are disproportionate to his known sources of income is a very serious charge against Satyendar Jain on which the Enforcement sleuths have filed a first information report. Gold coins and cash retrieved from Jain and his associates may be dismissed by the opposition parties as part of BJP and NDA vendetta against its political rivals. But then, what’s the source of these funds or assets is the key question? AAP, as a party assumed power on an anti-corruption platform about ten years ago. They were given charge of Punjab with a thumping mandate and in a week after the swearing in, the state’s health minister had to be forced out. Sadly enough, top leaders getting netted in laundering cases or corruption is anti-thesis of what Kejriwal’s fledgling formation had promised in initial years. It’s a double edged sword on which anti-corruption agencies work. In their campaigns against well-oiled machinery of corrupt uncouth individuals, parties and leaders, they are bound to face both bouquets and brickbats from ruling as well as opposition parties. They may have to live with these charges and counter-charges of favouring one or other individual or party. Zero tolerance to corruption – both political and business linked – should be the state policy unlike Congress regimes of the past that institutionalized irregularities and murky deals with all impunity. None can be above corruption. Probity in public life is what Mahatma prescribed and that’s precisely why he recommended disbanding the Congress which evolved as a pre-independence political platform of leaders with different ideologies. Evolving a self-governance model sans corruption will be the biggest tribute to freedom fighters that liberated Bharat from stranglehold of imperialist forces. (The author is Director & Chief Executive of

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Business Policy World
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Economic Divergence Unfolds

India has emerged as fastest growing economy with 8.7 per cent surge while China struggled to stay afloat with $ 5.5 trillion package  K.A.Badarinath It’s a tale in contrast. The two countries have always been viewed as competitors to gain global footprint, acceptability and reach. Presently, the two nations in question are going through a differential economic curve that depicts a picture in contrast. Without second guess, one would easily make out that it’s the economic story of China and India that are unfolding differently in the backdrop of a huge crisis in Eastern Europe and Baltic region, rise in commodity prices leading to huge inflationary pressures and thereby tightening of money policy by central banks. The humungous fiscal stimulus package announced by President Xi Jinping’s administration indicates that not everything is going right for China’s economy that’s in complete control of the Communist Party of China, its minions and the oligarchs. Protracted lockdowns in various cities of China owing to Covid 19 pandemic has pushed the dragon country’s economy into an abyss. While it struggles to stay afloat with positive growth, China has lost its exalted position as the fastest growing country. President Xi, cabinet, state council and CPC decision to pump prime the economy speaks volumes on the crisis that has rattled the world’s second largest economy. Ukraine war, disruption in its supply chains and resultant slide in manufacturing growth has led to rampant pink slips and loss of livelihoods. Bloomberg’s back of the envelope calculation put the fiscal stimulus at $ 5.3 trillion that President Xi’s communist administration has announced. From deep tax rebates, cheap loans, withdrawal of restrictions on automobiles buying to booster dose for e-platform companies, China seems to be trying every trick to get back the growth mojo. Already, Chinese monetary authorities and its central bank seem to have reconciled to the challenge faced in achieving downwardly revised growth of 5.5 per cent in 2022. Investment bank UBS forecast of 4.2 – 3 per cent growth in China has not only unnerved President Xi who’s preparing for third term coronation in September. Earlier this week, J.P.Morgan had also cut the China growth forecast to 3.7 per cent from earlier 4.2 per cent. There seems to be no easy way out of economic bind in which China has landed itself especially after the Communist regime went on a war path against the growth drivers like the big home grown technology companies and platform enterprises. David Qu, Bloomberg’s China economist may be right when he says that Chinese central bank has now only played a supportive role. And, the government’s fiscal measures had more space to support growth in the $ 17 trillion Chinese economy. Implementing the fiscal package may also pose a big problem as there’s reported resistance from states and local governments whose finances are already fragile, borrowings touching the roof and very little elbow room to undertake development projects. Otherwise, there’s no plausible reason for Xi’s administration to send dedicated task forces to 12 provinces to realize the actual economic package. In contrast, Indian that’s celebrating eight years of BJP government in office is on a virtual high. Prime Minister Modi’s decisive leadership to deliver on economic and development front has worked. India has emerged as the fastest growing economy globally displacing China with 8.7 per cent GDP uptick in fiscal year ending April 2022.  Incidentally, this is the highest growth posted by India in 22 years after 8.8 per cent reported in 2000. India with its $ 3 trillion economy is making waves globally with new partnerships and markets thereby creating new work opportunities for the aspiring youth. Having navigated the two difficult waves of Covid 19 pandemic relatively unscathed, India’s reading along with its partners like Australia, Japan and US to displace China with alternative and sustainable supply Chains. If one were to go by chief economic advisor V. Anantha Nageswaran, even in current fiscal, India’s economic growth has been estimated at 7.5 – 8 per cent. At this juncture, these projections may look daunting due to slide reported in January – March 2022 at 4.1 per cent. Economic resilience back home and deft management is what one can bank upon to realize this expansion. Core sector performance of 8.6 per cent spread over eight infrastructure areas during April 2022 provides enough optimism for maintaining the growth momentum in the Indian context. Given the government’s continued commitment to invest over Rs 750,000 crore across infrastructure areas, India will continue to be the brightest spot in the global growth sweepstakes. Given the hard work put in by Prime Minister Narendra Modi and his government in last eight years, retaining the tag of fastest growing economy should be celebrated as a big leap forward. This does not mean that Indian leadership should be carried away by the euphoria and not recognize the challenges like crude prices touching $ 120 as against budgeted $ 75 per barrel apart from surge in other commodities prices. If data available with credible agencies like International Monetary Fund (IMF) and World Bank are anything to go by, then India may be the only large economy that would post GDP growth beyond 7 per cent till 2025. Creating jobs for millions of unskilled, semi-skilled and low-end earners in rural hinterlands may have to be the focus while Prime Minister Modi’s government goes about methodically in economic integration to evolve India as a unified behemoth.  (Author is Director & Chief Executive of Centre for Integrated and Holistic Studies based in New Delhi.)

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Business Technology World
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Exploring the Metaverse

Prachi Mishra / New Delhi Whether in virtual reality or augmented reality, the promise of the metaverse allows a greater overlap of our digital and physical lives. As Zuckerberg has claimed in his keynote address this year, Metavsere will alter conventional reality. The way people make wealth, view productivity, shop, and seek entertainment will all be altered. The Metaverse will be based on freeform reality, where users live and spend time in the virutal world, where they can create their 3D avatars and use objects like cars and houses which can be used to communicate in the Metaverse and interact with others. Metaverse is based on romantic idealism: a stable, unshakeable system with utter disregard for existing economic predicament, wonders of nature, and resources of the real world. This primer analyzes the implications of Metaverse on society, psychology of humans, and economic activity in the present day context. It also discusses the ethics of Metaverse, cybersecurity issues that will surface, and the privacy and safety of users in the virtual space. (Prachi is a research consultant at Centre for Integrated and Holistic Studies.)

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