2020 – How the Modi Govt Led India into Record Joblessness -Subodh Varma

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published Published on Dec 31, 2020   modified Modified on Dec 31, 2020

-Newsclick.in

Unemployment has inched up to over 9% as the year ends and the so-called economic recovery is a mirage.

For Indians, 2020 will go down in history as the worst year for livelihoods and incomes. Unemployment levels rose to record highs, incomes plummeted to record lows and such was the scale of deprivation that thousands of families teetered on the brink of starvation. Tragically, this was not just the pandemic. It was also the imposition of a sudden lockdown, the failure to provide income support, the insistence of the government to restrain expenditure and hope that the corporate captains will steer the sinking economy out of trouble. But, the most despairing aspect is that the bad days are not over.

For those living in the bubble of government propaganda, India’s devastated economy is supposed to be going through a “V-shaped recovery”. They see “green shoots” dancing and fluttering in the breeze everywhere. Addressing corporate bigwigs, Prime Minister Modi was pleased that the economy was recovering faster than expected. Among the pointers to this are better GST collections, increase in freight and port traffic, and most seductive of all – the stock market reaching record heights.

In the real world, things are quite the reverse. The biggest and most crucial of measures for any economic diagnosis is jobs. How many people are employed? How much is the unemployment rate? And, what share of the population is working? On all these counts things are worrying if not dire.

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Newsclick.in, 31 December, 2020, https://www.newsclick.in/how-the-Modi-govt-led-india-to-unemployment-in-2020?fbclid=IwAR0JsPiPm6ZoK1AHIbseduL4vlYpBH0dvreG01tN9EsQVTLyFU5jAQSRTsk


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