Written by – Aditya Goswami
Recently PM Modi led Bhartiya Janta Party completed 7 years of being in power. Although the leaders and supporters of BJP celebrated this milestone but for other countrymen these 7 years have been really tough because of rapid growth in unemployment, rising inflation, rising national debt and sinking GDP.
During during his 2014 campaign speeches Narendra Modi used to make promises about jobs for the unemployed youth. Even it was mentioned in the BJP manifesto that 25 crore jobs will be provided over next 10 years which means 2.5 crore jobs every year.
But after 2016’s Demonetisation this promises started fading away and till 2017 only 2.5 lakh jobs were created as per govt’s official figures.
Jobs created were much less than the ear
lier promise of 2.5 crore jobs but still Modi presented himself as a pioneer in job creation because of his greatest tool ‘PR’.
Unemployment rate in India has been rapidly increasing eversince.
According to the govt’s own surveys unemployment rate was at a 45 year high in 2017-18 as compared 1972-73 because of demonetisation and introduction of the GST. After the global recession during UPA’s tenure unemployment rate was fluctuating between 2-3% but suddenly India started witnessing unemployment rate at 6-7% due to the poor economic policies of Modi Govt.
In a recently report by CMIE Urban unemployment rate has increased to 17.4% for the week ended May 23 as compared with 14.73% in the previous week.
India was very lucky to have UPA Govt in power which greatly benefitted the people by providing Petrol and Diesel at a cheaper rate even after Crude oil’s global rate at around $120-125 per barrel during 2011 to 2014.
After PM Modi came into power Crude Oil prices started falling from around $100 per barrel in 2015 to $50 in 2018 but people were deprived of its benefits and were forced to pay extra for the fuel due to the high taxes imposed by the regime.
This is one of the main reasons because of which currently India is facing a very High inflation rate of about 10.5%
BJP always presents that Congress is responsible for the economic slowdown of country but in reality –
•India’s National Debt during Former PM Atal Bihari Vajpayee’s tenure
1998: 68.09% of GDP
2004: 83.23% of GDP
•India’s National Debt during Former PM Manmohan Singh’s tenure
2004: 80.89% of GDP
2014: 66.83% of GDP
Fact is that India has been brought to the brink of bankruptcy by BJP twice when it came in power. First time in 1998 and second time in 2014. And this is because both the BJP tycoons had/have an habit of living a lavish lifestyle, spending thousands of crores on publicity, luxurious fleet of cars and even a palace for the emperor himself.
Currently India’s National Debt under PM Narendra Modi is 89.56% of the total GDP.
‘Modi hai toh Mandi hai’