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Don’t let ‘Developed Nation’ Vision Turn into Grand Illusion, Again

Details: Created on Thursday, 25 August 2022 08:38; Hits: 2505

(Image Courtesy: taxindiaonline.com)

Prime Minister Narendra Modi has stirred the development cauldron with his clarion call to make India a developed nation. He described the national resolve to be the “Developed India” by 2047 as a “Big Resolution”.

Big it is. But much bigger is the challenge of turning this dream into a reality. And Biggest challenge is to learn from past, failed attempts to break into League of developed nations.

Earlier regimes & law-makers day-dreamt the ‘Developed Nation’ vision periodically since the days of Nehru. This, however, requires a separate, fascinating story.

Now that Mr. Modi has pulled out this Big Idea from graveyard of failures, it is time to give it a serious and determined look. It should be exciting for all Indians in making a fresh attempt at big leap over the next 25 years.

And the best way to do is this to learn from the recent failures and partial successes in dozens of vision documents prepared by Modi Government since May 2014.

World Needs Marshall Plan V.2 to ward off Catastrophe

Details: Created on Wednesday, 04 May 2022 04:39; Hits: 2255

Levy Innovative Global Taxes to fund the Plan

Marshall Plan. cartoon Image Courtesy: loc.gov

The world is fighting multiple wars with third world war (WW-III) looming on the horizon. The major battle fronts are 1) galloping debt & resulting risk of sovereign defaults and hike in interest rates; 2) alarming rise in global inflation and risk of socio-political turmoil as exemplified by Sri Lanka and Pakistan, 3) soaring poverty & hunger since the arrival of Covid-19 virus.

According to the World Bank's latest poverty estimates, the combined impact of Covid, inflation & Ukraine crises “will lead to an additional 75 million to 95 million people living in extreme poverty in 2022, compared to pre-pandemic projections”.

As put by a team of WB’s economists in a blog, “If the more pessimistic scenario plays out, 2022 could be the second-worst year in terms of progress made in reducing extreme poverty this century—behind only 2020, when there was an actual increase in global poverty”.

Government money in 'magical' Footnotes - Truth lies hidden here

Details: Created on Wednesday, 22 December 2021 06:46; Hits: 2487

( Image Courtesy: taxindiaonline.com)

“If it is government money, then why should I care? This thinking had become the biggest obstacle in the balanced and all-round development of the country” said Prime Minister Narendra Modi on 11th December 2021.

Mr. Modi made this apt & valuable observation while claiming that this thinking kept hanging Saryu Nahar National Project in Uttar Pradesh for decades. “We have done more work in the Saryu canal project than what was done in 5 decades in less than 5 years. This is a double engine government. This is the speed of work of the double engine government, our priority is to finish the project on time,” he added.

Hard facts about this three-phase projects, not mentioned by PM, would convey a different image from the political spin that he gave to Saryu Nahar. This is, however, a separate cup of tea.

We would, thus, here focus on the indifferent thinking about the government money. It is still raging like Covid-19 and its variants across the country. And it is happening right under the nose of powers that be.

India Scripts History With General Govt Debt Rising Towards 100% of GDP

Details: Created on Wednesday, 24 November 2021 06:59; Hits: 2553

(Image Courtesy: taxindiaonline.com)

“India scripts history” tweeted Prime Minister Narendra Modi on 21st October 2021 with hashtag #VaccineCentury. This pertains to India crossing milestone of administering 100 crore doses of covid vaccines.

The country is most likely to script another history that no one wishes for. And Mr. Modi has avoided making any reference to it in his daily sermons with clinical precision.

This is about emerging, alarming prospects of India’s public debt (PD) / general government debt (GGD) touching unsustainable 100% of gross domestic product (GDP). International Monetary Fund (IMF) last month analysed how close is India towards hitting the maiden GGD century. More of this later in this column.

As it is, official PD data is an under-estimate for two reasons. First, central and state governments continue to contrive new variants of off-budget borrowings (OBBs) to avoid their booking in the fiscal deficit. A search for ‘OBBs’ in CAG reports on central and state finances would show how deeply-entrenched is this problem.

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