'The Re hits a historic low!' has failed to grab the readers' eyeballs any longer. The parameters of a sound economy that need to show an increase or decrease over time has rendered exactly the opposite of what it really should, this despite the government and a strong central bank.
To expect any serious steps from the government's side, to cut subsidies drastically or to reduce wasteful imports, for instance, at this point of time, given that the general elections are just months away, would be anything but ludicrous. The 'MMS-PC-Montek' troika, a much hyped dream team, has failed the nation and the aspirations of the people long ago. They posses no magic wand to reverse the economic crisis.
Having said this, it would be equally, if not less appropriate to state that in the post-reform period, the utility of the macro economic tools available in the hands of any government has reduced substantially. The then government turned a Nelson's eye to the perils of the consequences of the massive reforms undertaken in the 1990s. But this gives no excuse to any later government for not plugging the nation's economic downfall.
Some may take solace in the fact that the current nosediving depreciation of the currency is not associated with the Rupee alone, but also with the currencies of Indonesia, Turkey, Brazil and South Africa. But this makes no reason for us to adopt a casual, laid back attitude. As a nation that is a front runner to become the next super power, we cannot resort to such facts for relief.
If not for the government, we, as responsible and ambitious citizens, should take strides in re-working our economy. Those would definitely be bitter, but we do not have much choices. Here are 2 steps that one may adopt.
- Eschew foreign products. The sense of Swadeshi should be revived with much vigour. A Nike footwear may undoubtedly give us better comfort, but we must compromise our personal comfort and gains for the benefit of the nation. There would be a long list from foreign apparels to carbonated drinks to imported delicacies and what not that we may have to say a 'No' to, but let's generate the strength to do so.
- Gold-less Diwali. With Diwali just around the corner, it is a mood of festivity in our country. Let's vow to put a blanket ban on buying the yellow metal this year. The craving for the metal has been doing enough harm to our economy by widening the trade deficit. An attempt in this direction would definitely be worthwhile.
Apart from these a decrease in usage of oil and reduction in import of electronic items would also help. In the mean time let's also hope that the present government with a desire to win the upcoming elections and get yet another term in power, takes no steps in haste that turn out to be retrograde.
Jai Hind!
