In the 1980s, the Sangh Parivar had a mission to bring Lord Ram into power and help the BJP gain political control. While Lord Ram played a role in the BJP’s rise to power in 1996 and had a smaller influence in 2014, it was Narendra Modi’s promise of a prosperous future that truly made a difference.
Even today, Lord Ram is being used by the party to capitalize on the temple movement. For example, Home Minister Amit Shah appealed to Chhattisgarh voters by stating that the state was Lord Ram’s maternal grandparents’ home. He assured them that their nephew (referring to Lord Ram) would soon have his new abode in Ayodhya, thanks to Modi who laid the foundation stone and will consecrate the completed structure in the New Year. Additionally, Shah promised free visits to Ayodhya for all residents of Telangana if they voted for the BJP.
However, nearly a decade after the BJP’s significant victory in Delhi, the marginal utility of Lord Ram, who was considered the first unifier of the Hindu nation, is minimal. Instead, it is Kubera, Ravana’s half-brother and the lord of wealth, who needs to be appeased for a prosperous future.
Regardless of which political party comes into power, they will have to rely on Kubera’s blessings to uplift millions of Indians out of poverty, provide employment opportunities for the youth, and protect the nation’s borders, land, and water resources from both enemies and natural disasters.
Despite positive sentiments from foreign investors and encouragement from Indian industrialists, the Indian economy is in a precarious state. Most estimates predict a growth rate between 6% and 7% for this year and the next. Public finances are not in an ideal condition, with the cost of highway construction doubling to over Rs 10.64 lakh crore. This has resulted in a 48% decline in project awards during the first half of the current fiscal year.
To temporarily control prices, the government has restricted the export of essential commodities like wheat, rice, and sugar, hoping that a fresh harvest will ease the burden. However, unpredictable weather patterns may disrupt these plans. Maharashtra, a critical supplier of kitchen staples such as onions, sugar, and pulses, is expected to face crop shrinkage due to water shortages. Reports suggest that reservoirs have 20% less storage compared to the previous year, and floods, storms, and droughts have destroyed crops on 36 million hectares in the state over the past five years. This could lead to higher prices next year.
Food inflation has consistently disrupted household budgets in recent years, and external factors like oil prices can exacerbate the situation. A global economic upturn will push up energy prices, with each $10 increase in oil prices causing a half percentage point increase in India’s inflation and a 0.3 percentage point increase in the trade deficit, according to Goldman Sachs.
Adding to the challenges, unemployment rates are alarmingly high, reaching a two-year high of over 10% in October. Even sectors like software services are experiencing a squeeze, with nine out of India’s top ten IT companies witnessing a decrease in workforce during the first half of this fiscal year. This suggests that the peak of IT hiring may have passed.
The scarcity of jobs and livelihoods has forced the government to expand welfare measures, including food support. There are also discussions about increasing the dole for marginal farmers from Rs 6,000 to Rs 8,000 annually. Additionally, the government is considering restoring the employees’ old pension scheme, despite the financial burden it imposes, as it proved to be electorally beneficial for the opposition in state elections.
While the global economic climate will continue to impact India’s economy, unrestrained and competitive populism would be disastrous. However, it may be futile to hope for moderation as opposition parties make a concerted effort to unseat Narendra Modi while the BJP utilizes every tactic in their arsenal to hold onto power.
Disclaimer: The opinions expressed in this article are solely those of the author.
