Mute Spectator : Disruptive Dissonance

December 24, 2019


To admit is to accept.

With our economy under dire straits, it is the responsibility of the government to set things right irrespective of whatever the circumstances may be. Yes, it is not easy to govern 1.32 billion people but it is beyond difficult to manage such a large number of people if they are out on the streets.

This write up is not on the general viewpoint on the economy but how important it is for the stability & security of the nation and that too for a party that lays high emphasis on national security. It is for the government to come up with progressive economic policies, accommodative legislation and to nurture and practice broadness in the minds of its populace.

Taking cue from the global community, there is much to learn & much to avoid for the Indian government. To start with one of the most liberal and progressive countries, France is up against the ongoing Yellow vest protest which was due to the increase in fuel taxes and high cost of living..

In Latin America, countries such as Columbia, Chile, Ecuador & Venezuela are facing strong protests against their respective ruling regimes. With reasons varying from lack of national economic plan in Columbia to a hike in the transport prices in Chile and then to scrapping fuel subsidies as a cost cutting measure in Ecuador, people have thronged the streets and have even brought governments to their knees. Nearing its D- Day, Venezuela is a standing example of how failing economics will take away the soul of a nation.

Moving away from the Europeans and Latinos to the North Africans, countries such as Sudan and Algeria are also facing heavy backlash from its citizens. Rising cost of basic necessities such as bread and fuel spurred a movement against the Sudanese government.

Crossing the Suez Canal to the Arab world, the anomaly isn't much different. The proposed WhatsApp taxes in Lebanon which initially started as a dissent evolved into larger bouquet of multiple issues threatening the Government of Lebanon and a regime change. Both Iran and Iraq are no exceptions to this popular dissent. Again, failing economy and 50- 200% hike in fuel prices by the Iranian government has resulted in a series of violent protests.

Deteriorating economic conditions and negligence to act on the same has paved the way for the famous Tishreen revolution or Iraqi Intifada against the Iraqian government. As a textbook case, the regime is under threat.

Not far away from Iraq, the situation is very much similar in Pakistan with the recent Azadi march and sit in protests against the failure of the Pakistan government to correct its economic policies. Though it didn't achieve any of its objectives, we can see it as a cyclic reaction across the world whenever economy fails.

These dramatic events have been solely based on issues of failing economy in their respective lands. Now it is for us to see how unpopular legislation disrupt the society and thereby inflicting local economics.

Starting with one of the strongest uprisings against the Chinese Communist Party in decades, the Hong Kong protest which evolved as a dissent against the controversial Extradition bill by mainland China has grown into a full-fledged demonstration for democracy. Consumer spending has dropped by 10% on a y-o-y basis. Airport operations disrupted, metro station being captured in showdowns. Hong Kong which is a hotspot of tourism has received 22 travel advisories from various countries. Airport which contributes around 5% of HK's GDP is about to slip with tourist shortfalls.
                                       photo : Hong Kong protests

Recently, in Indonesia, thousands of people thronged the streets across the archipelago to protest against the new legislation of draft criminal code and Civil laws. People see this has a threat to their rights and pluralism. The Island nation has flourished ever since the fall of their dictator Suharto in 1988. The current chain of events is seen as a risk to investments and dwindling business sentiment.

History is the grandma and grandpa of our Society. There is plenty to learn from it. If we don't take these chain of events as a stimulus of failing economics and poor legislation, then it is extremely difficult to stop people from protesting in the streets. With unemployment rate at 6.1% (FY 18), a four decade high, an exact 5.3% in rural India and 7.8% in urban India are unemployed (NSSO DATA). With the recent quarterly GDP falling to 4.5% and multiple rating agencies slashing down India's GDP for this financial year is worrying. Though a consumer driven market, spending has been low in both urban and rural areas.

All major indices such as Index of Industrial Production (IIP), Purchasing Managers Index (PMI), Consumer Price Index (CPI), Wholesale Price Index (WPI) declining, widening fiscal deficit, failure to meet GST targets, shrinking exports, increasing NPAs clearly shows that the economic climate is not well and needs immediate attention. Poor investor sentiment and lacklustre private investment even at times of US - China tariff wars clearly indicates the need for progressive and accommodative policies.

The national average age of India is 29 years with 50% of its population below the age of 25 years and 65% of its population below the age of 35 years. In this age of data, Information has been free flowing and people are empowered with technology. They can’t be left unemployed or underemployed. Their aspirations have to be met and the government needs to facilitate the aspiring society. If not, at any certain point, their agony will result in popular uprisings and that doesn't favour the stability and security of our nation. Forward thinking legislation are the need of the hour and not to dissect the society further. Our nation already has enough contentious issues and it can’t afford more. It is perilous to leave the youth unengaged in economic activities with technology in their hands.

JAI HIND.





Mute Spectator is the primary series of the blog where we express our opinion on current affairs.






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