Had Ronald Reagan been alive today he would have said, "There you go again" to the Indian government. "The government has shelved a plan to release the Consumer Expenditure Survey results of 2017-2018, a leaked draft of which showed a decline in consumer spending in rural India." Apparently, a survey by the Indian Statistical Office (NSO) showed that "average amount spent by an Indian in a month fell 3.7% to Rs 1,446 in 2017-18 from Rs 1,501 in 2011-12". Excuse? "In view of the data quality issues, the ministry has decided not to release the Consumer Expenditure Survey results of 2017-18," the ministry of statistics and program implementation said in a statement. Once again a bunch of politicians and civil servants are suppressing experts to hide the government's failure. Earlier two non-official members of the National Statistical Commission PC Mohanan and JV Meenakshi resigned their posts for the government suppressing the Annual Employment Survey of 2017-18, leaving just two government appointees. Caught red-handed, the government claimed that the report was just a draft but Acting Chairman Mohanan said that the report was final, accepted by all members. Resort to lies and bluster to win the election. It worked because the Prime Minister's party the BJP increased its seats in the Lok Sabha. There was the shameless massaging of the GDP back series data showing a higher GDP growth under the present government compared to the previous decade under a Congress-led government. Most Indians may not understand what GDP means, or care, crushed as they are by the daily struggle to survive, but foreigners are not to be fooled. And even this government cannot hide all figures. Instead of growing, "India's factory output shrank for the second straight month at 4.3% in September, recording its worst show since the present series was launched in April 2012." Even the Finance Minister admitted that it is "too early to say if the slowdown in the economy had bottomed out". "Output of eight core infrastructure industries contracted by 5.2% in September, indicating the severity of the economic slowdown." When cement, steel and electricity consumption shrink it means basic activity is grinding down. The services sector contributes 54.17% in Gross Value Added but even that shrank for two months, the PMI coming in at 49.2 in October. The government maybe controlling the narrative by constantly repeating its lies but it cannot tax its own bluffs. GST, which is tax on goods and services fell to Rs 954 billion, below Rs 1 trillion that the government hoped for. India's motto is "Satyameva Jayate" which means "Truth will Triumph". When the economy crashes, the lies will also die.
No comments:
Post a Comment