For years, Indians have been told that the economy is booming.
The world’s fastest-growing major economy.
The bright spot in a slowing world.
And despite unemployment, weak private-sector investment and stagnant wages, the official message remains the same as it was three months ago: everything is under control.
Then suddenly, the Prime Minister came out asking people to use less fuel, avoid foreign travel, stop buying gold, and cut down on chemical fertilisers. Fuel prices were hiked, import duty raised, and more measures are likely to be announced.
That shift in tone raised questions
If the economy was fundamentally strong, why is the government suddenly asking citizens to cook with less oil or postpone their foreign holiday? Could just the ongoing US-Israel-Iran war have caused it?
But the reality is- this crisis did not begin with the war or the Strait of Hormuz disruption.
The war has merely exposed fundamental weaknesses that already existed, and which the government failed to tackle.
Let me explain.
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