Inequality, unemployment among youth, inflation of various commodities and household debt are at an all-time high in the country, said political economist Parakala Prabhakar, in Chennai on April 16.
Speaking at a national colloquium on the present political situation titled “The values at stake,” organised by Chennai Thinker’s Forum, Mr. Prabhakar, who is also the author of the book The Crooked Timber of New India, said there is a serious unemployment problem in India, particularly among youngsters in the age group between 20 and 25. “The unemployment rate among them stands at 40%. According to the International Labour Organisation, nearly 60-65% of the unemployed are educated.”
Mr. Prabhakar also quoted a report by the World Inequality Lab and said that inequality in India is at a historic high, even when compared to the British rule. “Nearly 1% of Indians garner 22% of national income and 1% own 44% of national assets. The inequality became very sharp in the last decade,” he said, adding inflation in the country too has surged. Inflation of various commodities such as vegetables (27%), pulses (19.5%), cereals (7.8%), spices (16.4%), milk (4.6%), and sugar (7.5%) and household debt (40%) stand at historical high. However, the household savings remain as low as 5%. The national debt stood at ₹160 lakh crore till 2023, even with the RBI reducing reserves and selling public assets, he said.
Mr. Prabhakar observed that despite the reduction of corporation tax, giving production-linked incentives, and writing off corporate debt worth over ₹25 lakh crore, the domestic investment rate fell from 30% to 19%. He alleged that there was quid pro quo in the production-linked incentives given to companies and donations received by the BJP in the form of electoral bonds.
He also said the three farm laws were passed without any discussion in the Parliament and were withdrawn following widespread farmers’ protest. “The BJP, which claims to be the largest political party in the world, has no place for the largest religious minority in India, the Muslims, in its Cabinet at the Centre, and also in States such as Uttar Pradesh, Karnataka and Gujarat.”
Speaking at the event, N. Ram, Director, The Hindu Group Publishing Private Limited, said the integral values of the Indian Constitution such as diversity, pluralism, secularism, equality before law, freedom of speech and expression, liberty, equality and fraternity have been subverted in the BJP’s “Hindutva autocratic regime.”
He also said the speech of Prime Minister Narendra Modi during his election campaign in Bihar, a few days ago, accusing the Congress of boycotting the Pran Pratishtha of Ram Lalla at Ayodhya was a blatant violation of Model Code of Conduct. He further said the country has slipped in the World Press Freedom Index rankings released by Reporters without borders, post 2014.
Mr. Ram also spoke on the Citizenship Amendment Act, the tussle between Governors and State governments ruled by the Opposition parties, the popular vote share of the Congress and BJP in various Lok Sabha elections, and the functioning of independent agencies, particularly the Supreme Court and Election Commission of India.
N. Murali and N. Ravi, Directors, The Hindu Group Publishing Private Limited; A.S. Panneerselvan, Fellow, Roja Muthiah Research Library in Chennai; Vijaya Thayanban, Convener, and Manimegalai Thirunavukkarasu, member of Chennai Thinker’s Forum, were among those who participated in the event.
