During a short discussion in Rajya Sabha on Tuesday on the economic situation of the country, the Opposition members questioned the performance of the Union government in the economic, industrial, agricultural and employment spheres. The BJP, in response, defended the Centre by claiming that the recent electoral victories the party had in three States were a stamp of approval for running the economy. The BJP members argued that the growth was visible on the ground and the election results were a vindication of the Centre’s efforts to improve economy.
Former Finance Minister P. Chidambaram, one of the main speakers of the Opposition, focussed on the issue of unemployment. “Of the worker population, that is 46% of the total population, male workers are 69% but female is only 22%. Of the worker population, less than 50% actually work,” he said, adding that what the Centre promotes is jobless growth. “It means that only 23% of the people work. This is more or less constant in the last nine and half years of the BJP government. Why, I ask, if we have such scintillating growth, why is this number not improving?” he said, quoting the periodic labour force survey data prepared by the government.
The unemployment rate for people in the age group 15-24 is 23.22%, he said and pointed out that one out of four graduates will be unemployed. “Why is this spirited growth, scintillating growth not turning into jobs?” he asked. “Apart from the quantity, the quality of employment is also poor,” he added.
Price rise was another main point of attack of the Opposition. Mr. Chidambaram said people are consuming less, borrowing more and liquidating their household assets and savings; their net financial savings have also come down to a historical 50-year low of 5.1%. “The consequences of such developments are felt in child malnutrition and their education and mental ability,” he said.
The statistics on inequality were also discussed. “The bottom 50% of the population own 3% of national wealth and gets 13% of the national income. And the top 5% owns 60% of the national wealth and the top 1% holds 22% of the national income,” he said. “This kind of growth is unacceptable,” he said.
Derek O’Brien of the Trinamool Congress initiated a discussion on price rise as well. He said between 2014 to 2023, the price of rice has gone up by 56%, the price of wheat by 59%, milk by 61%, tomatoes by 115% and tur dal by 120%. “Yes, let the stock market go up, let the billionaires go up but spare a thought, more than a thought, for the marginalised and for the vulnerable,” he added.
BJD member Sujeet Kumar asked the government to increase the spending on education. YSRCP leader V. Vijayasai Reddy warned the Centre of the increasing trade deficit with countries like China.
BJP leader and former Bihar Finance Minister Sushil Kumar Modi led the BJP’s side of arguments. He compared the petroleum prices of several countries and said India had the lowest price rise for petrol and diesel due to the efforts of the Narendra Modi Government.
He asked the Opposition to understand ground reality by analysing the election outcome. He said the country will soon surpass Germany and Japan in GDP and India will be the third largest economy of five trillion by 2027-28. Measures like the GST have helped the State, and the Centre has addressed the concerns of States such as Bihar, he said.
