12

Nov

Development Is Not By Financial Data Alone

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Prof Pradeep Mathur

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New Delhi | Tuesday | 12 November 2024

For the life of a nation and society it is necessary to do stock checking from time to time and to know in which direction the things are moving. If things are going in a wrong direction, it is necessary to do course correction and put them on the right track. The question is are we doing this? The answer is no. Unfortunately, we are not doing this.

If we talk about our country, overall our economic progress has been good in the recent past. Making the negative impact of Covid a thing of the past our growth rate has reached a level of 7% which probably no other big country in the world is able to achieve. Along with this, our foreign exchange reserves have also touched a never-before level. Industries are also doing fairly well and there is a positive trend in exports as well. But at the same time, employment opportunities have not increased and today unemployment is a big problem before our country. Unemployment and increasing inflation have pushed large sections of our population into the abyss of worry and despair.

Whatever the state of economic development, the truth is that in the Modi era, the economic inequalities in society have increased manifold and this is not a good sign for the health of a nation’s economy. The resources of the country are getting limited in the hands of a small section of the society and the common man is not getting any benefit from the impressive increase in the gross domestic product. It is a matter of shame that the government has to give free rations to almost half the population of the country.

Article at a Glance

Over the past year, India has achieved notable economic growth, with a 7% growth rate and increased foreign exchange reserves, signalling recovery from the pandemic's impact.

However, significant challenges remain, particularly in employment, as high unemployment and inflation have left many citizens in distress. Economic inequalities have widened, with a disproportionate share of resources benefiting a small elite, while nearly half the population relies on government-provided free rations.

This imbalance has fostered societal unrest, manifesting as conflict and intolerance, and undermining core values such as honesty and cooperation. As we celebrate Diwali, it is crucial to recognize these pressing social issues and strive for a holistic understanding of progress that goes beyond mere economic indicators.

No matter how strong the arguments for economic reforms, liberalization and economic development are, the growing economic inequalities cannot be ignored in any way. Growing economic inequalities will lead to falling demand, reduced productivity and unemployment and will eventually impact our economic growth. But besides the economy is also necessary for us to evaluate their adverse impact on society.

The frustration that has come in Indian society due to unemployment and rising inflation can be seen in mutual conflicts, animosity, resentment, uncivilized social and political behaviour and intolerance. This has corrupted our political civilization, values and harmonious social behaviour.

But what is even more dangerous is that this economic imbalance is leading to social disintegration by encouraging wrong values. Social values such as honesty, truth, service, sacrifice, cooperation and sympathy or the feeling of doing something for the small, weak and helpless are vanishing. These values have all along protected our society in all kinds of adverse circumstances and have kept our humanitarian culture intact.

Atrocities on women, even the rape of innocent minor girls, throwing old and helpless parents out of their homes, fighting and resorting to violence on the streets over trivial matters, and targeting opponents and non-Hindu groups of our population with aggressive propaganda are the results of this social disintegration. Therefore, we must understand the seriousness of these growing violent and aggressive tendencies in our society and work to check them in time. Let us not make the mistake of considering mere economic data as a sign of our overall progress and a developed country.

On this Diwali festival, we also need to enlighten our minds with this knowledge.

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