This time, BJP was awestruck by Congress president Rahul Gandhi's so called surgical strike on poverty or "garibi by promising depositing Rs. 6000 monthly (72,000 annually) in every poor family account. Whatever may be the merits of this poll promise but its a big.. big deal for a vast majority of poor families who hardly eke out their living. Congressmen including newly appointed general secretary are elated to core. The see a ray of hope in grabbing "power". To counter Rahul Gandhi's most populist " poll promise", Prime Minister Narendra Modi on Wednesday announced India shooting down satellite test and India joining as space power. Earlier, in the day, PM tweeted " मेरे प्यारे देशवासियों,
आज सवेरे लगभग 11.45 - 12.00 बजे मैं एक महत्वपूर्ण संदेश लेकर आप के बीच आऊँगा"। I would be addressing the nation at around 11:45 AM - 12.00 noon with an important message. Do watch the address on television, radio or social media. 11:23 AM - Mar 27, 2019
However, even hawkish element admit PM latest announcement is no math to Rahul Gandhi'surgical strike" on poverty. India's feat in space missile is not something extra-ordinary. The United States ran the first anti-satellite test in 1959, when satellites themselves were rare and new. Erstwhile Soviet Union tested a weapon to approach enemy satellites and destroy them with an explosive charge in In 60s and early 1970s. China did it in 2007.
For poor, India's space feat doesn't matter much, rather it will go over their head. For them , a permanent source of income is "blessing in disguise". And this time Congress promise of perennial income is not as as hollow as as BJP depositing black money in people's account. Economists say, It can be delivered though its nature ad scope are yet not clear.
However, this massive poll promise needs at least 7 lakh crore (As per PC Chidrabaram) and such an massive populist scheme needs more serious thoughts than mere election gimmicks. If implemented,it is likely to have a massive impact on the country's exchequer. And the biggest disadvantage of this scheme s that runs the risk being counter-productive. India's 240 million households living in informal urban settlements contribute more than 7.5 per cent to the country’s urban GDP. And Small and marginal farmer contribute 80% of Indian agriculture.
The populist farmers' loan waiver has already emptied the state exchequer. State after sate is racing ahead to offer loan waivers. The loan waiver scheme in total is likely to cost over 2.6% of GDP (US $40–50 billion or approximately 3500 billion rupee). According to New Delhi-based Center for Environment and Food Security, the loan waiver was "an electoral sop that involves a lot of statistical jugglery and very little of real hope for Indian farmers." An important feature of the program which has been heavily criticized is that it covers only formal sources of credit and excludes any kind of informal loan. Thus, while it benefited wealthy and large-scale farmers who had access to institutional credit (about 23% of the total number of farmers), small and marginal farmers, who borrow the majority of their funds from private moneylenders,are not uplifted. This scheme is also crippling the agricultural credit system.
Now big question is? why should India allow political class to splurge national exchequer on populist measures to grab power? Shouldn't there be a constitutional check on making populist poll promises? There has to ne a limit. It can't go unabated. Otherwise, a day will come when. nothing will be left in state exchequer, even to meet the day-to-day expenses. Indian politicians care too hoot for prudent policies ad programs. Their only am is to grab power, "by hook or by crook". People should rise to the occasions.