Why economy is growing despite 'jholawalas' and Wall Streeters

Abstract

The economy’s real growth engine is 70% of the population who are neither ultra-poor nor the upper class served by crony capitalism. But they get the worst treatment. The economic policies of UPA-2 are afflicted by a condition called multiple personality disorder. The diagnosis requires that at least two personalities routinely take control of the behaviour of a person with an associated memory loss that goes beyond normal forgetfulness. The economics of UPA-2 is caught in a pincer attack between jholawalas and Wall Streeters. The uber economic ministry — the unaccountable National Advisory Council — is flooded with jholawalas whose idea is that the state should spend till it bleeds. And still spend after that.

Programmes like the National Rural Employment Guarantee Act (NREGA), Sarva Shiksha Abhiyan, and the mid-day meal scheme are implemented through parallel channels of public-private partnership along with NGOs and panchayati raj institutions. The Centre transfers assistance directly to state and district-level autonomous bodies, and these transfers are outside state budgets. And such accounts remain unaudited and mostly unaccounted for. The Comptroller and Auditor General (CAG) has revealed that Rs83,000 crore of taxpayer money spent in 2008-2009 remains to be audited. Read more at: https://www.dnaindia.com/analysis/main-article-why-economy-is-growing-despite-jholawalas-and-wall-streeters-1424372