Uncle Moon of Indian Economy

Uncle Moon of Indian Economy
Uncle Moon of Indian Economy

Uncle Moon of Indian Economy:

In our childhood mothers used to tell chandamama stories and It'a a nice feeling for a kid to believe that an object so far from you is related to you…….

In general, when the flood comes it damage to agriculture, people, and property but the only good associated with floods is that sometimes it leaves behind fertile soil on the land after the floods.

It was a period when the world's largest economy was in great recession (2008) but it left opportunities for emerging countries like India. But unfortunately, that was the period (2009-14) when corruption became an art in India, and scams and policy log-jam reached unimagined heights.

It was the first-time the definition of Politics in India changed its color and fragrance of development smell in the air (Credit goes to Arvind Kejriwal and Anna Hazare Movement).

Indian politics is always a personality-based politics and Indian voters were looking for a face in opposition and that time uncle moon came as a symbol of development and promises the moon.

To revive the economy, uncle moon took a lot of good steps but failed to implement those. Let's look at how uncle moon's game-changing schemes are getting covered with dark shadows…

The Jan Dhan Yojana is going to be one of the game-changing schemes but it is the government who made it fail. The government was in a hurry to showcase its success to the whole world by opening 1.5 crore accounts in one day.  

Ask any bank officer they even today do not have clarity on this program. People open accounts with the expectation of getting 15lakh which was promised before the election. I do not want to go with statistics when it fails to meet its objective.

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Uncle Moon's next game-changing scheme is social security schemes to provide insurance to the economically weaker sections.

Jan Suraksha Yojana covers pure terms and personal accidents but surprisingly insurance companies started receiving death claims. Since one need not fill out detailed forms for taking insurance coverage, some fraudsters are taking advantage. They are taking policies in the name of dead people and have been producing fake certificates at the time of claim.

Atal Pension Yojana (APY), to ensure financial security for unorganized sector workers. Under the APY, contributors would get a fixed pension of Rs 1,000-5,000 a month, from the age of 60 years until they die.

A pension of Rs 1,000-5,000 a month after 20 years is unattractive. After 20 years what will be worth Rs 1000, how long will someone enjoy his or her pension after 60? Who designed this scheme?

Uncle Moon's one of the game-changing schemes is Hundred new smart cities, Most cities do not have basics and those that had basics are increasingly losing them. Top cities do not have things like water, electricity, and roads.

Yet we are talking about all kinds of fancy things like providing smart technology to so-called netizens. If China can do it, why can't India? You can't use the same model and scheme in every place.

A model and scheme develop on the requirement. The whole world knows how China's smart cities are turning into ghost cities. Forget smart, make cities livable…

Gold monetization scheme is one of the game-changing schemes but once again it fails to reach out to people. The scheme aims at monetizing an estimated 22,000 tonnes of gold idling with households and temples. But can any household give their jewelry in the form of raw gold to get interest of 2.5% whereas our inflation is 5%?

No doubt uncle moon has taken several steps not just to make the life of the common man easier but due to lack of clarity and poor governance the end, a good idea should not fail in implementation.
Biswajit Behera

Certified Equity Research Analyst

Disclaimer: The views expressed in this article are those of the author. The author has made every effort to ensure the accuracy of the information provided and the author can guarantee such accuracy. This article is strictly for informational purposes only.

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