By Justice Markandey Katju-
(Justice Markandey Katju is a former Judge, Supreme Court of India, and former Chairman, Press Council of India. The views expressed are his own)
India’s latest GDP figures show that the economy grew 6.1% in the January-March 2023 quarter, and the overall GDP growth for the 2022-23 fiscal year was 7.2%, beating estimates.
The data was released by the National Statistical Office (NSO), the Controller General of Accounts, and the Chief Economic Adviser (CEA), V Anantha Nageswaran.
I am always sceptical about the accuracy of such GDP reports, especially when they come from sources close to the government. Even assuming these reports are correct, and that the Indian GDP is indeed growing, the question is: Who is reaping the fruits of this growth? The Indian masses, or a handful of big businessmen and foreign corporations?
There is massive poverty, unemployment, child malnourishment, lack of proper healthcare and good education in our country. Has the alleged GDP growth made even a dent on this?
I am afraid the answer is no. Then, what use is such GDP growth to the people of India?
It is reported that seven individuals in India own wealth equal to the wealth owned by the bottom half of India’s 1.4 billion population. So who has the growth in GDP benefited?
According to the Global Hunger Index, half of Indian children are malnourished, and millions are affected with wasting and stunting, and India has slipped from 101 to 107 out of 121 countries surveyed. It is even behind neighboring countries in this regard. Of what use is GDP growth to our hungry children? Do they need food to eat, or GDP growth?
Unemployment is rising in India, and has reached record levels. If 100 govt jobs of Class 4 employees are advertised, there are up to one million applicants, some even having advanced degrees, including Ph.D, M.Sc, MBA or engineering. So what have our youth, who want jobs, received from the GDP growth?
The real test of every political and economic activity is one, and only one: Does it raise the standard of living of the people? Has the GDP growth given them better lives?
I am afraid rise in GDP proves nothing, and is useless for the people, though talking of it may be a good technique to divert the people’s attention from the real issues.
