Over the past decade, income and wealth generation in India have increasingly concentrated in the hands of a few
The thick layer of propaganda masking India라이브 바카라 deteriorating economic and social health over the past 11 years began to crack in the republic라이브 바카라 diamond jubilee year—what the Hindu Rashtra parlance may call Amrit Saal. Yet, reality may not shift perceptions. The past decade has pushed people into a state of bhakti so deep that external realities barely seem to affect them. Even as India slides further, many may remain entranced, oblivious to the collapse unfolding around them.
A small minority of so-called ‘Urban Naxals’ had always seen through the illusion. Those who dared to speak out were silenced—some thrown behind bars as ‘anti-nationals’ under the draconian Unlawful Activities (Prevention) Act. The regime sought to instill fear and suppress dissent, but resistance, though faint, persisted. While the government celebrated India becoming the third largest economy, it conveniently dodged the obvious question: why isn’t the world라이브 바카라 most populous nation also its largest economy? More relevant indicators tell a different story—India라이브 바카라 per capita Gross Domestic Product (GPD) ranks 148th (nominal) and 140th (PPP) out of 189 countries, roughly the same as in 2014. Countries like Sri Lanka ($3,828), Bangladesh ($2,551) and Bhutan ($3,711) now surpass India라이브 바카라 $2,481 per capita GDP. But pertinent questions are no longer asked. Even this metric, though flawed, is misleading given India라이브 바카라 extreme inequality—among the highest in the world. When adjusted for wealth disparity, the standard of living for most Indians ranks at the bottom of the scale.
Over the past decade, income and wealth generation have increasingly concentrated in the hands of a few. Recent studies show that India라이브 바카라 top one per cent now controls a greater share of income than during the British colonial period. The country now has 200 billionaires, whose collective wealth surged by 41 per cent in 2024 alone—starkly contrasting with the economic struggles of ordinary citizens grappling with stagnant wages and soaring costs. Despite claims of economic growth, 40 per cent of the workforce remains trapped in low-productivity agriculture, while only 20 per cent are employed in manufacturing or business services. This imbalance stifles upward mobility, keeping wages stagnant. The unemployment rate remains alarming, peaking at 9.2 per cent in June 2024, with women facing an even higher rate of 18.5 per cent. Though it later declined slightly, it still hovered above 8 per cent, with a six-year average of 8.15 per cent. For those who do have jobs, inflation has steadily eroded real wages, which have fluctuated between -0.4 per cent and 3.9 per cent over the past five years.
Ironically, the middle class, once euphoric over Modi라이브 바카라 ‘New India’ rhetoric, now bears the brunt of economic strain. Stagnant wages, rising interest rates, mounting housing debt and increased tax burdens have significantly weakened its purchasing power. Private consumption—nearly 60 per cent of India라이브 바카라 GDP—has slowed, reflected in declining sales of FMCG products, small cars and household appliances. The middle class, already a mere 108 million compared to China라이브 바카라 707 million (as estimated by Pew Research in 2016 for an income range of PPP $10–50 per day), is shrinking further. This spells disaster not just for consumption but also for tax revenues, as this very segment has been the primary source of government income. The consequences for the economy are dire.
Amidst mounting failures, Narendra Modi has shifted the goalpost once again—now selling the dream of Viksit Bharat by 2047, a conveniently distant target, hoping that people will keep him in power indefinitely. The problem is, most Indians neither understand what Viksit Bharat entails nor the path to achieving it. To qualify as a viksit (developed) nation, a country must have a minimum per capita income of $12,500—nearly five times India라이브 바카라 current level. Simple arithmetic shows that this would require a sustained annual GDP growth rate of 7.59 per cent over the next 22 years.
Historically, only four countries have managed such high, consistent growth over extended periods. China (1978–2010) achieved double-digit growth for three decades through export-led industrialisation, infrastructure expansion, and massive foreign investments under Deng Xiaoping라이브 바카라 economic reforms. South Korea (1960–97) sustained 8-9 per cent annual growth by rapidly industrialising after the Korean War, focusing on heavy industries, technology and exports. Taiwan (1960–90) followed a similar export-driven model, investing heavily in education and technology, maintaining an average growth rate of 8–9 per cent per year. Singapore (1965–2000) transformed itself from a small trading hub into a global financial centre, maintaining 7–8 per cent annual growth with a highly skilled workforce and business-friendly policies.
The common denominator in all these success stories was the foundational empowerment of people through quality healthcare, education and economic security. These nations didn’t achieve rapid growth merely for global prestige—they did so to genuinely improve living standards of their people. India, in contrast, has never prioritised its people라이브 바카라 empowerment as a prerequisite for economic growth. Instead, under Modi라이브 바카라 high-pitched propaganda, both healthcare and education systems have deteriorated.
Beyond these fundamental deficits, India faces numerous structural hurdles in even approaching such a high growth trajectory. First, demographic and economic constraints—India라이브 바카라 vast population, coupled with extreme inequality and inefficiencies, make equitable growth difficult. Second, investment and productivity—sustained growth demands high capital investment, industrial expansion and productivity improvements, which remain inconsistent. Third, political and social stability—rapidly growing economies have historically maintained policy stability and strong governance, whereas India is mired in communal polarisation and policy unpredictability. Fourth, global economic conditions—geopolitical factors, trade policies and foreign demand all influence India라이브 바카라 growth potential. Additionally, rapid technological disruptions pose challenges India is ill-equipped to handle, given its increasing disregard for scientific temper.
Having squandered its demographic dividend, India is now at risk of not just missing its developed nation target but struggling to maintain its current status as an emerging and developing country.
As the wounds inflicted by Modi라이브 바카라 economic mismanagement become visible, the ruling establishment has shifted focus entirely to the Maha Kumbh spectacle. It evokes the image of Nero fiddling while Rome burned. India is grappling with a severe economic crisis while its leaders enjoy their dip in the Maha Kumbh.
Foreign investors have been pulling out their money, leading to a stock market freefall since September 27, wiping out nearly half a trillion dollars of hard-earned public wealth. Analysts fear an even greater bloodbath in the coming months. This isn’t a cyclical market correction but an exposure of deep structural flaws that were long concealed under layers of rhetoric and nationalist bravado. Yet, within the ruling circles, there is no acknowledgment—let alone introspection—about these glaring failures.
One of the biggest missed opportunities has been the ‘China Plus One’ strategy, which created a massive opening for countries to attract investments from companies seeking alternatives to China. While the Modi government boasted of ‘Make in India’, smaller nations like Vietnam, Indonesia and Thailand reaped the benefits instead. Investors remain wary of India due to multiple risk factors: these include frequent policy shifts, arbitrary taxation and unpredictable regulations that deter long-term investments; bureaucratic red tape that involves cumbersome approvals, corruption and inefficient regulatory processes; poor transport networks, expensive electricity and inefficient ports that make manufacturing uncompetitive; complex labour laws and unreliability of governmental data and lack of transparency that dissuade businesses from expanding operations; political and social instability stemming from rising communal violence, mob vigilantism and government-backed crackdowns on dissent, and over-reliance on incentives which provide temporary boosts without addressing structural reforms.
Despite its vast market, India has failed to capitalise on this golden opportunity to become a global manufacturing hub. Without deep structural reforms, political stability and major infrastructure upgrades, India risks falling even further behind in the global investment race.
It is believed that bathing at the Kumbh Mela washes away sins. But do the masses thronging there truly see themselves as sinners in need of purification? While ordinary people may unquestioningly follow tradition, the sins of the Bharatiya Janata Party라이브 바카라 (BJP) top brass—who seek to harvest votes through such spectacles—are many and undeniable.
Since 2014, Modi라이브 바카라 BJP has orchestrated a systematic assault on constitutional values, deepening communal polarisation by mainstreaming anti-Muslim narratives through lynchings, discriminatory laws like the Citizenship Amendment Act-National Register of Citizens, and vigilante violence. A dangerous cult of personality has replaced democratic accountability, where questioning Modi is treated as treason. Media independence has been crushed, with major outlets acting as government mouthpieces while dissenting journalists face arrests and harassment. Governance has been increasingly Hinduised, with state-sponsored religious rituals and pseudoscience undermining scientific temper. Economic deception has been rampant, with data manipulation concealing unemployment, economic distress and post-pandemic failures. Meanwhile, an expansive misinformation ecosystem—driven by the BJP라이브 바카라 IT cell and media allies—distorts history, demonises the Opposition and traps the public in a web of propaganda. These actions have severely eroded democratic norms, institutional integrity and social cohesion, pushing India towards an authoritarian regime built on lies, fear and communal division.
The state sponsorship of the Kumbh Mela under the Modi government is a blatant violation of constitutional principles, directly contradicting the directive principles of State policy, which mandate the promotion of scientific temper. Instead of upholding secular governance, the government has used public funds to institutionalise religious events, erasing the line between faith and State. Prioritising religious spectacle over pressing socio-economic concerns is not just misplaced governance but a calculated diversion from policy failures.
(Views expressed are personal)
Anand Teltumbde is an Indian scholar, writer and human rights activist
(This appeared in print as 'The viksit mirage')