India’s Economic Nightmare: A Deep Dive into Employment Crisis, Corruption, and Stagnant Growth
In this article, you will learn the following
A.24 Broad Reasons [150+ specific ones] Responsible for India’s Reverse Growth Story — a few snapshots from the current situation
B.12 Pointers to the most Pathetic and chillingly scary situation of employment in India
C. The golden age of stupidity in India
D.Reverse Technology Advancement for India
E. How this regime is systematically targeting middle-income & LOW-INCOME groups TO RUIN THEIR CHANCES OF SAVINGS & INCREASING THEIR QUALITY OF LIFE
F. The ruling regime’s manipulations of economic and other data
G. What the Bureaucrats and Politicians are doing to kill the Top-notch Institutions and elsewhere they are in charge
H.Common man facing Massive Ever decreasing Reduction in their Purchasing, Spending & Saving Power
I.27 samples of massive scams, frauds, and loot and encouraging criminal elements and religious fanatism
J. Massive corruption unleashed by the cohorts of ministers, bureaucrats, and greedy big business houses Corruptions, Scams, Frauds, Open-Looting
K. Dismal Foreign Direct Investment FDI scenario for India — the Right FDI promotes job creations
L. Very Seriously Unhealthy Public Debt, GDP & Fiscal-Deficit ratio H. Frighteningly Skewed TRADE Deficit
M. Unrealistic Figures Painted about the Market Size based on Indian Population/Demographics
N. What ails the Indian judicial system
O. Pathetically poor condition of education in India
P. What Ails IITs/IIMs
Q. The Media has sold itself to Tyranny — World Freedom Index India 159th position -and shamefully lags behind countries
R. Looming water crisis — India is in for a massive water crisis + Climate Change + Fuel Import Impact of Economy
S. 50 Long-term action plan to propel India toward becoming a real Superpower in Education, Economics, Technology, and Environmental
How India can become a Financial Economic Educational Superpower Why it is on a reverse growth How can India ensure sustainable economic growth
Any country, if it really wants to become an economically advanced nation or an economic superpower — needs to ensure a significant increase in the per capita income of its all-inclusive population — along with improvement in several other key parameters.
Per capita income is certainly a more accurate and better reflection of a country’s total well-being and actual growth -because it uses many relevant data — like — the average income per person, the population size, wealth distribution, and access to infrastructure, healthcare, and education, etc.
GDP alone is not a very effective way to measure and diagnose a country’s economic health.
Especially in a country like India — where major wealth and income inequality exists and is increasing day by day -due to crony capitalism being practiced currently.
In India — 1% of the population controls almost 70% of the wealth with almost 60% living below the poverty line.
You might have heard — the chest-thumping claims made by the current ruling politicians about India becoming a certain trillion-dollar economy by a certain year.
Please note that — this advancement in the GDP will happen based on the demographics of India and will happen automatically irrespective of who is in power.
Disclaimer
1. Please understand that as I have taken data from multiple sources [almost all from authentic and fact-checked different sources] — so the figures may have slight variance — depending on which source you are referring to.
2. I have tried to be as exhaustive and as inclusive — I found it an exercise of opening the proverbial can of worms — because while writing on What Ails India Today — and going deeper into any major issue leads to an exponentially large number of points — therefore, I finalized the article on what I could write till the deadline of my article.
3. The numbers given in INR Crores are the one I got from the sources & are Correct as it was in the sources BUT conversion into USD was done by me and hence could have some inaccuracy
23 Broad Reasons [150+ specific ones] Responsible for India’s Reverse Growth Story — a few snapshots from the current situation
1. 12 Pointers to the most Pathetic and chillingly scary situation of employment in India
i. Most frightening part of the Indian economy is — a staggering 103.4 million of India’s 371 million youth — or 1 in 3 — fall under the NEET (Not in Education, Employment, or Training) category.
ii. In India the economy is growing with factory-less growth and hence jobless growth — with major business groups investing heavily in Services such as retail and distribution instead of manufacturing.
iii. The ILO has already warned that Indian demographic advantage may soon turn into a demographic disaster — unless planned, structured, focused actions are taken on a war footing.
iv. Massive and very fast-growing inequality of wealth, health, and education — along with High and increasing unemployment — are leading to erosion of purchasing power — because no jobs mean no money to buy commodities even those which are basic and hence very feeble push-demand.
v. The unemployment rate among those aged 15–29 years stood at 18.7% in February 2024 — from the 15.4% rate seen last year
vi. Women account for a shocking 84.9 million, or 82%, of the total NEET (Not in Education, Employment, or Training) category population — which is because of the deep-rooted social and cultural barriers — that make women — underprivileged AND keep the majority out of the workforce. AND if women in any country are not doing well — the entire country will get pulled down — which is happening
vii. Quality of jobs among those who are employed also paints a very sad picture — In the formal sector, the number of jobs has increased from 14% to 20% only in the whole of last decade.
viii. Jobs in the Informal & Unorganized sectors take the major role of providing a means of livelihood to millions of people — These informal jobs most of the time — LACK — regular payments, benefits, stability, learning, skilling, and growth opportunities
ix. Economic employment elasticity of growth too has declined sharply — from 0.26 between 2000–2012 to a mere 0.001 by 2019 [because almost all the economic growth is happening to a few crony capitalists]
x. Many educated youths are unemployed and frustrated -In 2022, the share of educated youth among the total unemployed population reached an alarming 65.7%. — because of this white-collar and online crimes, scams, and frauds are increasing — because they are struggling to find meaningful work and employment.
xi. The online gambling market is expected to grow at a rate of about 8.59% annually from 2023 to 2027, with the number of users potentially reaching approximately 12.17 million by 2027 — this is also because people want easy money and want to become rich — A déjà vu to massive lottery scam in the 90s
xii. White-collar crime — especially cyber-crimes is on the increase because of so many unemployed youths
xiii. Even the Students who have passed out from premier institutions take about three years to become functional — because most of them might not be job-fit and are oblivious to the present market requirement, the industrial standards and regulations, etc.
2. The golden age of stupidity in India
i. Where — Mob-Cracy, Moron-Cracy, Idiot-Cracy — prevails
ii. Giving One example out of millions [you will find if you look around] — In one propaganda PR — one Psycho is flying a drone with a Wifi-Router and two [supposedly] educated people are clapping with pride and awe.
iii. Religious beliefs from mythology have become more important than Science and proven scientific theories, methods, processes, and concepts are either laughed at or ignored
iv. AND almost all people of this creed think building temples is an economic activity and seemingly don’t have any need for education, employment better life-style etc., etc.
v. Any Baba and GODmen and Religious Guru’s stupid statements — are taken as fantastic intelligence and pearls of wisdom — India has plenty of them
3. Reverse Technology Advancement — please read the Blog “139 Hacks How to Leapfrog Your Business & Career with Tech & Biz-Models That Disrupt” — to learn about India’s reverse leapfrogging story
i. Because Meritocracy and talent are struggling — In India, we can never have Elon Musk or Bill Gates or Steve Jobs or Googles — having organizations like TSMC of Taiwan — is too difficult even to imagine
ii. India has so far not invented anything that a large mass is using
iii. India has become an economy — that either uses what others invent OR services others on what has been invented elsewhere.
iv. No major incremental invention whatsoever of significance has happened — in the military, health, technology, business ideas, education — if you take the case of the LCA Project [light combat aircraft] it has taken more than three decades.
v. In contrast — American companies — Lockheed Martin, Apple, Microsoft, Google, Facebook, Qualcomm, Intel, Nvidia, Cisco, AMD, General Dynamics, Raytheon, Boeing, Northrop Grumman, and General Atomics, etc. — invest in trillions of dollars in cutting edge research
vi. In India during a time of massive investment boom in the Edu-tech sector — the result was — BYJUS, Vedantu, Unacademy — IF THIS IS WHAT IS THE BEST RESULT -do you think we can build products that will dominate the global market anytime SOON with the current situation
vii. The government is trying to lure investments with huge subsidies in sectors like Semiconductors, drones, etc. -but they are buying lemons — as the technology bought is last decades — read my blog on technology leapfrogging.
viii. Even 1% of GDP is not spent on research and development in the country — but billions spent on COW-Dung and Cow-urine uses — the public is clapping and banging the plate in real amusement and awe.
ix. What we claim as Indian made — the reality is that most of them are– imported as completely knockdown kits OR CKD — and are assembled in India to give a made-in-India tag
x. Traders buy and sell foreign goods and around 60%+ GST is coming from the sale of imported goods — so that tells you the true picture of manufacturing and industry and technology prospects — which in turn is directly linked with the creation of jobs
xi. And if you see the case of China -China has made tremendous strides in STEM, sports, innovation, and technology, and some of its universities like Tsinghua, Peking, Zhejiang — feature regularly along with top US colleges, like Harvard, Stanford, and MIT — in the globally accepted metrics such as research output, academics, etc. Moreover, Chinese universities comprise more than 50% of accepted papers in top research conferences on advanced topics such as deep learning and robotics
4. The ruling regime’s manipulations of economic and other data
i.The current regime is brazenly and blatantly manipulating India’s economic data by Massively Inflating India’s GDP Figures to manufacture and project an image of an economy that is the most booming in the world with the biggest lies and false narrative of rapid growth — although the realities and exactly opposite — India is into massive reverse growth path.
ii. They are talking about India becoming a $5 trillion economy in the coming years. How they are doing it — in its first major attempt it changed the base year and methodology for calculating GDP to magically push up the growth rate by 2 percentage points to show India as the “world’s fastest-growing major economy” overnight.
iii. Breaking down of all the regulatory institutions in judiciary and police — fully to make them worse than a puppet [puppet dances at the whims of its masters — these monsters in order to please their master act proactively
iv. The phenomenal rise of Crony-capitalism, Kangaroo-court, Banana-Republic and Tyranny-governance
v. Complete lack of transparency — the real data is either forged, fudged, and or manufactured AND suppressed
vi. Using grandstanding and projection to avoid tackling the real issues
vii. Focusing on creating a fanatical and radical environment — by making youth [who should be studying] get into mobs, rallies, and violence
viii. Policies that vest all the power with the ruling class AND with criminals being encouraged, revered, and worshipped — growth happening for only the favored ones. The Rich are becoming richer and the gap between the poor and the rich is becoming bigger & and bigger
ix. Absolute power in the hands of a few — who are putting the country into debt — by recklessly funding activities that promote their agendas AND ignoring the most important issues — job creation, creating proper educational infrastructure, solving social issues, and creating policies where institutions are stronger and basics of people need is met — in health, social-welfare in old age and proper education
x. Lack of focus on using the science and experts in any field
xi. Lack of accountability in using the funds — giving freebies to the corporates — who are looting the public with impunity and have demonstrated intent to cheat and defraud
x. RBI dividends of almost 750 thousand crores or 100 thousand million USD in the last 10 years went into the government coffers and from there to cronies
5. What the Bureaucrats and Politicians are doing to kill the Top-notch Institutions and elsewhere they are in charge
i. The bureaucrats of HRD ministry do the ass-backward process — of enrolling students first, then slowly hiring a director, then worrying about curricula, and then planning a campus
ii. Almost all bureaucrats are looking for an extension and posting to powerful posting and also other financial benefits — have become pro-active facilitators of this regime — who have proven themselves as ANTI [– people, women, growth, education, poverty-removal, equality, meritocracy, country] policies
iii. They also HELP the crony capitalist by creating policies and conditions to make the normally functioning Public Sector Undertaking or PSU, unprofitable and then offer these to them at a pittance to their favorites] — THESE CRONY CAPITALISTS then obtain loans from the government banks AND siphon the amount to their personal wealth and then going on milking till it becomes NPAs [non-performing assets] + THEN HELP ANOTHER FRIEND BUY THE ASSETS AT SAY 1/10 OF THE MARKET VALUE ALSO THROUGH BANK LOANS [that is why we have sick industries & obscenely rich and greedy businessmen] — later this nexus also help them escape when their efforts to protect them fail iv. This nexus also helps — fraudsters, scammers, rapists, looters and other heinous criminals escape comfortably abroad to safe heavens
III. ALL THESE LOAN THEN ARE WRITTEN OFF — banks wrote off Rs 14.56 lakh crore in corporate loans between 2014–15 and 2022–23, OR ALMOST 90%
6. 27 samples of massive scams, frauds, and loot and encouraging criminal elements and religious fanatism — How the regime is conceptualizing, triggering, supporting, initiating, facilitating — [the following is just a minuscule sample from thousands such serious criminal activities came out in the light — thousands & maybe even hundreds of thousands such major ones are hidden] — FEW EXAMPLES
i. Electoral Bonds Scam — a saga of Corruption, Criminality, and Crony capitalism combined with unprecedented scales [although larger ones might be hidden and become known later] — This bond gave these corporates and businesses blanket rights to do anything — as the government is looking esewhere[most of which are unethical] — out of many one such examples is of Pharmacetucital companies whose faulty products killed and seriously harmed people especially in Africa — No inquiry is ever done
ii. Under the camera invalidating candidature in Mayor election — complete disregard for democratic processes & if we go by the current EC’s all-out open support of you know who AND opposing all those who question
iii. One friendly Ayurvedic organization was allowed to fraud Indians during Covid through their criminally motivated ads
iv. Most corrupt of corrupts were accepted and welcomed in their regime and were given a clean chit
v. Rapists and criminals are given election tickets and worshipped
vi. Broken down of all the regulatory, judicial, law & order institutions and use it to suppress all those who are not with them
vii. Before the vaccine aftereffects became public there was a face in the certificates which was removed immediately afterwards ALTHOUGH even in North Korea you may not find that type of FACE everywhere
viii. State-sponsored and state-supported planned destruction of the union states — to give their crony friends a chance to rip that state in every way AND also to radicalize the social fabric
ix. Cow vigilante mobs & other religiously fanatic mobs are allowed to kill people and are generally protected
x. All big-time criminals are protected xi. Big infrastructure scams including at religious sides
xii. Suppressing protest by the Olympic Medal Winner women of India who made all of us PROUD when they protested AND the molesters were facilitated
xiii. One crony friend without any background was offered a military aircraft building contract AND another one was given an Institution of national importance xiv. Another crony friend who defaulted, got richer even times his previous wealth during lockdown AND had solid irregularities YET given clean chit and protected had billions of
xv. 150 MPs suspended and passed bills without discussion — many of these bills will compromise the safety, privacy, wealth and security not only of Indians but also of India as a country
xvi. Ensured an ass-licking media — the destruction of all the earlier independent regulatory institutions
xvii. Made judiciary its puppet
xviii. All the cases of national importance are simply lying in the backbench AND investigations in the major money laundering cases that came to light or were exposed got stopped BUT for their supporters LIKE ONE Most Toxic Media person was given a Mid-Night hearing by the APEX Court WHEREAS thousands are languishing on the made charges without any pieces of evidence for years — Many of these people’s fault — questioning the wrongs and bringing out in the open the truth.
xix. Thanks to all these actions — the Human Development Index (134 of 193), Per Capita Income ( 131), Global Hunger Index ( 107 out of 121), World Press Freedom Index ( 161 out of 180), Gender Disparity Index ( 127 out of 146), Environmental Performance Index ( 180 out of 180). It is a dismal story of failure and incompetence
xx. NGOs made crippled and think-tanks, Amnesty International, etc. hounded
xxi. A harebrained scheme makes a mockery of building a strong skilled defense manpower
xxii. Changing science & history — without any rhyme or reason
xxiii. Making people rot in prisons on trumped-up charges even without trials
xxiv. Avoiding the truth about Chinese incursion but focusing on another country that is not
xxv. Bulldozing literally without any cause
xxvi. Creating very anti-people & anti-country events to promote their ideologies
xxvii. Using public money for promoting their RW ideology and own politics as well as their own political party xxviii. Chest thumping on buying decades-old technology on a massive premium
XXVIII. THE EC — FOR THE 1ST TIME IN ITS HISTORY IS TRYING TO ENSURE THAT THE CURRENT REGIME WINS — by allowing types of coercion, manipulation, suppression, oppression AND GIVING FREE HANDS TO ITS MASTERS AND GOON ELEMENTS
7. Massive corruption unleashed by the cohorts of ministers, bureaucrats, and greedy big business houses Corruptions Scams, Frauds, Open-Looting — few examples
i. For building a 1-kilometer road 280Crores or 33Million USD ii. Cleaning river 20000Crores or two hundred ninety-six million [nothing has happened but the money is paid]
iii. Massive loot in one of the most revered religious places and scam in the current religious place
iv. Absolutely no accountability for things gone wrong by the crony capitalist who got these businesses as a favor or at the cost of public exchequers — like the Uttarakhand tunnel collapse again being built by crony capitalists ALONG with many such bridges, roads built and repaired within months
v. Massive inaugurations spending massive money BUT Nothing concrete happens on the ground zero- over 1,100 government investment projects were dropped in 2022–23, signaling the real trend of reduced public spending
vi. Indian Air Force and many Ministries were used for the private pre-wedding ceremony of big crony capitalist
Vii. THERE IS A CRONY-CARE FUND COMPLETELY OPAQUE AND WAS STARTED AS IF WAS GENUINE AND LEGITIMATE — BUT IT HAPPENED TO BE A PRIVATE FUND JUST TO SERVICE THE CRONY CAPITALISTS — THE PUBLIC [many of them with the intent to help the underprivileged] ALSO CONTRIBUTED A LOT TO THIS FUND
8. How systematically this regime is targeting the middle-income & LOW-INCOME groups TO RUIN THEIR CHANCES OF SAVINGS & INCREASING THEIR QUALITY OF LIFE — many of whom had come out of the poverty line through savings
i. One of the things they changed is the charges of pre-mature closers in the Post Office Deposit schemes — they increased the penalty for premature-closer of deposits 4% — whereas the banks charge 1% — Post office deposits are maintained only by poor and lower middle class
ii. Another thing that they did is to remove the tax advantage on home loans — making the home loan payment through earning more expensive
iii. The tax structure is such that the low-earning people end up paying most of the taxes -contrary to the popular narrative that only a handful of Indians pay taxes, the latest Oxfam report — SURVIVAL OF THE RICHEST INDIA STORY — has an entirely different take on the issue. The report shows how the poorest 50% of the population is paying most of the indirect taxes or consumption-related taxes. According to the report, a little less than two-thirds (64.3%) of the total GST is coming from the bottom 50% of the population, one-third from the middle 40% and only 3–4% percent from the richest 10% of the country.
GO FIGURE WHY THE GAP BETWEEN RICH & POOR INCREASING SO FAST AND SO WIDE
9. Pathetically poor condition of education in India
Many of the following points are common for basic school education to university and the top institutions in India — India’s education system faces many challenges, including
I. 40% of the population is illiterate, and 70% of rural individuals aged 15 and above have not completed secondary education
II. 29% of children drop out before completing primary school, and 43% before upper primary school
III. Lack of Access to education -Many rural and underprivileged communities lack access to quality education
IV. Quality of Teachers — only those who are passionate and go for self-improvement at their own cost might be adding value to their students BUT 90% are in poor quality faculty AND/OR are there as they did not get any other options OR are in Government schools for ease of working and facilities
V. Massive Teacher shortages all across — from pre-schools to universities including the top institutions of India
VI. Lack of resources -There are shortages of books, basic facilities, and public funds to cover education costs
VII. Education is expensive, and many cannot afford it
VIII. Child labor is a statutory offense that contributes to the worsening situation
IX. Poor infrastructure: Classrooms are overcrowded, laboratories are insufficient, and libraries are poorly stocked
X. Faculty shortages: The state educational system can’t attract and retain qualified teachers
XII. Outdated curriculum: 90% of universities and higher education institutions have outdated curriculums
XIII. Low research output: There’s inadequate focus on research and limited resources and faculty to advise students
XIV. Low global university rankings: India’s higher education quality is poor compared to other developing nations
XV. Unequal learning outcomes: The system emphasizes rote learning instead of cognitive skills and practical learning
XVI. GER (Gross Enrolment Ratio) in India of youth who are enrolled in Higher Education is around 24% — developed countries have a GER upwards of 80%. China’s GER was half of India’s in 1960 — now it is almost 3 times.
XVII. Only 24% of our fresh graduates have ‘employability’ skills. And these are charitable figures.
10. What Ails IITs/IIMs
i. The collective worth of a chain of supposedly premier institutes has been reduced to the performance in the entrance exams like JEE, CAT & NEET [which are probably some of the toughest in the world] — What the pass-outs end up achieving is mainly through their personal talents and other factors — YES they get a very high launch-pad because of the reputation of these institutes
ii. After nearly 75 years since inception, IITs have yet to come out with one single — Nobel, Fields Medal, Turing Prize, or Abel Prize. The same goes for AIIMS and IIMs -An interesting contrast is — that Nobel laureate Venkat Ramakrishnan who shared the 2009 Nobel Prize in Chemistry — initially was not able to crack either the IIT entrance or the medical entrance tests
iii. IIMs — Not a single great management theory invented here and practiced globally
iv. Most alumni look for jobs in the MNCs in India & abroad — but shun the manufacturing jobs
v. Most of the institutes are turning out graduates — who are not job-ready — The top institutions are churning out students who are focused on getting a great package in a corporate environment where they don’t have to go to the shop floor and dirty their hands — this year the placement story in the Top IITs is a horror story
vi. You will find that nowadays the Directors of these institutions who are replacing the existing ones are those — whose major strengths are having radical backgrounds and attitudes. You have a case of one IIT Director talking about — eating non-veg as being the cause of cloudbursts, massive landslides and misery for the people of one state
vii. The current malaise in the IIT s/IIMs/and in the institutions of national importance — is largely because of know-towing directors who allow the 3rd-rate bureaucrats of no expertise to dictate policy to them. Most of the new directors or VC-level appointees are not there because of their being highly eligible BUT because they support unscientific and irrational things to stay popular with the bureaucracy and political leadership for their next posting.
viii. Their role during the pandemic generally was unimaginative at the most charitable, to bordering on criminally negligent (if one takes a harsh look at their decisions).
11. What ails the Indian judicial system
i. The government is the biggest litigator in India — who drags the courts down by overcrowding — there should be a different system of handling this almost time and money-wasting AND AT TIMES INTENDED TO DO JUST THAT
ii. Courts sit on cases of national importance PLUS where people are languishing in prison on cooked-up charges without any evidence for years BUT the APEX court of the country opens up in the Mid-night for a good-for-nothing media man
iii. Then there are frivolous PIL filers — who on behalf of the ruling regime file cases to clog it further
iv. As of October 2023, India has over five crore pending cases, but only 20,580 judges working in the Supreme Court, high courts, and district courts
v. Lack of diversity: The judiciary lacks diversity vi. Lack of infrastructure: Judges and litigants lack adequate infrastructure
vii. Sub-optimal working conditions: Court staff have sub-optimal working conditions
viii. Other issues with the Indian judicial system include
ix. Lengthy court proceedings
x. Inadequate resources
xi. High backlog of cases xii. Corruption and biases
xiii. Inadequate access to legal services
xiv. Overworked and underfunded courts
xv. Low budgetary allocation xvi. Limited technological integration xvii. Inadequate facilities
As the article became too long — I had to paste a portion of it — Please read the remaining content as per the following details
This article was originally published as “150 Reasons For India’s Reverse Growth Trajectory 50 Actionable Solutions To India’s Economic Nightmare “ in https://successunlimited-mantra.com/index.php/blog [1st]for more than 3000+ blogs, articles and answers on creating metamorphosis in every aspect of your life — personal, professional, business, mental, emotional, social, relationships — please visit all three links http://relationshipandhappiness.com/ [2nd] and https://www.quora.com/profile/Subhashis-Banerji [3rd]
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