Some things to Reconsider

For years, Indian economists droned the same refrain — too much revenue expenditure, not enough capital expenditure. The government, they said, must stop spending on salaries and start building roads. It’s the fiscal equivalent of being told to eat more protein and less dessert. Under Narendra Modi, the state has gone on a construction binge worthy of the Mughal emperors — ₹54 trillion poured into capital expenditure in just eleven years. In the last three alone, we’ve spent over ₹11 trillion annually. Roads, railways, defence, water projects — you name it. The bulldozers haven’t rested since. So, naturally, one would expect an economic dawn — faster movement of goods, lower logistics costs, more jobs, happier people. A Keynesian dream, in other words: the government spends, demand rises, and the private sector jumps in, inspired and eager. Only, it hasn’t. The animal spirit is not just asleep; it seems comatose. Private capital expenditure — the ultimate litmus test of investo...

Who would have imagined that in India, the land of Gandhi ji’s simplest ideals, we would be witnessing a growth story so split that it resembles not a straight line rising but a sharply diverging “K”? One arm rockets upward, glittering with corporate gains and luxury whispers, while the other—silent, struggling—slides downward, borne by millions of workers, farmers, women in villages, and small shopkeepers. How ironic: the nation that owes its survival to unity now splinters economically into two disparate realities. It was in this context that political strategist Prashant Kishor, in a recent interview, made a striking remark. He declared his opposition to the Prime Minister’s promise of two new Amrit Bharat trains originating from Bihar. According to him, these trains were not designed to ease the lives of ordinary Biharis but to “facilitate the outward migration of inexpensive labour.” His observation is not merely cynical commentary; it points to a deeper malaise in the way India...