Er. Rajesh Pathak
The data of third quarter of the financial year 2023 -24 is out . To the amazement of everybody GDP growth is declared to have achieved 8.4 % mark ! The calculation is done by the normal universal practice of comparing it to last year's same 3rd quarter – Q3, mentioned in economical terminology, composed of the months October, November, December of 2022-23. Report says the consumption constitutes 25.60 lakh crore; while the greatest boost came from investment with 14.80 lakh crore, attributive of investors' booming sentiments towards Indian economy, contrary to the opposition's much hyped recession in the market . On the other hand , the total spending from the government came out to be 3.4 lakh crore. Previous financial years 2022-23 the total sum of production in goods and service , the two parameters of GDP, in all 4 quarters taken together was 160 lakh crore. While the same is notably estimated to touch the figure of as high as 173 lakh crore by the end of current financial years 2023-24 . Moreover, the sectors yielding proportionally more jobs such as manufacturing and construction propelled into 11.6% and 9.5 % growth respectively, leaving many to immense surprise. And, obviously, it would have caused shock to the likes of Raghuram Rajan, who had once derided to have said that country would be fortunate if GDP remained to be even just 5% !
Now Raghuram Rajan is needed to remember the year 2013, when the country has Manmohan Singh as the PM , and he being Finance minister. The inflation went bounced up as high as 11.06%, and he got into increasing the repo-rate to 8% in order to contain it. But in 2014 Modi government came to power. It adopted strict fiscal discipline, gradually bringing inflation rate down to as low as 4.5 % in less than two years. Now government wanted repo- rate being brought down. So that money flowed into the market, businesses and industries flourished yet again subsequently . But Raghuram Rajan was unwilling to respond to government's perception, giving no tenable ground either. As the time went on and no change was seen in the stance of Raghuram , whispers of his being involved in promoting the interest of developed world began to gain ground in the higher circle of governance and political corridors. However country got rid of him only when his tenure ended, and government went not in extending his service any further.
