Recession Analysis- The Whys of the great downturn
Ok, so have you got it or not? We are finally in the midst of a recession, which means that the bubble of economic growth has burst. Till 2007 we were dreaming of economic growth of 8,9 and even 10% but over the last year, the rate has steadily decreased.
Although there are several reasons that the capitalist countries are attributing to the downturn, it is a result of the economies failing in other first world countries as well.
Firstly, in the Indian scenario, there are several questions that come to mind. Was our growth too sudden? Was our growth not sustainable enough? Is everyone benefiting by the privatization and globalization of companies? Does equality in a competitive sense really exist? Is our education system doing enough to produce skilled manpower to the corporate sector? Why are the rich people becoming richer? Why are the poor becoming poorer? Why is there an alarming increase in crime, rape, unemployment and corruption in the country? Have the economic and social policies of our forefathers succeeded? Are women and other minorities solely bearing the brunt of a lop-sided society? Is the society in India ready for the economic progress that has come to our country so rapidly? Are we literate enough? Are the police, defense and internal security systems of the country in place? Well, for most of the above questions, there is just one resounding answer. No.
We are not educated enough. We are not skilled enough. We are not smart enough and we are, in small word, just not good enough. Higher education, except for the IITs & IIMs in our country is abysmal. Ragging persists at an alarming rate. The regional areas have no education. Our politicians and governance is pathetic. The many literacy drives and programs have failed to resurrect the poor. Farmers are committing suicides in every part of the country. Our internal security sucks. There are problems on all sides of the border. The LTTE, LeT, Naxals, Maoists, Islamic fundamentalists are creating havoc in neighboring countries and are in no mood to spare Indians.
There are many things we can learn by the recession and now’s the time to do so. A reality check is of utmost importance. It’s finally now or never for our politicos and people in power. The bubble has burst and now’s the time to get our systems in order, before it’s too late.
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