Introduction:

Since 2014, India has witnessed a confluence of economic challenges and the rise of majoritarian Hindu supremacist politics, resulting in a complex landscape that has significant implications domestically and globally. This essay delves into the economic downturn experienced by the Indian economy during this period, drawing comparisons with data from the United States, and examines how majoritarian politics exacerbate these challenges.

Economic Downturn in India:

The Indian economy, once touted as a beacon of growth and potential, has encountered a series of setbacks since 2014. One of the primary indicators of economic health, GDP growth, has seen a notable decline. According to World Bank data, India’s GDP growth rate plummeted from 8.2% in 2016 to 4.2% in 2019, marking a significant slowdown. This downward trend has been attributed to various factors, including demonetization in 2016, flawed implementation of the Goods and Services Tax (GST), and a lack of structural reforms.

Unemployment has emerged as another pressing issue. The Centre for Monitoring Indian Economy (CMIE) reported that India’s unemployment rate reached a 45-year high of 6.1% in 2017-2018, with the youth bearing the brunt of joblessness. The slowdown in job creation, coupled with a burgeoning youth population, exacerbates socio-economic disparities and poses a formidable challenge to policymakers.

Furthermore, the Indian rupee has experienced volatility against major currencies, reflecting underlying weaknesses in the economy. The depreciation of the rupee not only raises concerns about inflation but also dampens investor confidence, hindering foreign direct investment (FDI) inflows.

Comparative Analysis with the United States:

A comparative analysis with the United States underscores the severity of India’s economic downturn. While the U.S. economy faced its own challenges, including the Great Recession of 2008, it exhibited resilience and robust recovery post-recession. According to the U.S. Bureau of Economic Analysis, the U.S. GDP grew steadily, averaging around 2-3% annually from 2014 to 2019. Moreover, the unemployment rate in the U.S. declined steadily during this period, reaching a record low of 3.5% in 2019.

The sharp contrast between India’s economic performance and that of the United States highlights the magnitude of the challenges confronting the Indian economy and underscores the need for concerted efforts to revive growth and employment.

Majoritarian Politics and Its Impact:

In parallel with the economic downturn, India has witnessed the ascendancy of majoritarian Hindu supremacist politics, characterized by the dominance of the Bharatiya Janata Party (BJP) and its affiliates. This brand of politics, rooted in Hindutva ideology, seeks to assert Hindu hegemony and marginalize religious and ethnic minorities.

The pursuit of majoritarian agendas, such as the controversial Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC), has triggered widespread protests and communal tensions, undermining social cohesion and investor confidence. The polarizing rhetoric espoused by political leaders further exacerbates divisions within society, stifling dissent and fostering a climate of fear and uncertainty.

Moreover, majoritarian politics pose a threat to democratic principles and institutions, eroding the secular fabric of the Indian polity and jeopardizing minority rights. The erosion of democratic norms undermines the rule of law and institutional integrity, hindering inclusive growth and development.

Conclusion:

The economic downturn experienced by the Indian economy since 2014, coupled with the rise of majoritarian politics, presents a formidable challenge that requires urgent attention and concerted action. As India grapples with the fallout of the COVID-19 pandemic and seeks to chart a path to recovery, addressing structural weaknesses in the economy and safeguarding democratic principles are imperative.

To realize its full potential, India must prioritize inclusive and sustainable growth, foster social cohesion, and uphold the values of pluralism and tolerance. Only through inclusive policies and participatory governance can India overcome the dual challenges of economic stagnation and majoritarian politics, ensuring a brighter future for all its citizens.