It is naïve to protest the hike in fuel prices as though these could have been avoided. It was a given that, once the assembly elections got over, the difficult decisions would begin to be taken. First, of course, the appeal by the PM to adopt voluntary measures that would reduce the burden on resources, as well as curb outflow of foreign exchange. Now, part of the burden of rising oil and gas prices is being passed on to the consumer. The capitalist countries of the developed world did so almost at the start of the present crisis.
Also, in the early days, it was hoped that the Strait of Hormuz conflict would be resolved in one way or another. Unfortunately, this has not happened and the world is witnessing an impasse that is hurting the global economy in numerous ways. India has reserves that can, in the short term, prevent a panic situation, but subsidising consumption would be a disaster in the long run.
While politicians are fond of quoting PM Modi’s slogan – ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas’ – the focus is placed on what the government can deliver. However, ‘Sabka Prayas’ was phrased for just such a situation. If the people unite and together do what they can at their individual levels, they can prevent the situation from becoming too difficult to manage. The manner in which the nation had come together during Covid times is an example of this. However, for political reasons, the counter to Covid is presented by certain sections as a ‘failure’ instead of an unprecedented coming together to face a national emergency.
The question is: why is the response not just derided but also opposed by the opposition parties? Is it their belief that there are gains to be had from undercutting the national effort? Is there no sense of national pride in what a diverse democracy can do through a sense of common purpose? There is no doubt that the ‘austerity’ measures being undertaken will impact certain sectors of the economy more than others. However, as is already evident, policy decisions are being taken at various levels to deal with the situation so as to provide targeted relief to those more affected.
At the same time, there are also ways in which India can take advantage of the situation. The nations of the Gulf, for instance, have realised that India is a sensible and mature nation with which future relations can be safely and profitably enhanced. Also, as in times of Covid, nations in the neighborhood are being provided support despite India’s own requirements. This will certainly pay off in the long run.
