India in 365 days

As the midnight of 14th August 1947 promised India a new sunrise, Pt Jawaharlal Nehru addressed an independent India for the first time. When Nehru raised our national flag, the spectators were filled with new excitement and expectations – from our future, from our tryst with destiny.
72 years later, we celebrate yet another Independence day, in a country so diverse in its boastings, so rich in its culture. As the tricolour is hoisted again on the tower of Lal Quila, let’s take a look at the magnificence of our nation and its journey- from 15th August 2017 to 15th August 2018- India in 365 days.

Economy

In the first quarter of 2018, India got past China, becoming the world’s fastest growing economy. As compared to 2017, India’s GDP growth was projected at 7.36% in 2018. In July, we also became the 6th largest economy in the world, overtaking France. With our growth rates remaining high, some economists also predict that India can potentially outstrip UK to bag the 5th position in the coming times.

While the World Bank figures spread like wildfire, and Indian chests swell up with pride, one must take a look at the per capita GDP, a more suitable benchmark for development. The figures for France are nearly 20 times that of India. The grim reality, therefore, remains the same. If we consider our humongous population, our growth figures are barely competitive.

Petrol prices

On 15th August, 2017, petrol prices in India were at 68.08 Rs/litre (New Delhi); on 10th August, 2018, the prices stand at 77.10 Rs/litre (New Delhi). Prices in Mumbai for the same time frame were Rs 77.21 and 84.54 respectively. The graph of stability in these 365 days, however, has been anything but a straight line. With prices spiralling out of control, opposition and critiques have time and again pointed out the faults in petrol pricing. But while the exchange rates (US dollars and Rs) soar up as well, it becomes too complicated a picture to say anything with certainty.

Unemployment

According to the Centre for Monitoring Indian Economy (CMIE) data, the unemployment rate of the country increased from 3.39% in July 2017 to 6.23% in March 2018. As on Febuary’18, Tripura witnessed the highest unemployment rate – a staggering 30.3%. While Prime Minister Narendra Modi says India is facing a data crisis, not a job crisis, CMIE’s managing-director Mahesh Vyas disagrees. According to Vyas, the high unemployment rate reflects our current economical scenario. The labour force participation rate has gone down, along with Gross Value Added (GVA). “The ripple-effects of the twin shocks of demonetisation and Goods and Services Tax (GST) continue to impact the economy”, he said.

Stock Exchange Market

In 2017, India got its first international stock exchange – India International Exchange (INX). A subsidiary of the Bombay Stock Exchange, it is claimed to be the most advanced technological platform in the world.

2017 was a good year for the stock market in other terms as well. The year closed with a market capital of BSE-listed companies at Rs 152 lakh crore, an impressive Rs 45.5 lakh crore increase. It was declared the best year for equities since 2014. BSE Sensex ended the year 2017 with profits of 29.58%, NIFTY (NSE) recorded a gain of 30.28%. However, 2018 has witnesssed a shift in the growth trend. While Sensex recorded a positive trend of 4.05% from Jan 31st to July 31st, BSE 500 fell down by 1%. BSE MidCap and SmallCap also shed about 9.27% and 12.36% respectively. In July, 2018, 300 out of the BSE 500 showed a downward trend, making the BSE 500 growth one of a very narrow outreach.

Rupees in the currency market

On 15th August, 2017, 1 US Dollar was equivalent to 64.27 Indian Rupees. Almost a year later, on 13th August, 2018, it stood at an all time high of 69.46 (INR). In contrast with the current road of decline, the Indian rupee had noted a strengthening of 6.75% against the USD in 2017. The exchange rate depreciation, coupled with hiked oil prices is likely to put futher pressure on an already increasing inflation.

Political climate

Elections

In the latter half of 2017, the Himachal Pradesh (November) and Gujarat (December) state assembly elections captured the limelight. Bhartiya Janata Party (BJP), with a majority at the center, managed to cash in on its increasing popularity, securing the highest number of votes in both states. However, BJP received a huge blow in March, 2018, when after Yogi Adityanath’s swearing ceremony as the CM, his old Gorakhpur MP seat was won by a Samajwadi Party candidate.

Febuary, 2018 also witnessed 3 out of “The seven sisters”- Tripura, Meghalaya and Nagaland casting their votes for the legislative elections. Tripura, with 25 years of Communist (Party) ruling, in a surprising twist, witnessed BJP scoring the highest number of seats. Meghalaya and Nagaland had Indian National Congress (INA) and Nagaland People’s Front (NPF) winning the most number of seats.

Major bills passed

In August, 2017, the Supreme Court declared the practice of triple talaq as unconstitutional. Subsequently, a year later, Lok Sabha passed The Muslim Women (Protection of Rights on Marriage) Bill, outlawing talaq-e-biddat. The bill is still pending in the Rajya Sabhya. With the Lok Sabha passing The Criminal Law (Amendment) Bill, 2018 in July, Rajya Sabha followed suit in August, 2018. The bill imposes stricter punishemnt for rapes, including death penalty for rape of girls under 12 years of age.

In August, 2018, the Parliament passed the Scheduled Castes and Scheduled Tribes (PoA) Amendment Bill, 2018. The bill, among other amendments, would eliminate any provision of anticipatory bail for people indicted with atrocities against SC/STs, not waiting for a court order. Lok Sabha also passed the famous Representation of the People Act (Amendment) Bill, 2017, in the Monsoon session (August), 2018. The bill allows proxy voting for NRIs.

A glance at the other aspects

Pollution

In May, 2018, the World Health Organisation (WHO) released a report, that in effect declared India worst in the world in terms of air quality. Out of the 15 most polluted cities in the world, 14 belonged to the nation with Kanpur topping the charts. Delhi, the national capital, stood at the 6th place. The figures weren’t relieving in 2017, either. By the end of 2016, the US Environmental Protection Agency had stated that the “smog” levels in the capital were at least 5 times more than the maximum acceptable threshold.

The Journalism Debate

As the murder of Gauri Lankesh, the prominent journalist, shook the country in September, 2017, the tremors were soon to follow. In June, 2018, Shujaat Bhukhari, the Editor-in-chief of the Kashmir-based newspaper Rising Kashmir was shot dead by unidentified men. Reporters without Borders, an international organisation, raised serious concerns, mentioning how 4 Indian journalists had died in the first half of 2018. The press freedom is largely considered as being under threat by today’s journalists, with intolerance on a rise.

Women empowerment

In September, 2017, Nirmala Sitharaman assumed office as the 26th Defense Minister of India, being the second woman after Indira Gandhi to do so. On November 30, 2017, Mirabai Chanu became the first Indian in nearly two decades to win a gold medal at the World Weightlifting Championship. Later in the April Commonwealth Games, she bagged another gold medal. In the 2018 Commonwealth Games, out of the 26 gold medals India won, 12 were won exclusively by women players, one by a mixed team.

The director-general of National Sample Survey Office, Debi Prasad Mondal revealed in an August, 2018 interview that the government plans to start a new survey in January, 2019. The survey aims to take into consideration the amount of unpaid work in India. The move comes as a major shift from the narrow approach of ignoring the efforts and labour contributed by several women in domestic chores.

The past 365 days have witnessed a rollercoaster ride, to say the least. However, with a country as large and diverse as ours, perhaps one can expect nothing less. There are a million little things that make our country the “Bharat” as we proudly call it. It is lucid, therefore, that imperfections creep in. What becomes imperative in such circumstances, is to not lose sight of what’s important and what’s right. Becoming aware citizens is half the journey done of being good citizens. Know what is happening and why.

Happy Independence Day!

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