NEW DELHI: Bahujan Samaj Party (BSP) leader Mayawati urged the central government to prioritize the welfare of the nation and its people over “narrow politics” in light of the reduced GDP growth projection for the current fiscal year. Her remarks came as the Indian rupee plummeted to an all-time low of 85.83 against the US dollar, adding to economic concerns.
In a post on X (formerly Twitter), Mayawati expressed concern for the country’s economic direction. “The people who are genuinely saddened by this are the hardworking and impoverished people of the country, who, in spite of their difficult lives, are not prepared to hear any harm coming to their nation,” she wrote.
She also commented on the broader implications of the rupee’s depreciation, saying, “The poor are upset about the rupee’s declining value on the international market, even if they may not have a direct link to it. In order to fulfill their aspirations for ‘Achhe Din,’ the government must respect their feelings and, putting aside its 24-hour narrow politics, focus on public and national welfare.”
Economic Concerns Deepen
The government’s revised GDP growth projection for 2024–25 stands at 6.4%, the lowest in four years. This marks a significant decline from the 8.2% growth achieved in FY 2023–24. Officials have attributed the slowdown primarily to underperformance in the manufacturing and services sectors.
The current GDP growth rate is the weakest since the 2020–21 fiscal year, when the COVID-19 pandemic resulted in a contraction of 5.8%. Economic experts warn that the downward trend could impact job creation, investment flows, and overall market sentiment.
Adding to the woes, the Indian rupee’s depreciation against the dollar has raised concerns about rising import costs and inflation, further straining household budgets.
Mayawati’s Critique of Governance
Mayawati’s comments reflect growing dissatisfaction among opposition leaders with the government’s handling of the economy. The former Chief Minister of Uttar Pradesh criticized the ruling dispensation for allegedly prioritizing political gains over the country’s economic stability.
“In times of economic hardship, it is essential for the government to demonstrate accountability and a commitment to public welfare,” she remarked, adding that the aspirations of the common people must take precedence.
Political Context
The BSP, led by Mayawati, has maintained a neutral stance in national politics, distancing itself from both the BJP-led National Democratic Alliance (NDA) and the opposition’s INDIA bloc. However, the party’s influence has waned in recent years following electoral defeats in Uttar Pradesh and the Lok Sabha polls.
Observers note that Mayawati’s recent statements could be an attempt to regain political relevance by resonating with public grievances. Her emphasis on economic justice and the plight of the underprivileged may strike a chord with voters grappling with rising living costs.
Broader Implications
The economic slowdown and rupee depreciation come at a time when global markets face uncertainty. India’s reduced growth projection raises questions about the government’s policy measures to boost manufacturing, enhance exports, and create jobs.
Experts have urged the government to implement structural reforms, invest in infrastructure, and provide fiscal support to struggling sectors to reinvigorate growth. Additionally, steps to stabilize the rupee and manage inflation are seen as critical to safeguarding the economy.
Public Sentiment
On the streets, the impact of these economic challenges is palpable. Rising prices of essential commodities, reduced employment opportunities, and a slowing economy have left many citizens frustrated.
“We were promised better days, but things are only getting harder,” said Rajesh Kumar, a daily wage laborer in Delhi. “The government needs to focus on making life easier for ordinary people like us.”
As the nation grapples with these pressing issues, Mayawati’s call for prioritizing public welfare over political maneuvering resonates with many. The coming months will test the government’s resolve in addressing these challenges and restoring economic stability.
