There is a need for a smart lockdown rather than a complete lockdown after the infections are plateaued. Importantly, the administration has to come up with an exhaustive vaccination program on a war footing. That alone will make this lockdown worth bearing.
One can’t help but only wonder if J&K has managed to not just survive but surprisingly outperform in many socio-economic factors despite living through a consistent vortex of political unrest, the level of economic emancipation in normal scenarios would have been at a different level altogether.
Laden in the velvet of rhetoric and glossed with a selectively chosen set of numbers, the idea is to project an image of achievement, progress and growth while carefully working around the not-so-pleasing statistics in order to maintain the public confidence in the policies.
The inferences drawn from the performance of advances, deposits and NPAs in the last 24 years of J&K economy reflect a pattern of decelerating economy with plummeting savings, unhealthy composition of credit and rising levels of failed businesses. The last 6 years have been one of the worst periods in terms of credit growth since financial year 1996-97
In terms of its tax payments, people of J&K are therefore paying proportionally better than economically most vibrant states of India. This is despite J&K falling in the bottom 20 percentile states in terms of the per capita income
Measuring from a wider time frame i.e. from 1996 till 2019, JK’s per capita income has grown at an average of around 3.38% compared to an impressive all India average of 5.41%. Which implies that in real terms (adjusted for inflation), nationally the income is doubled every 13.30 years, while in case of J&K it takes around 21.30 years for the same.
Given the involvement of some very powerful and comparatively competent bureaucratic offices from both centre and the UT and the amount of time it took to come up with a tangible policy; the expectation was something of the scale of industrial reforms encompassing the entire industrial ecosystem
Logically, the situation of unemployment arises when the number of available manpower exceeds the volume of jobs available in the market. However, the same economy paradoxically, provides secure stable and consistently growing livelihood to lakhs of migrant labor force with fair amount of efficiency.
Fourth industrial revolution provides us with one such unique opportunity. We are at the crossroads and the collective set of decisions as policy makers and as entrepreneurs we take will determine the shape of our future trajectory.
Despite losing almost an entire decade in the last three decades to this never ending political turmoil, the statistics of the formal economy have surprisingly beaten some of the comparatively peaceful and economically diverse states of India with fair margins.