Reality of Make in India and Atmanirbhar Bharat
R Lakshmaiah
or reload the browser
THE government and the media often discuss the initiatives of Make in India and atma nirbhar (self-reliance), but what are the actual plans? Are we making progress towards these goals or regressing? There are several factors to consider, so let's focus on the example of fuel. In the fiscal year 2014-15, when the Modi government came into power, the dependency on imported fuel was 78.4 per cent. By 2019-20, it had increased to 85 per cent. If we delve into the details, we can observe a year-by-year increase in imports. Some may argue that this is due to heightened consumption, which is indeed true. However, the critical issue is that India's crude oil production is decreasing. In 2014-15, Indian crude oil production was 37.5 million metric tons, but by 2022-23, it had decreased to 27.8 million metric tons. If we measure in barrels (as crude oil prices in the international market are per barrel), Indian production in 2014-15 was 26,42,25,000 barrels. This has gradually decreased to 19,58,7880 barrels in 2022-23. The table below provides further details on production, imports, and the amount of money spent on crude oil imports. It is worth noting that, compared to the base year of 2014-15, an additional public expenditure of approximately one lakh fifty thousand crores rupees was incurred from 2014-15 to 2022-23.
Another factor to consider is the increasing exchange rate between the US dollar and the Indian rupee over the past decade. In 2014, the rupee-dollar exchange rate was Rs 61.5 per US dollar. It has gradually risen to Rs 80.39 per US Dollar in 2022-23. As a result, we have had to pay significantly more for imports. These two factors have contributed to a depletion of our foreign reserves.
It is important for Modi and the media to explain the significant loss that the Indian economy has suffered. This loss is a result of the hard-earned wealth created by the people. However, instead of addressing these genuine and urgent issues, the ruling party and the media are diverting attention by inciting communal, Hindutva, and nationalist sentiments, among others, thus creating divisions among the people. Just two days ago, the road transport minister, Nitin Gadkari, announced the encouragement of electric vehicles to reduce imports. The question that arises here is why Indian crude oil production has decreased. Instead of providing an explanation, he has evaded the issue. This is a recurring pattern that we observe.
Now is the time to understand the devastating policies that have been implemented over the past decade and to teach a lesson to the Modi-led BJP & NDA. This can be achieved by utilising the power of the vote in favour of Left, democratic, and secular parties, and by defeating the BJP-led NDA.
or reload the browser
or reload the browser
