This is one of my first scribble in economics
ECON-PARADOX
Though ,I cannot claim to be a “Know- all’ in Economics,infact, I am a “Know- little” in Economics but from my periphery knowledge ,I would like to pen down an ECON- PARADOX that keeps on rattling in my mind.Last year, when I studied POVERTY and INEQUALITY in detail(browsing like a hungry child first through one book then through another and even leaving no stone unturned to churn out the maximum from some notable works on Poverty like those of Amartya Sen , Jeffery Sachs etc…) what I came to digest was that India was basically a Poor and Developing Economy with about 216 million people living below the poverty line(having full faith in my Govt’s data) and that Inequality was widespread in India.I had in short, made up my mind to believe that India is a Poor country but is moving progressively on the path to Development.No sooner had I made up my mind on this aspect than another question started bouncing in my Brain.Then what is the hoopla around 8% GDP growth all about?Is some “ Miracle” or “Trickle down theory” again believed to work in the present Indian scenario?To add to further confusion in my mind ,I recently came across an article with the captions “INDIA FUELS WEALTH SURGE IN ASIA”, that India is slowly producing more and more of millionaires .This article drifted me to firmly believe that “India is truly booming”.But again on the same day ,I came across another article which said that the total toll of suicide cases of farmers in the Vidharba district of Maharashtra is on the upsurge, that a good number of farmers committed suicides in Andhara Pradesh due to Indebtness.These instances utterly confused me and made it still more difficult for me to digest the two absolute contrary faces of my dear motherland .The present state of affairs is truly beyond my comprehension .Infact, it is the biggest ECON- PARADOX that I have ever come across (in my one and a half year journey through the beautiful world of economics)a much bigger Paradox than the conventional Economic PARADOXES.
Though ,I cannot claim to be a “Know- all’ in Economics,infact, I am a “Know- little” in Economics but from my periphery knowledge ,I would like to pen down an ECON- PARADOX that keeps on rattling in my mind.Last year, when I studied POVERTY and INEQUALITY in detail(browsing like a hungry child first through one book then through another and even leaving no stone unturned to churn out the maximum from some notable works on Poverty like those of Amartya Sen , Jeffery Sachs etc…) what I came to digest was that India was basically a Poor and Developing Economy with about 216 million people living below the poverty line(having full faith in my Govt’s data) and that Inequality was widespread in India.I had in short, made up my mind to believe that India is a Poor country but is moving progressively on the path to Development.No sooner had I made up my mind on this aspect than another question started bouncing in my Brain.Then what is the hoopla around 8% GDP growth all about?Is some “ Miracle” or “Trickle down theory” again believed to work in the present Indian scenario?To add to further confusion in my mind ,I recently came across an article with the captions “INDIA FUELS WEALTH SURGE IN ASIA”, that India is slowly producing more and more of millionaires .This article drifted me to firmly believe that “India is truly booming”.But again on the same day ,I came across another article which said that the total toll of suicide cases of farmers in the Vidharba district of Maharashtra is on the upsurge, that a good number of farmers committed suicides in Andhara Pradesh due to Indebtness.These instances utterly confused me and made it still more difficult for me to digest the two absolute contrary faces of my dear motherland .The present state of affairs is truly beyond my comprehension .Infact, it is the biggest ECON- PARADOX that I have ever come across (in my one and a half year journey through the beautiful world of economics)a much bigger Paradox than the conventional Economic PARADOXES.
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