New Delhi: In his address to the Lok Sabha, Prime Minister Narendra Modi launched a scathing attack on the Opposition, specifically targeting the issue of inflation. Amidst frequent criticism from INDI coalition leaders about inflation, PM Modi asserted that his government had successfully kept inflation in check, even amidst adversities such as two wars and an unprecedented pandemic. He pointed out the historical struggle with inflation during the Congress party’s tenure, dating back to India’s first Prime Minister, Jawaharlal Nehru.
PM Modi drew attention to two speeches by Nehru at the Red Fort, delivered ten years apart, to emphasize the persistent problem of inflation. Despite the passage of over a decade, Nehru was unable to eradicate inflation, thus reflecting the Congress’ inability to tackle the issue.
One instance highlighted by PM Modi was in 1974, when the inflation rate stood at a staggering 30%. It was during this time that former PM Indira Gandhi made the headline-grabbing statement, If you don’t have land, boil veggies in your own pot. PM Modi denounced the Congress’ insensitivity towards rising prices and highlighted the popularity of two songs during their governance, namely ‘Mehngai Mar Gayi’ and ‘Mehngai Dayain Khaye Jaat Hai’. These songs became hits due to the prevailing inflation under the UPA government.
The article sheds light on the dire economic situation India faced prior to the Emergency Period, when the country was on the verge of anarchy. The inflation rate had already reached alarming levels, ranging from 20% to 30% between 1972 and 1974. The stringent measures implemented by Indira Gandhi to curb inflation faced severe criticism, as her government failed to address two critical issues—the rampant smuggling and the recovery of black money. Economists estimated that India’s unaccounted and untaxed income totaled a staggering $5 billion—a significant obstacle hindering the government’s efforts to control inflation.
The Prime Minister’s remarks have reignited the debate about the Congress party’s handling of inflation during their governance. While PM Modi highlighted their insensitivity, critics argue that inflation is a complex issue influenced by various factors, and it is unreasonable to attribute it solely to a particular government.
Public opinion has been divided regarding inflation and its impact on the common man. Some argue that significant inflation erodes purchasing power and adversely impacts daily life, especially for the economically weaker sections. Others contend that manageable inflation is a sign of a growing economy and can be beneficial.
The controversial topic of inflation and its historical context is expected to remain at the forefront of political discourse. As the country moves forward, policymakers and the government face the formidable challenge of addressing inflation effectively while ensuring economic stability and growth for all sections of society.
