While the Preamble talks about social, economic and political justice, I believe the most important of the three is economic justice; without it, the poor will not have access to the other two. A recent article in Times of India based on a report from PRICE (People Research on India’s Consumer Economy) had this table:
The key takeaway: 67% of Indian households (comprising the Aspirers and Destitutes) have (on average) expenditure greater than income, and therefore almost no savings (and probably some debt). Given that 800 million people in India (60% of population) are still dependent on free food from the government, this is perhaps not that surprising.
This table below from PRICE is even more shocking. The bottom 60% of Indian households saw their household income decrease in the 5-year period from 2016 to 2021. (This includes the impact of the pandemic.)
Above anything else, Indians need economic justice – and filled stomachs. The solution is Dhan Vapasi – a return of their wealth that has been captured and is controlled by India’s central and state governments. As I have written previously, Dhan Vapasi is that program which can achieve the following:
- Put money in the hands of people without enlarging the fiscal deficit
- Get India to sustained 10% GDP growth rate
- Not entail any government borrowing which will impact future growth
- Attract global investors and their trillions of dollars
- Not cause inflation
- Be politically popular and financially wise
- Solve the credit constraint problem that many Indians face
- Give families the freedom to make their own choices
- Not a violation of the fundamental rights of the people
Dhan Vapasi combines two ideas – the monetisation of surplus public assets combined with universal wealth return. India’s public wealth of $20 trillion which is locked up in land, PSUs and minerals needs to be returned to the rightful owners – the people of India, who can then decide what to do with it. Dhan Vapasi is the only fair solution which delivers economic justice to every Indian and offers them the freedom to choose. It is the first building block for a prosperous India.