Is Democracy hampering our growth?
The democratic governance of India was definitely formed with a view of overall socio-economic-political growth of its people. But like all other concepts, it brought with it several loopholes too which were selfishly utilized for vested interests by certain groups of people from time to time.
The various scams often coming up by the nexus of political and bureaucratic people points at a major dark side of democratic powers being put to ill use. The recent 2G scam and the Adarsh Society scandal have been glaring examples of the Indian democracy being used for vested interests. Democracy provides the capitalists with ways for biasing the government and the regulations to suite their needs. The various policies and subsidies are often found to be favouring certain lobbies of people rather than being in public interest. The policy of the Telecom Ministry to sell 2G spectrum licenses at archaic rates were clearly in favour of certain influential organizations. All these have a major negative effect on the GDP of the country, in spite of an apparent rosy picture being given to the people. The Solar Energy production subsidy, although projected to be in social welfare interest, was found to be having glaring deficiencies. Democracy also restricts from the concept of a free market economy in the attempt to control economy, thereby restricting better competition and the scope of quality improvement.
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Nevertheless, it is the democratic Government of India which is being seen as having better stability than autocratic regimes. This increases the faith and confidence of foreign investors thereby maintaining a healthy FDI. Democracy also gives a sense of representation of the common people which paves the way for growth and development of the common mass. The drastic development of Bihar under Nitish Kumar portrays the positive effect of people’s representation in democracy.
It is not democracy which enhances or hinders our growth. Rather it is the approach that we take for our growth with proper utilization of the democratic machinery which is the real propellant to our overall socio-economic growth. Democracy in good hands would definitely induce growth but in wrong hands may lead to restrictive growth.