Economic policies of India’s PM Narendra Modi is called Modinomics. His followers or voters believe that Modinomics is a much-needed panacea to India’s economy. Unfortunately speaking, I don’t find any coherent difference between Modinomics and other “socialist” policies.
Devotees of Modinomics believe “lesser evil is better than bigger evil”, whereas liberals believe that Modinomics doesn’t make social economic sense. There is no difference between both sides because their virtual goal is to maximize state power and social demagogy in an euphemism way at the cost of personal freedom, individual volition and cultural liberty.
There are facts and figures (convincing the ‘selective bias’ syndrome of the researchers, examiners and followers) on the reformatory and revolutionary Modinomics, but it does not alter the mainstream narrative [in the end]. The established narration is socialism (government owning the resources, controlling, regulating and manipulating the means) which is totally against the hyperbole of free market capitalism. The Indian economy leaded by PM Modi and his “expert” team is consciously ignorant of economics. Their “integral humanism” application of economics stands intellectually dishonest, when introduced the scope of catallaxy in the said discourse. The matrix of Modinomics is again hopelessly inured and infatuated with etatism or statism. It is said that PM Modi is a pragmatic modernizer of government running the economy but in reality his government failed to minimize the government role. His favorite rhetoric “minimum government, maximum governance” convinced the ultracrepidarian class, youngsters, global investors but the result is “maximum government, minimum liberty”.
Although his government have taken grim steps to outlaw the unnecessary laws, bureaucratic instruments and interventionists, Modinomics is still an old wine in a new bottle. His government is still run by the economics of “moral hazard” policies, “too big to fail” mechanism, albeit his government iterates “recapitalization of public units” dialogue. His followers strongly hold the opinion regarding his fabian way of enriching the economy but their forgiving-forgetting attitude doesn’t distort the truth of economics (no matter how many abuse this article in the comment section).
Modinomics, not unlike previous government, suffers from emporiophobia (fear of free market), aurophobia (fear of gold savings) and apoplithorismosphobia (fear of deflation). Considering his government’s ‘selective silence’ on major economic issues like property rights, civil liberty, secessionism right, economic expropriation, indirect taxation, capital structure, border trading, etc., it is right to ratiocinate that his government is a turbanless keynesian. I can name many other crucial issues from libertarian view, but sadly speaking people of this country are habituated to discuss within the “overton window” of public policies. Would it be sensible to play chess with the pigeons?
Modinomics, economic system of India and its paid politicians still repeat high-sounding terms like “freedom of the investors” and “stable growth” which sedates the madding crowd. The terms “private” and “freedom” no longer mean what they are, here. They are cruel deceptions that fool the mind yearning for human freedom. The fact is that in India we still have massive regulation and regimentation. This is necessary, we are told, because it is “in the public interest.” It all spews forth out of “democracy” as if a Biblical word and a holy sanction. Terms like “public interest” and “common good” are code words that mean police state and reduced liberty. Now, tell me, how Modinomics liberated the Indian economy?
With this propaganda reverse, opposition has been neutralized. True words, true meanings of patriotism (example: bolo “Bharat Mata ki Jai”) and freedom have become the farce and illusion that cover fascism. So PM Modi has attracted the millennials in droves based on the lie that “UPA’s socialism is immoral but his brand of socialism is moral” because it guarantees “liberty of opportunity”. Modinomics is also embedded with obscure ideas when it comes to deciphering trickle-down economics, social spending and international economy. His government voices out that the Indian economy would balance between growth and development but fails to understand that growth and development are conventional and outdated concepts, in the current changing environment. Neither growth nor development improves the real essence of economic liberty. In fact, they both crush the schema of economic freedom.
Catallaxy, market voluntaryism and property rights can be considered as sound solution(s) to counter the fascism of Modinomics and Sickularism. As long as Modinonomics doesn’t believe to divorce its romance with/from eminent domain, public monopoly and crony capitalism, it would stand indifferent in this whole paradigm. Time has come to apply deductive reasoning against such economic philosophies advocated by the politicians than falling for rhetoric et al. Simply put: Modinomics rewards sloth and penalizes hard work while Voluntaryism rewards hard work and penalizes sloth.
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