Two recent developments have very badly affected the prospects of the ruling BJP in the State elections and the national elections of 2024.First, it was Gautam Adani affair. The whole country and the shareholders and investors felt shattered by its expected consequences. The mortgaging of Indian economy to a few favoured capitalists was a big confidence breaking episode. It has badly tarnished the image of India as a developing country and investment destination. India cannot depend on its own resources for sustained development. In this age of international cooperation India requires steady inflow of capital from rich countries. Besides this, we require inflow of technical knowhow also from highly developed countries. It was a big mistake of the government to put all its eggs in the basket of Adani. International investors are extremely angry on the misgovernance in investment sector and it has shaken this confidence in the corporate governance and in the efficacy of the supervisory agencies of India.
The common citizen remembers how Arun Jaitley had used the steamroller majority of the ruling party to pass the opaque law on electoral bonds for donations to political parties. ADR figures indicate how the BJP is able to corner big donations from crony capitalists for its election campaigns. If you survey the public opinion, they are openly accusing the ruling party of big hand in gloves with a few corrupt capitalists who are secretly financing its election expenditure. They say the party has sold India to a few persons who are behind the unprecedentedly huge expenditure in elections.
The second thing which has tarnished the image of the Government is the fact that a great chunk of media has been purchased by the Government through its advertisements. That is why they use the term ‘godi media’. It has badly affected the credibility of print and electronic media. Educated citizens point out that in the freedom of expression and media Index India has fallen down to number 150. We are worse than even our neighbouring countries. We are just a few notches above the worst authoritarian countries.
The banning of BBC documentary on Gujarat riots and raid on the BBC offices in Delhi and Mumbai is being severely criticised and condemned all over the civilized world. It has further tarnished the image of India as a vibrant constitutional democracy.
Add all this to the backbreaking inflation and ever-increasing unemployment, the disillusionment is complete. The ruling party is also worried about these developments. We have to watch whether course correction is adopted or new tantrums will be resorted to.