As India gears up for another round of general elections, the political landscape is once again abuzz with promises and rhetoric. Among the cacophony of campaign speeches and pledges, one voice stands out, i.e., Rahul Gandhi of the Congress party with his fervent emphasis on redistributing wealth and vilifying wealthy individuals or wealth creators like Gautam Adani. However, amidst this fervour for redistribution, there lies a crucial oversight -- the imperative need to prioritise wealth creation over the mere distribution of freebies.
Gandhi's campaign rhetoric often revolves around the idea of extracting wealth from the affluent and redistributing it among the less-privileged segments of society, which is absurd on the face of it. While this may seem noble on the surface, it's essential to recognise that the wealth he speaks of is not a personal reserve of the wealthy elite but rather the collective contribution of taxpayers. Such wealth creation has been facilitated by the private sector, which has weathered challenges ranging from the erstwhile licence raj to burdensome taxation policies and a strong bureaucracy.
The disdain shown towards wealth creators, epitomised by Gandhi's rhetoric, is concerning and regressive. Rather than recognising the role of entrepreneurs and businesses in driving economic growth, there's a palpable contempt for their contributions in advancement of the nation. The wealth amassed by individuals like Adani is not a gift bestowed upon them by politicians; it's the result of their endeavours that benefit the nation as a whole.
The Congress party's inclination towards imposing punitive taxes on the wealthy only perpetuates a flawed economic ideology rejected decades back. Memories of exorbitant tax rates from previous eras serve as a stark reminder of the perils of excessive taxation stifling both private enterprise and governmental capacity to address societal needs and aspirations. It's imperative to acknowledge the progress made in fostering economic growth and empowering the middle class, albeit with the recognition that more can be done to dismantle socialist remnants.
Furthermore, proposals such as conducting a caste census to facilitate wealth redistribution are regressive and myopic. In a rapidly-evolving social landscape, where urbanisation blurs caste boundaries, such measures risk exacerbating divisions rather than fostering inclusivity. Instead of fixating on divisive policies, there's a pressing need to address the root causes of poverty, primarily stemming from decades of flawed economic policies.
Rather than succumbing to the allure of populism through promises of freebies, political discourse should shift towards focussing on national development and empowering individuals to uplift themselves out of poverty. Investments in education and skill development are paramount in equipping the populace with the tools to succeed in a rapidly-changing economic landscape. Additionally, fostering an environment conducive to entrepreneurship and innovation is essential in fostering widespread prosperity.
Gandhi's pledge to "create lakhpatis" underscores a fundamental misunderstanding of the role of politicians in economic development. Rather than artificially engineering wealth distribution, the focus should be on creating an ecosystem where individuals have the opportunity to thrive based on their merit and enterprise. The Congress party's fixation on regressive policies risks undoing the progress made towards reducing poverty and boosting inclusive growth.
In fact, the upcoming general elections provide a unique opportunity for introspection and recalibration of economic priorities instead of focussing on regressive ones. Rather than succumbing to the allure of redistributive rhetoric and populist promises, there's a need to champion policies that prioritise wealth creation and empower individuals to chart their own path to prosperity. It's time to move beyond the politics of freebies and embrace a vision that fosters sustainable economic growth and equitable opportunities for all segments of society.
(The writer is an advocate, Orissa High Court, Addl. Central Government Standing Counsel, CAT, Cuttack Bench, Consulting Editor-Legal Affairs and Public Policy, The Pioneer and a Distinguished Adjunct Professor of Law and Media Studies, School of Mass Communication, KIIT University. Views are personal)
