Harish Kumar
If you can?t convince them, then confuse them, and that?s what the governments globally are doing for the economic revival?be it the European countries, the US, Japan, or even, in a way, India.
Even if you suppose that austerity measures are an optimistic step, then why is Europe still struggling with negative growth figures and why is the Indian economy still struggling to achieve the magic 8% growth rate.
Talking about India, we have seen so many scams that if the money supposedly lost to all such scams had been invested for the well being of the people of the country, then there was no need of even thinking about austerity measures, which compromise the quality of life and the living standard of the people.
We can conclude that austerity measures, though needed sometimes, are not the only way out for economic recovery; they are just an option of the last resort.
It can also be rightfully concluded that austerity measures increase the social instability in any society. If you take the example of England, you will get to know that austerity measures don?t, in any way, resolve the economic crisis.
The author studies at the Balaji Institute of Modern Management, Pune. This entry is part of the FE Mastermind contest. Views are personal