Decoding the corporate Hindutva alliance (Evolving political business culture in India)

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 Decoding the corporate Hindutva alliance (Evolving political business culture in India)

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• Hindutva nationalism v/s Anti-colonial nationalism : There's a basic difference between the two - 

1. Anti-colonial nationalism was about colonial exploitation, that drained resources out of India permanently. It separated earlier rulers from colonial ones, as earlier rulers spent domestically, generating employment.
2. Hindutva nationalism does not consider this difference, as it is not rooted in economics.

• What's on in India : Since 1991 till 2015, neo-liberal economics mostly ran its course. The high GDP and growth for all mantra was dying down slowly (worldwide). In India, the corporate-financial titans needed another mantra, to keep the people engaged in an era of low growth. Hindutva nationalism is precisely that. It aligns with present government perfectly.
• Today's economic crisis : The problems with neo-liberalism, made worse by Demonetisation and patchy GST rollout, could have been handled better had Hindutva nationalism had an economic orientation. But no, it does not. The corproates seem to have no problems with this.
• Back to Europe : The hyper-nationalism being used is a copy of what the 16th or 17th century European nations revelled in. It is not about providing economic opportunities, but decimating 'some enemies'.
• Opposition unable to react : As the total discourse has shifted - from anti-colonial struggle to Hindutva nationalism - the opposition is simply not able to react to it. Even the unhappy peasants voted for NDA in 2019, once Pulwama and Balakot happened.
• Corporate tax doles : The Rs.1.45 trillion bonanza for corporates would have been questioned in normal times. But the Article 370 euphoria has dimmed all voices. The tax giveaway will impact economic activity and employment. The govt. will need to finance it through a larger fiscal deficit. But that can scare global capitalists away, so govt. will rather pinch the working people's pockets instead. 
• Consumption : When income is shifted away from working people to corporates, it is certain that consumption will drop. Why? Working class will tend more to consume with income, than will corporates (who'll save it as undistributed profits, or give as dividends and then not spend it).
• What about corporate investment : The above dynamic does not raise demand in economy, so corporate investments won't rise. A decline in aggregate demand is certain. A downward spiral sets in.
• Income inequalities : India (and the World) has become hugely unequal now, over decades of neo-liberal economics being followed. 

1. Incomes have shifted from workers to the corporate-financial titans
2. That has led to drop in demand, which for a long time was offset by asset price bubbles (and other things)
3. That phase being over now, the problems are visible. DeMo and GST made it worse. And the tax cut will worsen it further.

• Diverting attention : The discourse around hyper-nationalism is keeping everyone engaged nicely. It has nicely cultivated a culture where any dissent is seen as sedition! The judiciary doesn't help, nor do the police (in taming ED, CBI or trolls). So only side of the picture is being projected.
• Bigger shocks needed : To divert from economic troubles, bigger and bigger shocks will be needed - NRC, CAB, one-country-one-language, and so on. The two will feed into one another. For how long? 
• Summary : India is passing through a phase of hyper-nationalism, which will gradually need more high-powered shock events, but the economy will keep sliding downwards, as incomes shift from working classes to the elite.

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