The collapse of Sri Lankan government is now complete. The last of the Rajapaksa’s, Gotabaya, the President of Sri Lanka has fled his official home. He has been taken by the Sri Lankan Navy to an undisclosed destination.
Collapse of Sri Lanka started after 2019, when the Rajapaksa brothers came in total control of the island nation. They used religious divide to keep people diverted, while the nation was moving into an economic ditch. The government cut taxes for the rich and increased taxes on the citizens.
How did Sri Lanka get into an economic mess?
- It cut taxes on companies.
- The government actively promoted religious strife.
- The government banned the use of fertilizers in an executive decision taken by the President implemented within 24 hours.
- It borrowed heavily for infrastructure projects, especially from China.
- It lost out on tourism, a major revenue source, due to lock down and Corona.
- It’s imports went out of hand and exports could not keep pace.
- Top leaders made money through bribes and kickbacks.
Do you see the similarity in what happened in Sri Lanka to what is happening in India?
- India has cut taxes on companies, compensating it with taxing the general public.
- Government is actively promoting religious strife and shielding the people from majority group that are creating the divide.
- In our country too there is talk of organic fertilizers as government runs out of foreign currency to import fertilizers. Demonetization and Lock Down were implemented by giving just 4 hours notice. Both these executive actions destroyed the Indian economy.
- India’s foreign borrowing have galloped over the last six years.
- India’s exports are down and imports are up, Make-In-India is a failure and trade gap is widening.
- Exports are down and imports are rising with each passing month putting pressure on Dollar reserves.
- But BJP, PMCaresFund and politicians have become rich beyond imagination.
It won’t be long before we become another Sri Lanka.