The attack on Charlie Hebdo

The horrific terrorist attack in Paris at the office of the French magazine Charlie Hebdo is a direct assault on the freedom of speech, thought and expression, the fundamentals on which all open, democratic societies are built. Ten staff members at the satirical weekly, including four of its top cartoonists, were gunned down by masked men who entered the building and targeted the editorial meeting in what seemed to be a well-planned and professional operation. They left shouting Allahu-

Akbar, killing two policemen on the street outside before driving off in a getaway car. Since 2006, when it first published the Danish cartoons of Prophet Mohammed, Charlie Hebdo had been under threat of violent attacks by Islamist groups. Refusing to be intimidated, the publication continued to caricature Islam even after a firebombing in November 2011, just as it also relentlessly lampooned Christianity and Judaism — its Christmas week cover caricaturing the birth of Jesus was designed to provoke and cause offence. Self-censorship in order not to hurt religious sensibilities is now the norm in most parts of the world, so too in India, where media and expressions of popular culture including cinema, art and writing have to walk the tightrope daily in deference to what Salman Rushdie in an interview to this newspaper described as the non-existent “right to not be offended”: the fracas caused by Hindutva groups against the film PK is the most recent example of this. In truly democratic societies, this should not be the case, and that is what Charlie Hebdo believed and practised. Irrespective of what anyone thinks of its editorial policy, all who believe in freedom of expression and the democratic way of life must express solidarity with the magazine, and condemn this unspeakable act of violence against them.

Attacking democratic freedoms is part of a larger agenda. Whether it is al-Qaeda, IS or any other group, extremist ideology thrives best in a polarised society. If the sizeable numbers of people adhering to the Muslim faith have been able to resist Islamism, it is because French republicanism has been able to surmount even the most divisive controversies, such as the ban on wearing the hijab and niqab in public and the Islamophobic discourse by the French right-wing parties that surrounded it. While the inevitable security measures will have to be taken, it would be most unfortunate if the attack on Charlie Hebdo were to give rise to a backlash against French Muslims. That would result in precisely what Islamist groups want — an alienated Muslim population that would become a recruiting ground for their violent cause. Maintaining freedoms and equality before the law in the face of a severe challenge to security is the most difficult test for any democratic polity and society.

The bloodbath in the markets — the Sensex has shed nearly 1,000 points so far this week — is a timely reminder that 2015 may not be the heady year that 2014 was. The euphoria accompanying two momentous developments — the installation of a government promising a radically new governance paradigm and the free fall in international oil prices — is over. The Narendra Modi regime will find itself being increasingly judged on performance and delivery on promises. India will no longer be a default investment destination for global funds: they would want to see an economy showing clear signs of revival, rather than just looking for a safer bet compared to Russia, Brazil, Indonesia or Turkey. Low oil and commodity prices are, likewise, a double-edged sword. While helping to substantially bring down the country’s import bill, they also point to a global contraction of demand that can hurt exports as well.
Indeed, a major source of uncertainty for the Indian economy this year is the external environment. Leaving out the US, much of the world today — from Europe and Japan to China and most commodity-exporting emerging economies — is either in recession or significant slowdown mode. The impact of this may not be limited only to India’s exports. It could extend even to capital flows. Last year, foreign institutional investors poured over $42 billion into Indian equity and debt markets. If the current global conditions persist, there could well be a flight of funds to the US, the only economy showing buoyant growth alongside declining unemployment and gradually rising wages. The indications are already there in 10-year US treasury yields, which have dropped below 2 per cent. Any black swan event — say, Greece exiting the eurozone — would only further push investors into the safety of US treasuries or German and Japanese bonds. A US Federal Reserve interest rate hike will, of course, worsen matters.
The only way to navigate these global headwinds is through a revival of domestic investment-led growth, which will keep foreign funds interested in India. This requires concerted efforts from policymakers, including the Reserve Bank of India. Its focus must shift decisively to growth, now that inflation is clearly under control. The Modi government, too, needs to show it means business by not allowing Hindu chauvinist groups to set the national agenda. The most important national priority today is getting growth and investment back. India should seize this moment: Unlike China, it requires and can afford to attract trillions of dollars into infrastructure investments. If properly harnessed, relatively cheap oil could be a blessing.
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