By Dr. Santosh Kumar Mohapatra*

It is publicised now that exactly 30 years ago, a looming balance of payments crisis pushed India’s leaders to dismantle its socialist economy, embrace the economic liberalisation process ushering in private enterprise and years of higher growth. In reality, India embraced the so-called Washington Consensus under the pressure from IMF, World Bank.

Now, much discussion is going on supporting so-called economic reforms. It is argued that reforms have brought growth and prosperity. But in reality, the rich have become richer, and the poor have become poorer.

Inequality is increasing at a faster rate with the impoverishment of the masses in tandem. Health, education, and essential services have been privatised which has a cataclysmic impact on vulnerable sections of society.

The corporates/ rich have amassed wealth at the expense of the poor.
It is not only in India, but so-called reforms have…

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