Current Economy on Indian Social Perspective

After 1989 union budget our Legal and  tax legend and universally revered jurist Lt Sri Nani Palkivala heavily criticized then Finance minister Sri Lt. Madhu Dandavate for non reforming the then socialist based economy by citing South Korea’s  magical economic achievements contrary to limping  Indian economy inspite of gaining freedom in the 1947 by the  both nations and then our FM answer was that INDIAN ECONOMIC POLICY IS MOST CORRECTLY IS BASED ON INDIAN SOCIAL PERSPECTIVE.  At that time majority of Indian thinkers, medias  were in clapping mode in all praises of Mr. Palkivala and were equally adverse to our FM comment. Now after 36 years of said comment of our FM, now observing just the starting effect of financial hardships upon the middle class and poor overall, myself  deeply felt that how correct was our then FM  who after next to NEHERU,  Indira Gandhi, George Fernandez  and Pranab Mukherjee most correctly understood the most adverse affects  of  globalization of economic concept upon our middle class, lower middle class and poor constituting 90% of our population and their great visions were based upon the mental and physical construction of average Indian people coupled with age old social, family customs highly unsuitable with the reincarnation of ruthless capitalism of late 18^th and 19^th centuries first half culminating the birth of USSR and other communist nations rebelling against the said ruthless exploitation of working class and high income inequalities and subsequent most pragmatic adoption of MIXED ECONOMY by our first policy makers in line of Great LENIN NEW ECONOMIC POLICY(NEP) and SOVIET CAPITALISM based on strong government presence not only in administration and social welfare but also in industrial, agriculutural sectors with coexistence of small and medium private enterprises. Although Lenin epoch making NEP adopted latter even by the all rabid capitalist nations including the USA and UK to great extent silently but ironically not the new leadership of USSR under Stalin which ultimately lead to demise of USSR and communism worldwide which again brought a golden  moment for rabid capitalists to re establish their lost business empire from 1991 onwards.

The sole reason behind the  adoption globalization policy on economic policy by our national govt. in 1991 was to mimic or copy the economic models of South Korea, Japan and China in entirety by courting the highest  private investments in national economy and commensurate shrinkage of govt. presence not only in industrial and agro sector but also in administrative sector too by curtailing man power and regulations drastically. In 2001, on the ten years of our economic  linearization a most adverse financial picture started to emanate which was rising unemployment  and poverty in grass root level constituting 70% of our population then due to shrinking govt. role in economy and most insufficient private investments to compensate that yeomen gap which pushed our economy to 13^th position in GDP term in the world. However after the change of govt. in 2004 Indian economy started the unprecedented march of successes due to heavy govt. spending through the high salaries of govt. servants and teachers as well as through 100 days works in rural areas. Along with this our export and industrial productions started to sign of great rejuvenation culminated to the highest success till 2024 which helped us to reduce the poverty level drastically and percolation of prosperity to the every level of society. The reasons behind this fairy tale economic growth from china, India to most of the world has already been deliberated in my previous articles including the vicious propagandas by the  puppet political parties and the policy makers of these ruthless capitalists who have most successfully made the most people believe that before 1991 socialist India had no industries of worth, exports, general prosperities, education, technology  as of now  contrary to fact that most of the game changer corporate were born and brought up in socialist India and immense rural and middle class prosperities with highest national savings, low indirect taxes, robust banking system, low prices of goods, services, job security, strong labor laws  and sound  co-op system  were very much prevalent  up to 1990 sans  of vicious lures of shopping malls,  lure of most irrational glitz and constant persisting corporate world  to drain out the precious earning of middle class and poor by various inimical stratagems, skyrocketing loots by our politicians.

Now with the starting of headwind of globalization mainly for drying of liquidity of cheap monies printed massively worldwide eight type of vicious effects are getting prominence, first is the stagnation of wages and income of  industrial workers, daily wagers and marginal and medium cultivators  due to tight spending of corporate sector as well as govt. spending inspite of skyrocketing inflation, second is the fast depleting household savings and falling on perennial debt trap of the 75% of population which will touch 90% very soon, thirdly most unequal battle between 10% of mostly national wealth holders vs 90% of have nots and thus  logical ending in deep penury by these 90% middle, lower idle class and poor within 2 years or less, fourthly massive automation and lay offs by the corporate sector thus burgeoning the army of unemployed in such adverse financial time, fifth is the massive wreaking power of banking sector particularly the govt. banks and co-op societies  upon which 95% of SMEs and marginal farmers are dependent for survival due to  fast drying of deposits and immense corruption, sixth is the severe psychological  pressure and impending disaster in the social fabric with rising suicide cases even among the white color workers in IT sector, MBA etc  which will assume  soon pandemic like proposition, eight is fast crumbling govt. machineries both in central and stats  due to severe shortages of man power and consequent logical ending of social welfare schemes deliverance, justice system, proper tax collection machinery, ballooning national and state deficits on revenue collection, education system etc.

So our Late FM might have the last laugh in heaven.