Monday, 10 November 2014

Obama Comeback - Indian Economy - Social - Mixed - Capitalistic Economy

Our Next Article : We need not follow US Economy 
Obama Campaign
I had been writing articles on Indian Economy. Now with the comeback of Obama in 2012 elections,  the Indian Economists are debating about its likely impact on India. Definitely under  the current scenario it can be taken as positive development as India can look forward to the US commitments materializing in the time to come. 

But , Why India is following US Economic Policies. USA is a Capitalistic state and India as a nation can not afford to be a Capitalistic Economy. Going back to the post independence era under the Leadership of Jawaharlal Nehru to Indira Gandhi ( 1947 to 1984) ,we started as Socialistic Economy and the effective Govt. Control ensured proper distribution of development programmes. 

Economic reforms in India that started on 24 July 1991 under the regime of Late Prime Minister Sh.Rajiv Gandhi .

No doubt Economic liberalization was required for developing infrastructure and technology but proper spade work was not done and the Policy Makers and Planners in India could not evaluate its after effects. For example - We did not train our manpower to check the uncontrolled Economic/Cultural invasion of India by Capitalistic States like US. Had we taken to liberalization i) after ensuring up gradation of  educational level of an average Indian ii) protecting the Indians and their hard earned assets from takeover by capitalists ,iii) last but not the least - we must not have allowed the revenue earned from India to be invested out of India.

Today the US economy is financed by Deficit Financing (Fiscal Deficit) and we are following an Economy which is sustaining on Deficit Financing - the main source of inflation .India is also meeting its budget outlays through Deficit Financing - both the above factors have a multiplier effect on Inflation. Unless and until India  becomes Self Reliant/Dependent  and switches to Bilateral Trade where India can strike bargain deals with other nations, I fear, we are likely to be dictated by Multi National Corporates as in USA these Corporate Houses are the virtual Policy Makers and watch their vested interests. Presidents may come or go in White house but it is a fact the economic policies will be framed by the Corporate Houses funding the US elections.

It is never too late. Indian Leaders need an introspection as what is Good or Bad India and its citizens. To Govern we need mature electorate willing to be governed not by Corporates but in real sense Indian Democracy need to be a Government of the People, By the People and For the People.

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