INDIA - PULLING ALONG DIFFERENT DIRECTIONS

“The rapid growth of global markets has not seen the parallel development of social and economic institutions to ensure balanced, inclusive and sustainable growth” – Jorge Heine and Ramesh Thakur
Celebration days are here again. The season is fast approaching. For the last few days the market place was agog with auctions involving crores on a large-scale. In the competition for the best, better and good, the bidders fought a hard battle and it is a pity that some went unsold and the most pitiful thing is that they were once very much valued in the market place. Imagine the pain of the unsold ones among them, some once led their respective countries, then they even in their wildest of dreams didn’t think a day would come when they would be left in the ditch or thrown out as unwanted ones. On the other hand who never did entertain the thought of getting auctioned for rather fabulous sums walked away with crores stacked in their pockets. True, every dog has his day.
Cricket lovers across the country are in high spirits, even school drop-outs turning Sachin, Dhoni, Rohit Sharma, Gautam Gambhir, Virender Sehwag et al playing cricket in every nook and corner of cities, towns and even remote corners of rural areas. Great. These little ones run with bats and balls play with empty stomachs as they are left with nothing to fill their stomachs.
So what? They don’t have any complaints as they are used to such situations since early days.
Seventy percent of Indians pull on with below US $1.25 a day with food inflation poised to hit the ceiling, even the salaried class find it hard to pull on each day.
So what? Billions of dollars piled in the hands of a few while 70 percent of Indians are finding it difficult to make both ends meet and the most deplorable thing is that a govt which proudly harping on high growth trajectory pointing 8.75 to 9 percent GDP growth and sky-rocketing stock-market (sorry sir, the temporary phenomenon of sky-diving is witnessed, with the news of repo and reverse-repo rates about to be liked along with that FIIs (Foreign Institutional Investors) apprehending such a scenario withdrawing their investments after scams after scams, scandals after scandals and corruption plaguing a whole nation becoming hot topic among aam admi and independent observers alike.
Upon going through the daily goings on one thing is for sure and that is nothing other than the dark truth that our country is a rich country, crores and crores pocketed by a minority that too with the knowledge of the govt of the day.
Neo-liberalisation has already evolved into an unwanted thing but not in India. Globalisation though attacked by several quarters should not be treated as a hated thing. Though globalization has its bad side, the other side is a much wanted one. Here I quote Jorge Heine and Ramesh Takur in their article, ‘The darker side of globalisation’ : ‘The outright rejection of globalisation and a retreat into autarky is neither practical nor desirable : who wants to be the next Myanmar or North Korea? As one wag has put it, opposing globalization is like opposing the sun coming up every morning and about as fruitful. Equally though who wants to be the next Iceland, Greece or Ireland? The notion that endless liberalization, deregulation and relaxation of capital and all border controls will assure perpetual self-sustaining growth and prosperity has proven to be delusional. Imagine a nation well confined within four walls without any connection with other ones like N.Korea. North Korean dictators as well as Myanmar dictators always look at liberal democracies with suspicious eyes fearing coup de tat and attacks by other nations always keep a close vigil even while maintaining limited relations with one or two countries. North Korea compared to its neighbouring country is way below on the matter of progress on various fronts.
The other day I happened to read an article titled ‘The dark side of globalisation’ penned by Jorge Heine and Ramesh Takur, two faculties of Waterloo University, Canada about whom I have already mentioned. Both have already published a book with same name – ‘The dark side of globalisation’.
As suggested by the name of the article and the book they have kept a safe distance from two extreme ends of globalization. At one end of the spectrum are N.Korea and Myanmar and at other end are Greece, Iceland and Ireland. Depending too much on globalization they point out the crisis into which these three have plunged, they suggest a golden middle-path. Such a path is ideal for India but our modern day economic pundits can’t digest such an approach the two extremes are very much evident and we the common citizens including those below the Below Poverty Line are the ultimate sufferers. Under the present dispensation we don’t envisage a change for the better.
The IPL auction that we just witnessed under the very nose of our enlightened rulers is just an example each of us could very well witness the absurd drama called auction and the crores that changed hands at a moment the country is caught in the quagmire of scams and scandals involving 2-4 lakh crores of rupees.