25 Years of Reforms

Dangerous Embrace: India and International Finance Capital

FINANCIAL liberalisation, aimed in the first instance at attracting foreign finance capital to India, is the centrepiece of the neo-liberal growth strategy India chose to adopt 25 years back. That was indeed a dramatic change. In 1947, controls on and regulation of foreign investment were seen as prerequisites for ensuring autonomy from predatory foreign capital, and strengthening the political freedom that had been won.

Political Economy of Neo-Liberalism

CHEER leaders of neo-liberalism have mounted a high crescendo campaign hailing that the last quarter century since Dr Manmohan Singh, as the finance minister, initiated the process of neo-liberal economic reforms in 1991 had created a India which would have been impossible otherwise.  Further, such reforms are the only way, we are being told, that India can move closer to the mythical El Dorado – a land where milk and honey flow freely.  An objective assessment of the condition of our people and the polity, as a consequence of these reforms, is, thus, in order.

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