Obama Comeback – Indian Economy – Social – Mixed – Capitalistic Economy
Obama Comeback – Indian Economy – Social – Mixed – Capitalistic Economy
November 6th, 2021
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OBAMA REELECTED AS US PRESIDENT IN 2012
This article of mine was first published in 2012-13 when Obama was re-elected as US President for the second term January 2013 to January 2017. I have been writing articles on Indian Economy. Today (Jan 2013) with the ComeBack of Obama the Indian Economists are debating about its likely impact on India. Definitely, under the current scenario, it can be taken as a 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. The 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 spadework was not done and the Policy Makers and Planners in India could not evaluate it’s after effects. For example – We did not train our manpower to check the uncontrolled Economic/Cultural invasion of India by Capitalistic States like the 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 the 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.
Latest Update by the Author (October 2017): With Prime Minister Modi taking hard steps to catch the wrongdoer capitalists in India through demonetization and likely crack down on Benami Properties coupled with implementation of One Nation One Tax GST regime to make India a country where anybody can do business with easily. These steps will not only create huge employment opportunities but it will also give strength to Indian Economy which was dependent of Deficit Financing. If Modi Government is able to bring about compliance with tax laws by plugging the loophole for the big corporations to make an escape, I am sure the day is not far away when Indian Rupee will be strengthened in the world currency market. In my opinion, with ease of doing business world Bank report, more and more capitalists will throng India to make a quick buck which can be checked only by not allowing them to take away the revenue earned from India to their own countries but imposing restrictions that substantial part of the earned revenue be re-invested in India only.
As I’m unable to add image to this post, I will try to show you the image in text from…