25 Years of India’s Liberalisation..
Kudos to Dr Man Mohan Singh… back in 1991 he seized the reins of India’s economic liberalization with the confidence and support of then Prime Minister Mr Narsimha Rao. When we look back in these last 25 years time, we are left with mixed feelings!! As a student, we were taught that the economic growth has to lead to economic development of the country (or at least certain schools of thoughts believe in such logic). This not happening will give rise to social disparity and create more divide between the Haves and Have Nots, even though on paper it would appear collectively we all are better off. In no way I am discounting the growth that we had made in all possible indicators like GDP, FOREX, FII, FDI, capital market and likewise. However when we look at the development indicators like education, health, poverty, employment, law & order, justice, all put together standard of living or quality of life, the picture is certainly not so encouraging. The catch is if we don’t do well in those so called development indicators, its in turn will have its pull down effect on the growth. As Adam Smith has rightly put, “No business can thrive in an unrest society”. Hope, we all the stakeholders of development in our own capacity makes a meaningful intervention towards the formation of the social capital so that we do not have to wait for another 25 years.
by Dr Devidas Golhar