Sunday, December 21, 2008

Has India got independence?

India attained its independence on 15 August 1947. This is what everybody is saying. However, my claim is that India is still being ruled not by Indians but by some other citizens.

Now let me take you through a series of global economic melodrama to prove my statement. Going back in history we can find that India claimed its independence from Britain in 1947. What is the actual reason for Britons to leave India? We all know that it is because of the quit India movement under the leadership of Mahatma Gandhi. Alternatively, looking at the economical and management point of view we can see that the world war came to an end in 1940s and Briton lost majority of its wealth due to the war. US became the economic super power and saw a rapid growth in power and market. Hence it can be said that the fall of global administration led Briton to slowdown in growth and forced them to follow focus strategy thereby reducing global market exposure. Hence, India becoming the biggest nation under control got its independence.

But again during same period in 1947 another big event happened was Britton Woods which gave rise to IMF and World Bank. By 1968, IMF and World Bank started lending financial to the so called poor countries. The question to ask is what is the cause and effect of this lending? The countries which received the monetary benefits were forced to follow certain reforms mentioned by the lendor that are mainly focused towards free market liberalisation.

India too suffered in the hands of these so called global institutions. India was forced to liberalise its policies towards free market economy and thereby under the leadership of Mr. P. V. Naramashima Rao, in 1991 became free market economy. The reforms forced India to reduce government spending in healthcare and providing subsidies to agriculture. Nevertheless, the power behind these global institutions is US. Look at US they provide unnecessary subsidies to cotton growers of California. I say it as unnecessary because California is a desert and is not suitable for growing cotton. In such a condition spending in growing cotton is like spending surplus money. But US is considered world’s major debt economy. When a person is in debt why should spend unnecessarily. This is actually a major contradiction to what the global institutions preaches other countries by the way of free market liberalisation.

Thus it is needless to say that whatever party rule India the actual ruler is somewhere in US in the form of World Bank or IMF who dictates India what to do, when to do and how to do. Now again I am asking the question Has India attained Independence?

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