How should india be protected from global economic crisis?
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1. by promoting education in rural area too.
2. by providing employments more and more to the people
3. to make India indulge in international market so that foreign can cone in our country
2. by providing employments more and more to the people
3. to make India indulge in international market so that foreign can cone in our country
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Protecting Indian People from the Global Economic Crisis
ntroduction
It is clear by now that the global financial crisis has graduated into a global economic crisis of serious proportions. The advanced economies are set to experience a protracted recession and the developing countries across the world, including the Indian economy, will also be adversely affected.
The UPA Government’s responses to this evolving situation, however, have been extremely disappointing. Ever since the Government has come out of its initial state of denial, the measures adopted by it reflect on the one hand a sheer lack of comprehension of the causes behind and the proportions of the current crisis and on the other hand a proclivity towards appeasing myriad financial interests and corporate lobbies. The fact that the UPA Government is relying upon only one policy instrument, namely the interest rate, to both control inflation as well as reverse the growth slowdown betrays the illogic behind its policy paradigm. It is a rudimentary lesson in economic theory that two policy goals cannot be achieved using a single policy instrument.
The UPA Government has so far chosen to meet only the corporate bigwigs and bankers in order to discuss policy responses; neither have the State Governments nor other political parties, trade unions, farmers’ organisations and other organisations representing crucial stakeholders been consulted. It is indeed strange that at a time when the neoliberal vision of putting corporate profits over peoples’ interest and relying upon ‘trickle down economics’ is getting discredited across the world, the economic managers of the UPA Government are clinging on to it. In this backdrop, the CPI (M) is putting forward a set of concrete suggestions in order to tackle the adverse impact of the global recession on the Indian economy and protect the interests of the people.
ntroduction
It is clear by now that the global financial crisis has graduated into a global economic crisis of serious proportions. The advanced economies are set to experience a protracted recession and the developing countries across the world, including the Indian economy, will also be adversely affected.
The UPA Government’s responses to this evolving situation, however, have been extremely disappointing. Ever since the Government has come out of its initial state of denial, the measures adopted by it reflect on the one hand a sheer lack of comprehension of the causes behind and the proportions of the current crisis and on the other hand a proclivity towards appeasing myriad financial interests and corporate lobbies. The fact that the UPA Government is relying upon only one policy instrument, namely the interest rate, to both control inflation as well as reverse the growth slowdown betrays the illogic behind its policy paradigm. It is a rudimentary lesson in economic theory that two policy goals cannot be achieved using a single policy instrument.
The UPA Government has so far chosen to meet only the corporate bigwigs and bankers in order to discuss policy responses; neither have the State Governments nor other political parties, trade unions, farmers’ organisations and other organisations representing crucial stakeholders been consulted. It is indeed strange that at a time when the neoliberal vision of putting corporate profits over peoples’ interest and relying upon ‘trickle down economics’ is getting discredited across the world, the economic managers of the UPA Government are clinging on to it. In this backdrop, the CPI (M) is putting forward a set of concrete suggestions in order to tackle the adverse impact of the global recession on the Indian economy and protect the interests of the people.
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