The changing role of socio economic condition in india
Answers
Changes in the Socio-Economic Conditions of the Working Class under
Neo-liberal Policies
1. The transition of world capitalism to its neoliberal globalisation phase, now in a prolonged and deep crisis, emerged in the aftermath of the collapse of the ‘Golden Age’ in the advanced capitalist world. This phase has been characterised by a few major tendencies at the global level – financialisation, global production and global production networks, slower growth and redistribution of world production, expansion and internationalisation of third world firms, and increased exploitation and inequalities. As in several other developing countries, many Indian corporates have expanded rapidly under neoliberal globalisation and started becoming multinational in their operations. The mobility of capital and the internationalisation of the reserve army of labour combined with austerity policies created downward pressure on wages and other benefits of the workers and resulted in increased inequalities across the world. These along with privatisation of public assets under neoliberalism suited the interests of the big capitalists in developing countries who have embraced it as their preferred economic policy.
2. India has been one of the fastest growing economies during this period. The corporate sector, dominated by a relatively small number of Indian business houses, has grown faster than the rest of the economy till the recent crisis. Though services and construction have increasingly displaced manufacturing as the focus of private corporate activity, the big capitalist class in India continues to have a significant presence in manufacturing and in fact dominates the sector more than earlier. There are now important segments of that class with little involvement in manufacturing (Bharti, Infosys, HDFC, etc.) while even those who do, have enlarged their non-manufacturing operations (in IT, telecom services, retail trade, insurance, etc.).
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