The beginning of Indian development story

Over the past 25 years India has been witnessing ongoing social and economical changes. Starting from last decade of last century Indians have felt liberated from the past closed economical environment and social backlog. At the same time Indians felt there were too many accumulations of uncompleted work or matters needing to be dealt with without any delay.

If we look at pre 1980 era of Indian development story our books on economical subjects have lot to say. Almost all of them were nothing but detailed chapters of mysterious government plans which have lost their importance today. But this is also a fact that today’s books are no different having anything but ‘market’ in them.

Either of these ways is perfect for Indian society but we shall have to see the reality. We need a balanced economy more suitable for a mixed population of poor and rich. If we have to deal with Indian socio economical conditions properly we shall have to design a comparatively lesser aggressive market policy with lesser sense of risk that suggests some positive and new directions for the welfare of each section.

The modern economists may or may not agree with these suggestions but to people like me feel a greater sense of risk in present aggressive market policies therefore in the greater interest of Indian consumers we need policies designed to anticipate and help people in lower income group at the same time while keeping in mind the interest middle and upper middle class.

For example the interest rate cut in the different schemes by government of India offered by the Indian post office has been reduced up to 0.8% per annum to promote banks incurring loss due to their wrong loan policies will certainly have an adverse effect on saving habits of Indians especially the unorganized sector. In m views the economic policies need to be poor people centered rather than keeping middle or upper middle class in center.

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