April 1 , 2015
For 44 years since Independence, India has been a socialist country. This meant that public ownership was considered better for society. Private ownership was profit seeking. Profits were not held to be in the public interest. They meant exploitation of a very large and poverty-stricken population. So private investors were rigidly controlled by the government and taxed heavily to make a more equal society.
Simultaneously, many schemes gave free or cheap goods and services to the 'poor'. These policies to divide a small gross domestic product cake into equal parts led to poor economic growth, inhibition of enterprise, tax evasion on a large scale, corruption, favours given to crony business persons, monopolies and oligopolies, with market dominance leading to consumer exploitation, and growing differentials in living standards.
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