US President Barack Obama has expressed his unhappiness about the delay in economic reforms in India, in a press conference held yesterday. He mainly pointed out the delay in allowing FDI in retail trade etc. He stated that lack of reforms will reduce FDI to India.
More than Indian Government, US administration is worried about the lack of reforms in India. What are these important reforms? One is allowing of 50% FDI in retail trade. Another is the PFRDA Bill which will make the huge pension funds available to the private corporates. Third is the Insurance Bill, through which the private companies can be given more space and benefit and can privatise the PSU Insurance companies.
These reforms are not in the interest of the workers or the huge majority of the people of this country. These will benefit only the MNCs, Corporates and the big business. These are part of the neo-liberal policies of the government which take away the rights and benefits of the toiling masses and give more control to the MNCs and rich corporates on the Indian economy.
But unfortunately the UPA government is going on aggressively to implement these anti-people measures at the diktat of the US and other capitalist countries.
Only a strong movement by the people alone will save the country from this liberalisation, privatisation, globalisation policy.