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DIPAN KUMAR MITRA
DIPAN KUMAR MITRA
9 months ago

The economic review has failed to suggest an innovative new economic policy programme to the Government of India. It has rather tried to justify the economic blunders made by the government on the economic and financial sectors. It has supported the much-defamed theory of trickle-down by unhistorically taking down from Adam Smith, who during the rising phase of capitalism had rightly surmised that free trade could bring universal opulence. In the background of the Indian economy being considered by world-renowned economist Picketty as the fastest-growing economic disparity, it is sad that the author could still stick to that trickle-down theory. Obviously, as earlier said he has sanctified what the policymakers have done to the economy The author could very strangely find crony capitalism in India to grow until 2011. Nothing could be more biased in view of the fact that even RBi had to express that India is a typical case of crony-capitalism just one or two years back. He has strongly supported the mergers of the public sector banks when the PSBs have been defrauded by the biggest corporate houses of the country in broad daylight forcing them to take upon themselves to be blamed for incurring net losses despite the fact that they could earn operative profits even against such odds. At the end of the day, Dr. Subramaniyam, the newly inducted Chief Economic advisor to the Government of India recommends following the Chinese model of assembling for MNCs various parts importing from foreign lands and exporting the finished or semi-finished goods, pieces of machinery etc. Thus Prime Minister’s pet slogan of “Make in India” has been turned into “Assemble in India”.