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Government prefers to cold-shoulder key sectors (26-07-2008)

At last the pro-capitalist, better to say arch-capitalist, UPA is back in track and being triumphant is set to implement a host of financial reforms that, if the government is to be believed, are going to develop India immensely. To our knowledge these reforms are long waited and also halted at several times due to the opposition of the obstinate Lefts. But since there is no more the ominous presence of fickle and pusillanimous Lefts the government is confident to sail through. It has been found that the considerable reforms will take place, in all respects, in the significant financial sectors including insurance, banking and pensions. 


Well, we are not at all against the national development and will also join the contented groups if there is any. Yes, if there is any since the track records of these developments have not been good in many developing countries and perchance we will not be any exception. What is more the claim of the government that there will be a surge of foreign investments fails to hold water. The reason is there have already been enough reforms but the investments especially in the key sectors, where development is of utmost importance, have not been satisfactory. Till now the major investments have taken place in the IT sector and the Indian companies are certainly top-line worldwide but only in respect of outsourcing. On the contrary so far there is no good presence of IT companies with the wings of Research and Development based in India.   

 

Besides the annunciation of Centre that reforms will be able to curtail inflation and also other aam admi issues is totally unfounded as the governmental records itself fail to advocate this. What India requires at present is foreign investments in agricultural sector and in the small sectors especially engineering where India has already produced marvels. But the government prefers to retain silence over this. The improvements in these sectors can give birth to the rise of a vibrant and developed India. 

 

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