I AND MY WORDS

With the ongoing pandemic a few things are now becoming obvious on the economic front.  The much touted economic recovery plan Aatmanirbhar Bharat has been partly successful; however, with judicial interference now and anticipated in the future, one can see the reform roll out promised under the program failing to materialize before end of 2023. The Loan sanction vs disbursal ratio under the emergency credit loan guarantee scheme clearly did not pan out on desired lines for some crucial reasons I had highlighted earlier. Agricultural reforms remain in the cold storage for now.  Part success of course has been used because PLI schemes of certain sectors have received great response . Particular focus for applause should go on mining, pharmaceuticals and electronics, as well as medical devices which also hold great promise and can be indeed transformative along with textiles. However, in the other sectors it remains an expression of noble intentions like solar PV modules an...

While Pandit Deendayal Upadhyaya agreed with some form of mixed economy, one sees practicality in his economic thought and vision. There are two particular instances that seem to clearly indicate what he thought of different kinds of measures. Minimal government intervention in the private space of entrepreneurship beyond a certain regulatory approach was clearly seen as a plus by him, judging by his critique of the five year plans over centralization. As noted by Mahesh Chand Sharma, Panditji saw major problems with the second plan vis-à-vis the first five year plan, especially on the mission statement of creating a socialist society:  Socialism as a confused principle only ends up in the emergence of autocratic governments, and remains fundamentally incompatible with democracy. The second plan, being a plan that aimed to alter a fundamental system in its entirety, would certainly be a problem as it shifted focus from functionality. The obsession with big industry was ‘indecent’ a...