In 1991, whole world with unanimity accepted "Globalization" for the free trade and get rid of "Protectionism". After the world war II, the world economy was suffering the disastrous consequences of the same war. Zero efficiency with great dearth of finances made there way into the world economies and the worse effected were the European countries and America. England and France lost their status of superpower and their domination also faded away from the most of the Asian and African countries; this made them become too fragile as there home economy was suffering adversely. From this enlarge focus now we shall come over to the narrowed scope of India; India was no exception. As India got Independence from Britishers, again they were overcame by the anarchy and poverty. This situation of India both politically and economically, provoked Indian Government to bring in "Protectionism" for the safety of sovereignty and local industry from foreign countries and industry.
Coming of the "Protectionism" was fruitful step for the local industry as this gave them opportunity to learn and acquire the hi-tech know-how of the foreign industry; Indian Government expected of the Indian Industry to be progressive; but Indian Industry and Richer Class turned out to be selfish, black marketer and hoarder. "Protectionism" helped them a lot to dominate the supply and demand of the market. With this domination they dictated the price index of the market and with the monopoly of fewer companies the Industry became dependent on the companies policies and accordingly the proposition was maintained. This domination was most beneficial for them as they only reaped profits from the market without even investing a single penny. Non investment starved the Indian Market and Indian Economy, and eroded the base of the Indian Economy.
Indian Economy is still suffering with this dilemma and dysfunction of the Indian Richer Class. Indian Richer Class though mostly unprogressive is the Lala Class. "Lala" is the widely known term in India for the wealthier class of India. "Lala" term have both negative and positive meaning and aspect, in positive sense Lala means the wealthier, richer, higher class etc. and the negative meaning is the selfish, hoarder, black marketer, black money maker etc. Lalaism of the Indian Richer class has affected the Indian Economy adversely. Its a parasite though that has been inextricable, and this parasite is sucking out all the resources of the Indian Economy for their selfish vested interest.
Last UPA Government took effective steps to out do this Lala Class, and to some extent the UPA Government has been successful in it's stance though still Lala Class is standing with all the guts and strength on its trillion dollar black money. Lala's black money is running the 40 percent of the Indian Economy and hitting the Indian Economy more harder.
My article deals with the abstract thoughts about the Indian Economy. In this article many would be able to make an assessment of the Indian economic situations. As this is the review of the Indian Economy and the sluggish and lethargic Indian Richer Class. My article would help the foreign importers and exporter of foreign countries to know about the Indian economic situations at the same this would be an realization for the Indian Richer Class other potential richer people to learn to change with the changing time in this Globalized world.
Changes are always for the betterment.
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