I am writing to thank you for the excellent and informative article entitled `Union Budget 2015 – “Achhe Din Kiskke Liye?” in the March 16-31, 2015 issue of MEL. It analyses the political and economic phenomena unfolding in the country drawing from the facts and figures. I am particularly struck by the observations at the beginning of the article which reiterate something that should catch the attention of anyone interested in the well-being of India, which is that the 2015 NDA budget was the same as the interim UPA budget. In other words, no matter which party is in power, the economic policies are the same! And what are these economic policies?
As the article points out, the policies are precisely those that rob the working people and enrich the capitalists. The governments continue to work in favour of the big Indian and foreign monopoly capitalists, also known as the big bourgeoisie. All policies are geared to make India investor friendly and to remove road blocks to the maximum reaping of profits. These roadblocks include juridical and legal protection to workers, land acquisition and compensation for workers in the event of closure of factories, etc.. Thus, this is the content of liberalization that is the main stay of bourgeois propaganda. Nevertheless, the objective conditions that India presents does not allow for sufficient investment to flow in leading to a crisis. The bourgeoisie has in its bag of tricks ways of combating this -- at one time keeping fiscal deficits larger, at other times cutting them by cuts in social spending. Other crises
loom on the horizon with constant problems in the agricultural sector, falling wages, which render India a nightmare to be dealt with.
Coupled with these are the mounting bills from the defence sector, which are another source of maximum profits for monopoly capitalists and interest payments on loans, which are the share of the pie of the finance capitalists. In order to deal with these crises, the anti-social offensive continues, with the raising of service tax, clean energy cess, privatization of public sector, and phasing out of subsidy to name a few instances. This has gone hand in hand with the abolition of wealth tax, reduction of tax on profits of companies and simultaneous increase of goods and service tax, which will spread the pain, and bankruptcy clauses to aid companies, thereby emulating the worst aspects of US capitalism, to name some more sops for capitalists.
Such being the case, all those in the revolutionary camp are well advised to study the tricks of the bourgeoisie and fight all illusions that this system can ever work for the benefit of the people. This article is an important contribution in this direction.
A. Narayan, Bengaluru