[Marxism] India: how and why the poor don't count
philipferguson8 at gmail.com
Mon Feb 20 20:50:39 MST 2017
According to the World Bank, India’s nominal GDP crossed the $ 2 trillion
mark in 20141, and is slated to grow at close to 8 per cent annually in
2016 and 20172. To put this in perspective: In 1991, the year the Indian
economy was opened up and we embraced neoliberal policies, the Indian GDP
was about $275 billion, which by the turn of the century had doubled to
$481 billion. But the really rapid growth of the Indian economy has been in
the last 15 years, which saw GDP increase by almost four-and-a-half times.
One needs to remember that these include years which saw the greatest
global recession since the 1930s. Thus, for the economy as a whole the
promised ‘achche din’ seem to be happening and there are numbers to prove
it. The policymakers who have been rooting for further opening up and
freeing of the economy have been justifiably sporting a smug expression
with this quantitative endorsement of their position.
However, one vexing question for them is that some people continue to claim
that all this growth has not translated into alleviation of poverty–the
‘poor’ have been stubbornly. . .
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