by Prabhat Patnaik
People’s Democracy | May 31, 2020
THE Financial Times of London is one of the most “respectable” bourgeois newspapers in the world. Even this newspaper has now come to recognise something which the Left has been saying for quite some time. In an editorial on April 3, 2020, it wrote: “Radical reforms in reversing the prevailing policy direction of the last four decades will need to be put on the table. Governments will have to accept a more active role in the economy. They must see public services as investment rather than as liabilities and look for ways to make the labour market less insecure. Redistribution will again be on the agenda… Policies until recently considered eccentric such as basic income and wealth taxes will have to be in the mix.”
The Modi government’s policies, it should be noted, are the diametrical opposite of what the Financial Times is envisioning. The abrogation of labour laws in BJP-ruled states (which could not have been done without Modi’s approval) is meant to make the labour market more insecure rather than less. Some IRS officers were punished recently for even suggesting that higher taxes should be collected from the rich. In short, the Modi government in its mindlessness is still picking up the intellectual crumbs that had fallen from the High Table of the metropolitan establishment “four decades” ago, without realising that the world has moved on.