For Whom Wealth Matters
January 26, 2013
Filed under Tidbits
Tagged with original preamble to the constitution of India, postaday
About Keerthika SingaravelEngineer,Investor,Businessperson
Is this all there is that makes up the constitution of India?
No.India has the longest written constitution in the world.This is just the preamble of the original.Later it was amended by a very controversial amendment to add the words Socialist and Secular.The person who was largely responsible for drafting the constitution was Dr.Babasaheb Ambedkar. He trained among other things in economics in Columbia University and the LSE. At a time when Socialism was very fashionable, Ambedkar was no fan of the ideology.He preferred the Buddha’s way of achieving a communist utopia by changing the hearts and minds of people instead of expropriation.By the 42nd Amendment, Mrs.Gandhi used a brute majority to force Socialistic ideals into the constitution.Her father Jawaharlal Nehru was vastly impressed by the Soviet way and so we had central planning etc.Mrs Gandhi took things to an extreme,abolishing privy purses,nationalizing many industries etc.This badly effected India’s economic development and we barely managed a 4% growth rate.She introduced a Garibi Hatao-Poverty Eradication program that spread poverty and corruption rather than wealth.Her son Rajiv continued in this way till India had a BOP crisis in 1991 and had to liberalize.Then came the good years when the nation’s talent for commerce asserted itself and we were considered a world beater.When the second Mrs G.the daughter-in-law came to power,the same tired socialist policies came out again and our economy collapsed under the premature welfareism. The same wealth envy is being stroked for electoral gain.Corruption in the welfare schemes is massive and out fiscal and current account deficits are widening.Its a replay of the 1980s again with all the economic stagnation and high inflation and sense of all pervading pessimism.
The quote was my way of reminding people what happened the last time we pursued socialism.Granting social equality is good.No one can defend the disabilities imposed by caste.Equality of opportunity is good.This happens when people have free access to good schooling,free public libraries,free internet access,good transport etc.But leveling down the rich is foolish and counterproductive.Abolishing privy purses did not eradicate poverty in India and seizing the wealth of our industrialists will not lead to equitable or sustainable growth.That comes from removing the entry barriers to self advancement and wealth.When this government did away with free access WIMAX if favour of expensive broadband in private hands,it was doing nothing to reduce poverty.
Corruption in the name of the welfare of the common man deeply offends me.Corruption is bad but when the corrupt occupy the moral high ground ,attempts to speak up against corruption and inefficiency are twisted to make them sound like the self-serving talk of the elites,but the sad fact is that we can’t afford the bills for their style of welfarism. So we had better course correct or we will have a hard-landing.And cause untold misery to the less well off in the country.
Thanks for your feedback on the economic situation and recent history in India. Looks to me there will be challenging times ahead as the world economic situation continues to deteriorate thus impacting India.
Well like the Gulf War precipitated the last crisis,this government will find its decisions made for it.
And its every man for himself.
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