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icture of the economy or not.

Summary of the paper ‘Predatory Growth’

‘Predatory Growth’ is a commentary written by Amit Bhaduri in 2008, March. Focusing on the persisting inequality in the Indian economy, this article describes the negative effects of the recent high growth performance as a result of the Indian state’s adoption of neoliberal policies in the early 1990s.The much-hyped growth of the country is called as predatory Growth by the author. Amit Bhaduri argues that the shift to neoliberalism has produced a pattern of predatory growth that has privileged urban India, entailed a withdrawal of state support for the agrarian sector, the accumulation of wealth in the private corporate sector, increasingly involved the forcible expropriation of the land and resources of the rural poor by the middle class and corporate, and raising absolute poverty. The growth phase from 2003-04 to 2007-08 is considered as the period of Predatory Growth. Predatory Growth means the ‘growth by exploiting the marginalized section of the society’. According to him the dramatic high growth has led to severe inequality and unemployment in the nation. He claims that the inequality is accompanying high growth in both India and China even if there are differences in political systems of two countries. So both fast developing nations with high growth rate are neglecting the poorest in their nation. The two main reasons are globalization and raising profit of the private corporate sector. After explaining the causes of growth, he then turned to the after effects of the High growth and the main impacts are ‘jobless growth and misery for the poor.

According to him the jobless growth reported in India is a result of the profit and growth receive from mechanization and increasing hours of work in some organized manufacturing sectors and private corporate sector. He has produced some data which shows the fall in number of workers in the period 1990 to 2004 and the data was collected by Aseem Srivasthava.This has led to human misery in both organized and unorganized sectors,because workers are working more to earn less. Another important factor which increase is the increasing openness of the Indian Economy, especially to inter-national business and capital flows, rather than to trade in goods and services.This has stopped the government from implementing pro-poor policies which is not at all welcomed by the private sector and all the fiscal and monetary policies are aiming the satisfaction of financial market only.He explained his argument with a special reference on the FRBM Act.i.e, FRBM act has been implemented by the center only to satisfy the financial market,not to reduce the growing fiscal deficit. He again brought some more examples which shows the influence of private sector and multilateral agencies on government policies like government expenditure on social services.Then he explained about the increasing wealth of Billioners in India and its impact on consumption pattern of the rich and poor people.According to him,the income distribution in the coutry in highly contrasting when compared to other developed and developing nations.The 60% of the billionaires wealth has been created by the ‘transfer of land’ from government to the rich and the market for luxury goods has grown very fast compared to the market for necessities through the working of ‘income elasticity of demand’. In the last section of the paper, h