I
ndia’s shift towards a market economy was like a volcanic eruption, the lava of which is still spreading through society. Its impact, along with globalisation, has greatly benefited many people, but especially those who already had significant advantages created for them by the erstwhile, more socialist regime. The urbanising middle class of the 1960s and 1970s had schools, hospitals, roads, energy services, even cultural institutions—all created by the state, or under its aegis. When liberalisation came along, they were poised and ready for take-off. Traditional business houses—once they got over their fear of competition—also leveraged their experience and their access to capital and benefited hugely from a more open economy.The rest of India still awaits the unfolding of the promise. There are new global pressures—the threat of climate change, fearful and ageing developed countries with closing borders and the unsolved questions of energy beyond oil. At home, we have a young and restless population and a shrinking natural resource base. As we celebrate our near double-digit GDP growth, we have to rethink what kind of growth will give dignity and freedom to our citizens and leave enough to fulfil our inter-generational and global responsibility. If we do not, there is a huge risk of a revolution fed by falling expectations in the hinterland of the country.
This means that those of us who reaped the advantage of liberalisation have that much more responsibility to help realise the idea of India.