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The Modi government remains optimistic that the Indian economy is going to pick up even faster this year and onwards, based on Modinomics, which boil down to privatisation, cuts in food and fuel subsidies and a new sales tax, a tax that is the most regressive way to get revenue as it hits the poor the most. The aim here, as it always is with neoliberal economic policy, is to raise the rate of exploitation of labour so that the profitability of capital is boosted and thus provide an incentive to invest, something Indian capital is refusing to do right now. Now that Modi has triumphed and look set to win the next general election in 2019, India’s big business and foreign investors will expect Modinomics to be accelerated.

This can only increase inequality. Already, India is one of the most unequal societies in the world. The richest 1% of Indians now own 58.4% of the country’s wealth, according to the latest data on global wealth from Credit Suisse Group. The share of the top 1% is up from 53% last year. In the last two years, the share of the top 1% has increased at a cracking pace, from 49% in 2014 to 58.4% in 2016. The richest 10% of Indians have increased their share of the pie from 68.8% in 2010 to 80.7% by 2016. In sharp contrast, the bottom half of the Indian people own a mere 2.1% of the country’s wealth.

full: https://thenextrecession.wordpress.com/2017/03/14/modi-rules-harvard-doesnt/
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