In India it's not business as usual. Economists claim that India is hurtling along the superhighway of growth and audaciously predict that along with China, Russia and Brazil, it will be one of the giant economic forces in the coming century. The Outlook magazine recently (November 6 2006) carried a cover story with the title 'Taking over the World' waxing eloquent on India Incorporated and how the axis of corporate power is now shifting from Europe to Asia. While there is quite a bit of corporate spin and hyperbole surrounding these prophesies they should not be underestimated by progressive forces. From a business point of view India is firmly on a corporate-led reforms trajectory that seems irreversible there will be more Special Economic Zones (SEZs), new world class infrastructure in urban areas, super highways, five-star hotels, airports, super markets and shopping malls and less of government intervention in public policy.
The Congress led United Progressive Alliance (UPA) government has closely worked as an agent of big business. Nothing epitomises this better than a banner sponsored by the UPA Government and Confederation of Indian Industry (CII) at the World Economic Forum in Davos earlier this year under the 'India Everywhere' campaign which said '15 years, six governments, five prime ministers, one direction'. Reality is not far from this. Corporate India is on the warpath; between January and October 2006 Indian companies spent thrice the money buying foreign firms compared to what MNCs have acquired here.