Opinion | Modi seems to have reprised Gandhi’s economic vision
Live MintEvery Independence Day, Indian prime ministers have paid homage to the nation’s freedom fighters from the ramparts of the Red Fort. At present, the debate within the policy establishment is focused on reforms to make the economy grow faster and reach the goal of $5 trillion, which Modi is dangling like a carrot to investors. Suggestions of reforms to change the economy’s lop-sided shape by increasing income and wealth at the bottom are dismissed as “socialist” and not “capitalist”, even though this could create millions of more capitalists. Take what you require for your legitimate needs and use the rest for society.” Gandhi ji, and his adviser in economics J.C. Kumarappa, advocated bottom-up wealth creation in small, local enterprises and cooperatives. Perhaps, while celebrating the stalwarts who brought India its freedom, we should in this 150th anniversary year of Gandhi ji recall his vision for India’s economy, as Modi tantalizingly seems to have done.