Inviting Multinationals: Need for Introspection by Senior Congress Leaders

At the November 4 rally the Congress re-affirmed its strong commitment to outlining an agenda of so-called ‘economic reforms’ led by the growing inroads of multinational companies and foreign investment in retail trade and other critical areas of the economy. The possibility that this agenda can have serious long-term adverse impacts for the economy is not even being considered by the top leadership of the Congress.

All over the world there is growing evidence of the huge problems created due to the development path led by multinational companies. There is mounting evidence of the misdeeds of these MNCs, the lead players in critical areas like seeds, retail trade and arms in particular.

The capitalist path, dominated increasingly by these companies and multinational banks, is itself in a serious crisis. Significant warnings are being given by more enlightened leaders who have worked at the top levels in this system for years. It is time to think of alternatives, including a more decentralised, ecologically protective and democratic system of socialism with a greater room for cooperatives and common people’s initiatives.

India as a leading developing country is in a particularly suitable position for experimentation with such alternatives on a significant scale which can inspire the entire world. Instead of playing such an inspiring innovative role the present-day top leadership of the Congress appears to be quite determined to tie up India even more closely with a thoroughly discredited system of capitalism led by the giant multinational companies.

Many senior Congress leaders, who still have deep respect for Gandhiji’s vision and ideas of the freedom movement, are feeling distressed as well as sidelined. At least some of them should come together and issue a comprehensive statement in this regard asking the top leadership to re-examine its policies of giving multinational companies an increasing role in the country’s economy, particularly in critical sectors like retail trade and seeds. Such a timely reminder by them about the Gandhian roots of the Congress will be good for the Congress party and it’ll also be good from the standpoint of overall national interest.