20 years of Globalisation
A (im) balance sheet
The I.M.F. thrust the Policy of Globalisation on a helpless Government of India in July 1991, when the foreign exchange reserves of the country had touched the bottom of the barrel. It is 20 years since we are living with the policy of Globalisation and it is long enough time to make an evaluation of it.
GAINS
1] G.D.P. Growth Rate
a) In the 80s India’s G.D.P. Growth rate was just 5% to 6%. However since 2003-04 it has exceeded 8%
2003-04 -------- 8.5%
2005-06 -------- 9.5%
2006-07 -------- 9.7%
2007-08 -------- 9.0%
2008-09 -------- 6.8%
2009-10 -------- 8.0%
2010-11 -------- 8.5%
b) G.D.P. 2010-11 Rs Cr
At current prices 78, 77,947
At 2004-05 prices 48, 79,232
c) India a Trillion Dollar Economy. There are only 12 countries in the world with a G.D.P. of more than a Trillion Dollars. U.S.A., Japan, Germany, China, U.K., France, Italy, Canada, Spain, Brazil, Russia and India. India became a Trillion Dollar Economy in 2007-08 (Rs. 42, 83,000 Cr).
d) G.D.P. Composition (%)
Ag Ind Services
1950-51 55 15 30
1980-81 38 24 38
2008-09 17 25 58
2] Size of the Union Budget
Year Revenue Expenditure
(Rs. Cr) (Rs. Cr)
1980-81 12,830 14,540
2001-02 2, 01,450 3, 01,610
2009-10 6, 14,497 8, 97,232
2011-12 8, 00,000 12, 00,000
3] Balance of Payments
Trade Balance 1985-86 ----- 1989-90
Annual Average (Rs. Cr)
Imports Exports B/T
25,112 17,382 -7730
2009-10
3, 00,609 1, 82,235 -1, 18,374
4] Foreign Capital (In Million Dollars)
Year F.D.I. Portfolio Total
1991-92 129 4 133
1999-2000 2155 3026 5181
2007-08 34360 27271 61631
2008-09 35168 -13855 21313
LOSSES
1] Agricultural Crisis
a) Agriculture is fast losing out. Agricultural growth rate has hovered between 0-3 percent over this 20 year period.
The contribution of Agriculture sector to G.D.P. has come down to 15%
b) Farmers’ suicides
(National Crime Records Data)
1997-2002 ---------------- 96,708
2003-2008 ---------------- 102424
Total 199132
Big Five States
1. Maharashtra ------------ 41404
2. Andhra Pradesh--------- 23279
3. Karnataka ---------------- 25685
4. M.P.& Chhattisgarh ---- 32454
Total ---------------------122, 822
62% of total Farmer suicides.
2] Unemployment
Jobless Growth
Casualisation of Labour
(N.S.S. 66th Round Report)
Casual workers increased by 2004-05 ---- 2009-2010 ---> 219 lakhs.
Casual labour as a percentage of total workforces increased in 2009-10 to
Rural Areas ------------------- 38.6%
Urban -------------------------- 17.5%
(2004-05)
Rural ---------------------------- 35%
Urban --------------------------- 15%
3] Poverty
B.P.L. Estimates.
1. Planning Commission ------- 28%
2. Suresh tendulkar ------------- 37.2%
3. N.C.Sexena --------------------- 50%
4. Arjun Sengupta --------------- 78%
(N.C.U.E.S)
5. U.N.D.P. Multi dimensional Poverty Index --- 55%
6. 45% of children below 5 years are severely malnourished. India is home to world’s largest food insecure population.
4] Human Development Rank
2007 ------------ 128/177
2008 ------------ 132/179
2009 ------------- 134/182
2010 ------------ 119/169
2008 H.D.R.
Srilanka ----------- 104
Vietnam ----------- 114
China --------------- 94
Cuba ----------------- 48
National co-convener Prof.B.M.Kumaraswamy
Swadeshi Jagaran Manch Shivamogga
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