Economic Policies: For the People or the 'Bombay Club'?

In the Rajya Sabha, RJD MP A D Singh criticized that India's economic policies favor the 'Bombay club', marginalizing the majority. Citing a World Bank report, he highlighted slow economic growth. Singh and CPI(M) MP John Brittas emphasized the disparities affecting Southern India and the need for equitable policies.

In a heated debate on the Finance Bill in Rajya Sabha, RJD MP A D Singh accused successive governments of tailoring economic policies to serve the interests of the so-called 'Bombay club,' neglecting the broader populace. Singh argued that these policies, shaped by industry leaders and bureaucrats, favor the wealthiest 20% of Indians while leaving the majority impoverished.

Singh cited the World Bank's 2024 report that forecasts India's sluggish economic growth, suggesting it may take decades to approach even a fraction of America's per capita income. He criticized policy formulation without updated Census data, which is crucial for understanding health and education dynamics in the nation.

Joining the debate, CPI(M) MP John Brittas echoed Singh's sentiments, highlighting the regional discrimination South India faces in fiscal policies. The conversation delved into the imbalance in benefits from tax cuts and called for rationalizing GST slabs, urging a shift from 'crony federalism' to cooperative federalism.

(With inputs from agencies.)