In his 1978 book India Mortgaged, T.N. Reddy predicted the country would one day open all sectors to foreign direct investment and surrender economic sovereignty to imperialist powers.
Today, the US and Europe cling to a moribund form of capitalism and have used various mechanisms to bolster the system in the face of economic stagnation and massive inequalities: the raiding of public budgets, the expansion of credit to consumers and governments to sustain spending and consumption, financial speculation and increased militarism. Via ‘globalisation’, Western powers have also been on an unrelenting drive to plunder what they regard as ‘untapped markets’ in other areas of the globe.
Agricapital has been moving in on Indian food and agriculture for some time. But India is an agrarian-based country underpinned by smallholder agriculture and decentralised food processing. Foreign capital therefore first needs to displace the current model before bringing India’s food and agriculture sector under its control. And this is precisely what is happening.
Western agribusiness is shaping the ‘development’ agenda in India. Over 300,000 farmers have taken their lives since 1997 and many more are experiencing economic distress or have left farming as a result of debt, a shift to (GMO) cash crops and economic liberalisation.
Other sectors have not been immune to this bogus notion of development. Millions of people have been displaced to facilitate the needs of…