- Capitalism and Alternatives -
Dateline New Delhi- bad news but not atrocious
Bad news, but not perhaps as bad as a cursory glance might suggest. The lower house of the Indian parliament has just apporved a bill to allow foreign and domestic private investment in the country's state-owned insurance industry. Insurance had long been one of the holdouts against private invvestment, as the Communists and the labor unions prevented any measures towards privatization. But now that the right wing BJP is demonstrating their fascist tendencies, and now that the old Congress-Socialist-Communist 'Secular Alliance' has collapsed, the crafty BJP has been able to squeeze this bill through. The Upper House will probably pass it as well, if some amendments are made to please the Congress Party.