Is Indian economy really Indian?Indian economy has evolved from colonial fundamentals. The very Idea of economic policy of Government of India is from west. Let us take the concept "No Taxation without representation". This policy had its origins in Magna Carta 1215 A.D. made by British King with his generals and Knights. The recent history where this concept evolved is from American Revolution 1776. Similarly the Idea of Welfare State was brought by John Maynard Keynes. The Idea of Public Sector Institutions is from Soviet Union. Our Present economic policy of Regulated market based economy is from post 1991 IMF pressures. No doubt these events and personalities changed the way how economic policy of Government must be and brought phenomenal change in society. But all these events, Personalities brought changes in their respective states whose conditions were different. Indian economic policy has long lacked the Indian way of thinking. This has costed us heavily. For example In contrary to the above economies India is a village centered economy. Even in this 21st Century Villages remain the backbone of economic demand. Even in economic fundamentals these could be seen. The GDP calculation, Inflation Index measurement etc. Indian policy makers are just following western standards. For example in Inflation the 676 goods taken as model commodity are mostly City based goods.
So Is it not time we reinvent our Economic Policy?