People’s vigilance, activism, protests with a louder voice is need of the hour to face the challenges of globalisation that brought growing inequalities and unhealthy growth of gross domestic product, observed social scientist and retired professor of economics D. Narasimha Reddy.
Delivering the second memorial lecture of C. Sivaramakrishna Rao, former dean of social science, Kakatiya University, on ‘Globalization and Growing Inequalities: Challenge of Fair, Equitable and Sustainable Development’ here on Monday, he said liberalisation policies led to privatisation of even strategic sectors like chemical and communication industries.
In the past 25 years of free economic policies, global flow of foreign capital to developing countries led to the growth of not only GDPs but also inequalities in several countries. Over-emphasis on foreign institutional investment in place of foreign direct investment led to fluctuations in financial markets in many economies. The share of different sections of people in the GDP has undergone drastic changes in a disproportionate manner.
“Strategic sectors of the economy are privatised. Indian business firms, industrialists and other business organisations could globalise their activities and become MNCs while the unorganised sector, which accounts for 80% of job generation, is thrown open to unhealthy competition,” he said.
Kakatiya University Vice Chancellor R. Sayanna along with Ambedkar University Vice Chancellor K. Seetarama Rao and Telangana Higher Education Council Chairman T. Papi Reddy were present.
