Economic reforms and working class

India, it has widely been declared, is open for business. Having successfully abolished the main legal limitations on foreign direct investment (FDI) in such vital industries as food production, Prime Minister Narendra Modi tweeted in June 2016 that the country now had the most liberal investment regime in the world. The announcement quickly won him plaudits from the international business press. His record of dismantling the most elementary restrictions on FDI, financial regulations, labor protections, and other remaining vestiges of the nationalist period, has led some to speculate that India will soon overtake China as the main destination for foreign manufactures, as the latter’s economy sways under the impact of prolonged economic crisis and labor unrest.

The perception that India can serve as an alternative to China for world investment suggests something important. The crucial factor here is labor. India’s labor costs are among the cheapest in the world. This is, to avery significant extent, the country’s comparative advantage in the world economy, and what has attracted a significant amount of attention from multinationals.

India today has seventy-eight billionaires, up from eighteen a decade ago. Its capitalist class is increasingly going international, with businesses of the Tata and Birla dynasties intervening actively in the world economy. The extremely rich live an increasingly lavish lifestyle in the skyscrapers, luxury apartments, and entertainment districts of cities such ______ ___ ___ _________ ____ ______ _________ __________ _______ ___ ______.
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