There are lot of thoughts going on whether we should continue to pursuesocialistic values in our democratic nation or are we( our country) is in a stagewhere we should start thinking of moving towards capitalism.
With my vague understanding, theoritically, socialism claims to provide equal civilian opportunities ( facilities) to the people ( irrespective of their attributes like economical status, caste, race, physical/mental ability)to lead a meaningful life whereas capitalism also strives to do the same in much different way, rather in an indirect way, but there is no guarantee that captialism will address/provide the opportunities to people from all walks of life. It tends to be in favour those who are capable of investing(or who have capital). Also since there
will be multiple guyz who will be capable of investing it creates competition among themselves which will bring out best from each of them, which in-turn benefits the entire public. this is the key feature of capitalism. It (or supposed to) brings out best from the people.
In my understanding, our country has basically socialistic economy setup. Agriculture still remains to be the major occupation and we have a huge gap between rich and poor. it is going to be a big challenge how are we going to overcome it. Its really the middle class people who have benefited significantly from the IT industry whereas other traditional small scale industries have gone bankrupt due to various reasons like mis-management, lack of
raw materials and increased maintainance cost.
The million dollar question is how are we going to remove poverty from the country?is it by green revolution or small scale industry revoulution or IT revolution??should we embrace capitalism ? or should we review and refine our socialism ? will captilism is kind enough to
give opportunity to downtrodden people? should we continue to have agriculture as the main occupation. Should we do more industrialisation ( especially private or private-public owned)
Are we incapable of making agriculture more interesting and increase its share in GDP. do we have to move people from entrepreneurial agriculture( which has high risk due to so many factors like rain gods, market conditions and not so scientific ways of cultivation to be really profited) to labour based small scale industry where the person gets regular source of income. why are we not succesfull in augmenting farmer with other secondary occupations like sericulture, cattle rearing and poultry which can improve the economy of the farmer and also contribute to the GDP.
Is privatisation answer to all these? will privatization gives rise other problems like market getting monopolized by single company and hence others get dictated by small group of people. we are already seeing the pathetic service given by private banks and other institutions.
Or is it the time where we need to have the best of both captialism and socialism so that we can have capitalism in high-tech sector and socialism in agriculture, small-scale industries and other humanitarian sectors like Health, education and awareness.