Wednesday, August 3, 2011

[news] Raj Enterprises of India rejects the reforms anniversary

Mukesh Ambani, the chairman of India's huge energy-conglomerate Reliance Industries and one of the world's richest men, last year moved his family of five into a specially-built 27-storey tower, the equivalent of 60 floors, with three helipads on its rooftop. The Antilia tower, featured here at the center, is located in south Mumbai, less than 10 miles away from Dharavi, one of the largest slums in the world.

MUMBAI (Reuters) - It was not all that surprising that last week's celebrations for the 20th anniversary of India praised the reforms of economic liberalization, in part, creating the current prime minister, Manmohan Singh, is muted better.

Most of the attention in New Delhi and the media focused on the draft of a bill against corruption, called Lokpal bill, as did another corruption scandal that erupted - this time on licensing mining in the southern state of Karnataka, where Bangalore's high-tech and India in the industry.

For over a year, the history of India, the success - or at least the shiny surface that has been presented to the West for two decades - has been tarnished by a series of embarrassing scandals that only partly reveal what is below the surface.

"What we really need now is a form of crony capitalism with the facade of a free market economy," said Mohan Guruswamy, chairman and founder of the Center for Policy Alternatives, a think tank based in New Delhi.

Twenty years of liberalization reforms, India has 55 billionaires in dollars, as many Asian countries.

It has high-tech companies, large and small, which compete with the most powerful international rivals. Its economy is still forecast growth of around 8% in the current fiscal year. It has a growing, prosperous middle class that flies around the country through an industry of low-cost airlines both efficient and successful.

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