Who Are the Prime Beneficiaries of Neo-Liberal Economy?

credit: John Peter Lee, Ltd.

"The neo-liberal market economy promotes a hypothetical market that is open and accessible to all, allowing hardworking people to garner maximum benefits from competitive businesses and industrial growth."

That's what Indian Prime Minister Narendra Modi recently said about his country's economy, and it's not sitting well with critics.

In an editorial in the Times of India, Rituparna Chatterjee accuses Modi of celebrating "the exclusive elevation of a few business groups and certain individual entrepreneurs as exemplary success stories, it hides multiple other indicators that showcase how the neo-liberal market is extremely exclusionary in its function."

For instance, more than 80% of the businesses listed on India's National Stock Exchange are owned by family-owned businesses, and one-third of Fortune 500 companies are family-owned.

"In such heightened domination by social elites, the possibility that a businessperson belonging to socially marginalised communities would rise and make his mark as a successful entrepreneur is small," Chatterjee writes.

"It is visible that the most potent beneficiaries of neo-liberal globalisation are the traditional business groups, whereas the socially marginalised groups are standing at the periphery as the awestruck audience of India's economic achievements," she writes.

Chatterjee also slams the government for failing to involve "disgruntled social groups"

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