1 The Nature of Opposition to Economic Reforms in India By

In the discussion of economic reforms in academia as well as the media in India one finds a big gulf between the opposing sides, and in some quarters there are even signs of increasing polarisation. Each side describes the other in stereotypes and usually talks past each other. The pro-reformers identify the opposition as belonging to the ‘loony left’, caught in a time warp, oblivious of global changes and elementary economics. The other side paints the reform-mongers as ‘neo-liberal ’ (a widely used term of abuse in certain circles) and lackeys of global capitalism oblivious of the poor and the dispossessed. Beyond these stereotypes there, mercifully, exist good many people who have problems with both extreme positions, and, of course, they themselves are somewhat divided. The issues involved are sufficiently important for us to engage our respective intelligent opposition in serious conversation. Many economists and columnists in the financial press are not aware how unpopular, rightly or wrongly, the reforms introduced since 1991 are with the general public. (Politicians are, of course, too savvy not to notice this. Even politicians in any ruling party over the last decade who support reforms play them down during election time;