New Economic Policy, 1991
Its main goals are to increase global trade in products, services, capital, human capital, and technology while also focusing on accumulating foreign exchange reserves and reducing market constraints. 1991 New Economic Policy India helped the nation’s economy liberalize by opening its markets to domestic and international investors, promoting imports, and lowering taxes to stimulate profitable commercial activity. The new economic strategy was centered on reducing roadblocks to economic expansion and fostering a more competitive environment with access to the global market. India’s New Economic Policy of 1991 brought about changes to foreign trade and investments, industry privatization, and financial restraint. It included LPG (Liberalization, Privatization, and Globalization). The workers’ position in capitalist negotiations suffered with liberalization. The policy did not establish a legislated minimum wage for labor. It completely granted employers the power to hire and fire.
Movement of the Working Class in India
In the nineteenth century, India saw the emergence of the contemporary working class. This change resulted from the construction of contemporary factories, railroads, dockyards, and other types of buildings and roadways. In terms of relatively modern labor organization and a comparatively free labor market, it was a modern working class. This rule had a few significant exceptions. The plantation workers, who also created items for their capitalist bosses and sold them on foreign markets, were hired and forced to work in oppressive conditions. In truth, the bulk of workers in colonial India did not have as free of restrictions on hiring and working hours as they did in some other nations with more advanced capitalist systems. The working class movement saw effects from this scenario as it evolved over time. Along with the less developed economy, colonialism also had an impact on the labor movement. In India, the labor movement prioritized worker care over promoting workers’ rights. Despite being well-organized, they weren’t present throughout all of India. Most of their concerns and demands were about how women and young employees could support themselves. The Indian labor movement was led by and for the workers, not by the workers themselves.
Silent protests, passive resistance, individual protests and strikes, more organized welfare activities, as well as larger protests and strikes that reach the level of general strikes, are all included in its scope. There are numerous variations of worker responses to the industrial system. These reactions might be intended to improve living and working circumstances inside the industrial system, but they might also be directly in opposition to the industrial system. Thus, labor activism can take numerous forms, from the small-scale battles of the workforce to broad-scale strikes that affect an entire industry or a number of industries. It covers both the labor movements and actions that take place within the capitalist system and those that resist it.
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