Quickening Pace of Authoritarianism and the Left

have rightly calculated that the prevailing balance of forces in the country's economy and polity is favourable to them, the occasional noises about self-reliance and socialism by the entrenched political authority notwithstanding. They reckon that even the market provided by the top 10 per cent of the population is large enough to exploit profitably. The promise of transfer of capital and technology on a large scale would appear to have gained a constituency for them to operate successfully in India. The government in India has given way, step by step, under their pressure to their entry into India on their terms. Short of formally winding up FERA and MRTP, all their demands have been met in the new policy frame for foreign collaboration and foreign investment.