V P Singh

An economic disparity can be defined as a condition in which a person or persons though legally having equal rights is or are but for economic reasons deprived to some extent from available opportunities of fulfilling economic, social, political, cultural and/or religious needs.

If India went on running on the same track of development economic imbalances will go on being deepened, not only socio-cultural setup will become in an awful condition but the economic achievements also will ultimately be slashed and the net result of our so called a long journey on the development path will come to nothing.

The prevailing worldwide economic meltdown, known as ‘Depression 2008’, also is not going to exert indiscriminative impact at par on men and women during its estimated course up to the end of 2009. Apart from losing a lot on the economic front, the world may rather lose on social and cultural fronts and that would be most scaring.

However, a part of the world comprised of so called developed economies has achieved a lot having reached a distant point on the upper north of development but the bigger part comprised of the so called poor and developing economies is still lagging far behind. These developing economies deserve not for competition with but for help from the developed economies.

Neither the hard core capitalism nor the hard core socialism can work as a sustainable or viable economic system. A certain degree of government control or intervention in capitalism and a certain degree of individual or market freedom in socialism is necessary for sustainability and viability.

The conclusions made and inferences drawn by some big organizations like World Bank, IMF, National Association of Business Economists (of America) and ILO on the basis of extended survey and analysis of the world economies are not only applicable to Indian economy but they are believable, too, at least more than those drawn by national agencies like ‘Economic Advisory Council of the Prime Minister of India’ from their own national level surveys.

If, on account of general elections expected in April – March 2009 the depressive effects are being suppressed without undertaking legitimate and compatible measures of depression encountering, there will be a blatting invasion of austere depression on Indian economy after the due elections and later half of 2009 will become scaring.

The emergence source of the Depression 2008 is American economy where the free market capitalist economic system prevails. Every system is a network of certain dos and don’ts. There exists no economic, social or religious system in the world without certain don’ts or the preconditions necessarily required for its smooth running.