Excuses are many. But who are to be blamed at a first hand should be analysed. What Indian policy makers and intellectuals had in question while inching towards the economic system of Western economies, especially USA or say capitalist economy system, is not clear even after a journey of about two decades of economic reforms.

On industrial front, there have been more acquisitions on foreign lands in last five years than any big establishments within the country by Indian private sector corporate giant. The country has merely turned into a marketing hub for products or services provided by foreign companies. Tele-callers’ centres and BPOs were emerged among the majority job providers.  Here, the basic question is what went wrong to that industrialisation spree, which gathered momentum in early 90s? Just in ten years, India’s many industrial units turned into marketing agents for the products and services of so called multinational companies. In absence of any strong industrial base, how can one get assured a sustainable job security within the country?

In the name of economic reforms, the country has got a prize of new field for new generation to work ie capital market or rather say money market. Besides stock market, this includes bullion market, forex market and a big name also joined in recent years, is commodity market.

As far as stock market activities were concerned, it could be justified to some extent, mainly on the grounds of industrialisation. To establish any industrial unit, there is a requirement of huge finances. That finances can be in the shape of equity or debts. As majority Indians were having a habit to keep their funds more safely in home lockers than in banks, debts always be a costly affairs for Indian Industries. Stock market came as a ready blood bank for such industries’ those had an efficiency to do miracles with available funds. Over the years, stock markets had also won the confidence of investors.

However, if one moved back to early nineties, the experience for hard-earned money savers was not any good. In the name of economic reforms and irrespective to its repercussions at medium run, the stock market activities had stolen all supports from Government. Suddenly, the stock market activities saw a big support and turned to a golden hen for all tom-dick-Harry.  The act without homework was ultimately resulted into a multi-thousand crores financial-cum-stock market scam.  As it was not a normal practice in India, our policy makers justified it as a first hand economic reform experience.

Now when we see at the speculative activities at Commodity Market, the picture of agriculture segment looks much gloomier than ever. Here, even one drought (recent one) seems to be a big dragon for the country. To make situation worse and commodity market more speculative, our ministers at the helm are delivering such statements at every other day which are being translated into a panic.

At a first stage, Indian economy was always treated as an agriculture based economy and more than 70 per cent of the population and major percentage of GDP of the country remain dependent on agriculture output.

Even though for more than four decades agriculture segment did not recognised as a segment to witness any miraculous upliftment act except a regular provision of subsidies in the union budgets, the agriculture has been playing a major role in Indian economy.

In last couple of years, the whole world has been reeling under pressure of recession, what fact has motivated to Indian policy makers to go ahead with commodities market activities aggressively? Is to be seen. Not to say much, one can make out how this platform has also been exploited by the high network speculators to take the prices of all essential commodities be it pulses, wheat, rice or sugar, etc at a sky high level. Again, the question is, whether our policy makers are not in mood to learn any lesson from stock market history or they are simply being played in the hands of some domestic and international players?