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Communist Party of India (Marxist-Leninist)
Monday, 06 August 2018 12:34

IMF PENSIONERS LEAVING THE SINKING SHIP?

AS Modi regime’s chance of returning to power in 2019 is shrinking and as the fundamentals of the economy are in doldrums, return of the key think-tanks of the governments to their safe positions in the US has gathered momentum. The latest in this series is the abrupt exit of Chief Economic Advisor (CEA) Arvind Subramanian and his going back to academia in the US. Subramanian took charge as the CEA on October 16, 2014 for a period of three years. In 2017, his term was extended for a year, and the government was planning to extent it beyond that.

Raghuram Rajan was the first to tender his resignation. After a three-year term, before the demonetization farce, he moved back to Chicago University in June 2016 itself. The second in line was Niti Aayog Vice Chairman Arvind Panagariya who after resigning from his post on 31 August, 2017 returned to Columbia University. Modi had specifically brought him from the US to effectively implement the process of dismantling the Planning Commission. Now Arvind Subramanian, who being CEA has been the key person behind the implementation of imperialist-sponsored demonetization as well as GST, is also going back to US. And the finance ministry is in a rudderless situation as the finance minister Jaitley himself has been on leave for his kidney transplant.

All the three, viz., Raghuram Rajan, Arvind Panagariya, Arvind Subramanian were handpicked and put in India’s key and strategic positions solely because of their training in IMF together with their experience and proximity with US imperialist research centres. India being a neocolonially dependent country that is run by a ruling class whose servility to imperialism is primary, the presence of IMF and US-trained economists in the policy-making and implementation apparatus is historically unavoidable. That is why the nomination of IMF-pensioners like Rajan, Panagariya and Subramanian who get precedence over ‘domestic’ bureaucrats has become indispensable under the Modi regime which has transformed India as a strategic junior partner of USA.

Having so many strings with imperialist centres, the loyalty and affinity of these ‘comprador bureaucrats’ to IMF, World Bank, WTO and similar other neo-colonial-neoliberal institutions are stronger than that towards India, the country of their origin. Therefore, when a critical situation arises, it is quite natural on the part of such comprador bureaucrats to take the first flight to safety. This seems to be the valid explanation for their sudden withdrawal to imperialist centres at this particular juncture.

James PJ

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