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Communist Party of India (Marxist-Leninist)
Friday, 07 September 2018 10:27

CHINA PRINTS INDIAN CURRENCY AS “MAKE IN INDIA” GIVES WAY TO “MADE IN CHINA”?

UNTIL now, the comprador Indian regime was making use of the auspices of the NATO countries for the required raw materials and expertise for printing of Indian currencies. But today China, the second largest imperialist power and the pioneer in many sophisticated technologies has encroached into this sphere and challenged the monopoly of western imperialist powers in this field. For instance, today China is the only country that has mastery over the latest Intaglio style of printing that accomplishes the print simultaneously on both sides of a banknote. In 2015, Chinese scientists had come up with a holographic feature called Color Dance that could improve the note’s security at very low cost. Backed by this, China had won contracts for currency production project in Nepal in 2015 itself followed by similar projects in a number of countries Asian countries including Thailand, Bangladesh, Sri Lanka and Malaysia. Later Brazil and Poland also started to seek Chinese low-cost but advanced technology in this regard. Getting notes printed from China has become popular not only among poor countries but also among middle-income countries since the sophisticated technology needed for the security features is beyond their reach. The reported decision of India, still a neocolonially dependent country, to depend on China for currency printing should be seen in this broader context.

Of course, it has now become clear that Modi’s high-profile “Make in India” was only a veil for drawing out the roadmap for the eventual surrender of the country’s strategic sectors to imperialist capital. And the immediate outcome of Modinomics with its ultra-rightist corporate orientation, despite its pseudo-nationalism, has been to drag India, a neo-colonially dependent country to hitherto unknown levels of compradorisation and dependence on foreign corporate capital including that from China. From the very beginning, in tune with India’s geopolitical contradiction with China, Modi was bent on maintaining India as a junior partner of US imperialism. But in several respects, the US has become obsolete in respect of many badly needed technologies, even as Chinese imperialism has effectively surpassed the former in many respects. This is the reason that prompted Modi regime to abjectly depend on China for currency printing. Of course, this also is not new thing. For, during the demonetization days, India was depending on China for the import of swiping machines and for recalibration of ATMs.

In the this context, Congress leader Shashi Tharoor’s argument that currency printing in China will make it easy for Pakistan to counterfeit Indian currency is a far-fetched one, as that option was already there when India was depending on NATO countries for its currency.

James PJ

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