Absolute necessity to throw the imperialist capital out of the Indian economy.

              The Absolute Necessity to Throw
The Imperialist Capital Out of
The Indian Economy

In the last century, the
economic relations of developed
capitalist countries with their
colonies and other undeveloped
countries were characterized by
export of finished consumer goods
from these developed countries
,and the import by them of valuable raw materials and precious
metals from these undeveloped
countries. The colonial plunder
and devastation resulted in repeated and massive upsurges of
anti-colonial popular uprising all
over the world. Today, most of the
former colonies and 'protectorates' have attained formal independence from their colonial
oppressors as a result of this
world-wide hatred for colonial
domination and plunder.
But the beginning of this
century saw yet another development of world capitalism. This
stage, the highest stage of world
capitalism is characterized by the
over all domination of finance capital ( controlled by gigantic banking institutions ) and the export of
this finance capital from the advanced capitalist countries to the
underdeveloped countries. This
stage of development of world capitalism is known as imperialism.
(See "Imperialism- The highest
stage of capitalism " by Lenin for a
clear exposition of this development.). The advanced capitalist
countries find it extremely
profitable to further increase the
export of finance capital because
in the developing countries they
have a very profitable source of
cheap labor-power and raw materials, as well as vast markets for selling finished goods at lucrative
profits. (Recall for example, how
overjoyed the US imperialists have
become   with   the   opening   up   of
China for imperialist investments
and consumer goods. In 1973-74,
the private investments flowing
from "developed" to "developing "
countries amounted to $ 10.8 billion, while the investments
through government channels for
the same period were another $11.9 billion. These investments
are in addition to the various
"aids" and "loans" from various
international imperialist institutions like World Bank. (The total
lending of World Bank alone until
1975-76 amount to $40 billion. ).At
the same time, the gap between
the few industrially advanced
countries and the underdeveloped
countries has continued to widen.
Today the average per capita income of three billion people in underdeveloped countries is 37 times
smaller than the average per capita income in 10 developed industrialized countries.(ref. 1)
It is in this context that the
question becomes important as to
what exactly is the role of foreign
capital investments in the Indian
economy. Of course, we know what
the answer of various imperialist
agencies (including various "experts", government agencies, imperialist news-media etc.) to this
question is, since they are interested in investing more and
more. In fact, even the Indian
government and the big capitalists
of India have joined this chorus in
emphasising that even more imperialist investments are vital for
the prosperity and well-being of Indian people; and " foreign capital
investment has unique advantages and serves functions which
by their nature cannot be undertaken by local capital", (ref. 2).
Consistent with this "analysis" by
the big capitalists of India ,
we see that every major industry
in India has been set up with
foreign capital and collaboration.
The total private foreign capital investments in India , which have,
been growing year after year even
after the "independence" of 1947 ,
amount to 17.5 billion rupees. In
fact, the British still maintain the
largest share (36%) of these investments.
ca.   1980