But that is not a new experience. During the last eight years since the new economic policy was formulated in the name of reforms, deindustrialisation is looming large over the country leading to loss of jobs, unemployment and social unrest. Be it steel or coal, engineering or consumer sector, large or medium scale industries are becoming sick and facing closure as they are not in a position to face the competition suddenly thrust on them through liberalised free market. Small-scale industries are virtually facing liquidation.

Reason is quite clear to those, who are crying hoarse over the necessity of competitive market and efficiency to survive in the present globalised economic scenario. They are trying to gloss over this reason. It is an Uneven Competition right from the word ‘go’. In a free competitive market it is a technology which plays the key role in making the product competitive. The developing countries are totally at the receiving end as a matter of fact at the mercy of developed countries on this score. India is no exception inspite of the fact that it is one of the few developing countries where industrialisation especially in core sector has been developed during last fifty years after independence mostly under public sector. There is no way to upgrade the technology to the global level in these countries with their scarce resources. After all research and development is a continuous process to develop technologies. If market is made free and accessible, competition on an even level is possible when there is a free access to technology also. Does WTO make any provision for that? On the contrary, WTO’s directives to change the patent laws would further restrict the R & D and technology development in the developed countries. With the technology under bondage can we talk of a free market? It will be actually a market bonded to wishes and whims of multinationals and transnational of a few developed countries – a sure way to perpetuate economic hegemony of the Haves over the Have Not countries.