Published: 3rd May, 2024
Context
Recent exchanges during the ongoing election campaign have centered on the redistribution of wealth. Additionally, the Supreme Court's establishment of a nine-judge Bench to interpret Directive Principles of State Policy (DPSP) regarding ownership and control of material resources adds complexity to the discourse.
Balance b/w Fundamental Rights and DPSP:
- The Constitution, through its Preamble and Parts III and IV, aims to ensure social and economic justice, liberty, and equality for all citizens. While fundamental rights guarantee liberty and equality, DPSP provides principles for achieving social and economic justice. Notably, Article 39(b) and (c) emphasize the distribution of material resources for the common good and prevention of wealth concentration.
- Originally, the Constitution guaranteed the right to property as a fundamental right. However, amendments were made to accommodate land reforms and public welfare projects, leading to the curtailment of property rights. Landmark judicial decisions, such as Golak Nath and KesavanandaBharati cases, shaped the balance between fundamental rights and DPSP.
Evolution of Economic Policies:
- India's economic policies transitioned from a socialistic model to liberalization, globalization, and privatization in the nineties. This shift aimed to empower market forces, improve efficiency, and foster growth. Notable changes included the repeal of estate duty and wealth tax, along with the introduction of market-oriented reforms.
- Impact of Market-driven Economy: While market-driven reforms have lifted many out of poverty, they have also contributed to growing inequality. Reports indicate significant wealth and income disparities, highlighting the need for inclusive economic policies.
- Judicial Scrutiny: The Supreme Court's decision to interpret whether private resources fall under DPSP underscores the need for clarity on economic policies and resource allocation.
Way Forward: Addressing inequality requires a balanced approach that ensures economic justice for all. While past policies have faced limitations, future strategies should focus on inclusive growth and equitable distribution of resources, aligning with constitutional principles.
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Fact Box: Report: Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj
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