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LATEST NEWS UPDATES | Hope and anxiety among liberalization's children -Vivan Marwaha

Hope and anxiety among liberalization's children -Vivan Marwaha

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published Published on Jan 6, 2020   modified Modified on Jan 6, 2020
-Livemint.com

* An open economy spurred growth and created a generation of aspirational millennials, but provided few avenues to follow these dreams

* The cruelty of their situation is exacerbated by the fact that as a whole, millennials are better educated than previous generations

Whenever I discuss my research on Indian millennials, most people assume that I’m talking about the social-media addicted youth they see in Delhi or Mumbai, glued to their smartphones and in pursuit of instant gratification. While that image might fit a very small minority of millennials, reality tells a starkly different story.

Born between 1981 and 1996, millennials grew up in an India in the midst of rapid social, cultural, and economic change. The forces of economic liberalization, introduced in 1984, but unleashed in 1991, changed the nature of the Indian economy and ushered in unprecedented levels of foreign investment, which is why we are told that liberalization ‘transformed’ India.

But as I’ve spent the last two years essentially camped out in India’s small towns and cities, my assumptions on the advertised benefits of liberalization have been fundamentally challenged. Textbook economic theory of greater investment, an increase in white collar jobs, and the entry of multinationals appears to have limited weight and impact outside India’s metropolitan cities. And for older millennials—born in the early 1980s and now on the other side of 35—while liberalization encouraged incredible aspirations and the promise of opportunity, the avenues to pursue them were few.

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Livemint.com, 31 December, 2019, https://www.livemint.com/news/india/hope-and-anxiety-among-liberalization-s-children-11577803916064.html


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