Satheesan's private dreams: Kerala dumps socialism, embraces neoliberalism

Chief Minister V D Satheesan's maiden budget makes a clean break from Kerala's public-funded growth strategy. Never before has an economic policy depended so heavily on private investment like the new one unveiled by the Chief Minister. According to Satheesan, the policy change is driven by compulsion. The state's finances are in such a mess that it cannot take up any major public project, Satheesan said. He is even trying to amend era-defining laws like the Land Reforms Act to facilitate private investment. He is hoping private investment will spur growth, generate jobs and, eventually, fill the state's 'empty' exchequer.