Didi, with her emotive appeal to mother, land and people, has brought to an end the over-three-decade rule of the left front. A rule that had many capitalists in a tizzy, but apparently enjoyed the support of the masses.
One of the early successes of the left front was a much-touted redistribution of land to the landless. While I studied in school in Calcutta in the 70's, most economists sung praises of the land reforms made by the Left. Redistribution of natural resources was expected to lead to even development, and uplift the poor. This "redistribution" often took a grotesque turn - I remember hearing of the "rich" being attacked in Calcutta's bustling markets - the attackers angry that they spent money while the poor slept hungry. The exodus of industry that marked this phase of Naxal violence did little to erode the popular base of the Left Front. Of course, the electoral victories were often cemented by thugs ensuring that areas that were prone to vote for the opposition were often under siege at the time of elections.
Ironically, while the cognoscenti have often written off the left front, it began losing its popular sheen only when it started to adopt a more capitalistic approach. Much is being made of the fact that the Left's loss will now promise a phase of economic growth for Kolkata - but will it? The victor is not a right leaning party with proven will to foster development - instead - it is the very same party that took on the government when it attempted to procure land for the Left governmernt's strongest attempt in recent times at getting large industry to come to the State.
Earlier attempts too have not succeeded. When the State government allotted land for an IT park at the outskirts of Kolkata - at Rajarhat, most of the IT majors expressed support, but very few set up their campuses. Despite a well developed education inftrastructure (at least in the capital city) and with low wages, adequate electricity and good infrastructure ( Rajarhat had its roads made well before even the first building came up), the area even today remains a ghost town - a promise unfulfilled.
What does this mean for the new government? TMC has come to power with industry friendly faces - the new finance minister will likely be Amit Mitra, the former Secretary General of the Ficci - the industry association. Apparently, more money has been raised from business houses in Mumbai - for the election campaign of TMC than from Bengal. But is the mandate one for development? or is it simply a desire for change (even the lugubrious bengali has finally decided to lift a finger to vote against the long rule of the left front), and importantly, a protest by rural Bengal against land acquisition and industry? After all, while Kolkata and its "bhadra log" have often voted against the Left, it is perhaps for the first time in decades, that the left has lost its mandate from rural bengal.
So while we in the Capital markets may celebrate the possibility of "economic reform" in Bengal - which ironically, usually means more money for the rich and greater income diversity, I think it would be naive to believe that the mandate is for this. What I do expect, is that the first couple of years will be pay-back time for the capitalist backers of the TMC. So, one way or another, the Capital markets will applaud Didi's wooing of capitalist India with offers of cheap resources from west bengal. Once the first couple of years are over, however, it will be a time to really examine what the voters want - and that, I am afraid, is perhaps not more capitalism!
Unfortunately, I think this election is more about the defeat of the Left front and less about the defeat of the Left ideology. Hold the champagne.
