Firstly Socialism does not automatically mean lack of private enterprise(If it is, then liberalization would have been unconstitutional. And Nehru's brand of Socialism is not the only one out there). Nordic countries like Sweden and Norway also have socialist systems in place. Yet they are developed and have a healthy private industry. Also you are confusing privatization with opening up sectors of economy for foreign investment. If India opens up airline industry for foreigners I will be happy about it. Because it will create new jobs. Even privatizing Railways will improve efficiency. But what is the point of allowing FDI in retail?! They will employ the sons of our own pan shops as employees and at a lower salary than what they would have earned by managing their family shop. People like Obama would like India to privatize only because, that would be a first step in allowing foreign investment, not because they are immensely interested in the well-being of India.
Where as at home, Obama keeps encouraging private sector while attacking the outsourcing industry, which is a form of Indian investment. I did not make fun of his comments because they are automatically bad. But they are hypocritical and self-serving.
