Thought for the day
”Happiness is when what you think, what you say, and what you do
are in harmony."
-
Mahatma Gandhi (India, 1869-1948)
Word for the day
Disport (v)
To amuse oneself in light or lively manner; to frolic.
(Source:
Dictionary.com)
Teaser for the day
Shocked to find millions of examiners evaluating an
"Answer" without any reference to the "Question"!
Case against "Make in India" - IV
I am amazed at the ferocity of criticism to my Friday's column
wherein I just wished that the "better life" for 1.3bn citizens
should be the primary force behind government's development agenda rather than
some meaningless numbers on the Excel Sheets maintained by CSO statisticians.
Some of my friends from Mumbai feel that I have become a
communist after moving to Delhi early this summer. I strongly refute. Nothing
could be farther from the truth. In fact, I have become a serious capitalist in
past six months. From a monthly and quarterly performance dominated portfolio,
my investment strategy is now focused on generational portfolio that will
create and protect wealth for my next generation. This is certainly not
communist thinking.
I am a core supporter of modernization and industrialization.
But I do care a lot about sustainability.
Investment without realistic assessment of future demand and
credible revenue model will only bring distress, as we have seen in past many
credit cycles. Development unmindful of Mother Nature will only bring disaster.
India could not be fathomed as an economic story without her
1.3bn strong populace. Unless at least two third of the population actively
participates in the process of "earning-consuming-saving-investing",
the story is without a plot.
Industrialization that brings riches to 5-7% elite and leaves
40% "struggling to survive" and another 30% "barely
surviving", is not sustainable.
The western world managed this type of industrialization when
the whole world, including golden goose like India, was their slave. China has
so far managed with rather oppressive policies.
India of the day is not ready for this. The aspirations and expectations
are flying too high. We can hardly afford any civil unrest over economic
issues.
In my view, the sustainable solution for India’s economic
problems could be found only by looking within. Borrowing from the thoughts of
Mahatma Gandhi, economics needs to follow ethics and not the vice versa. The
primary consideration needs to be “man” and not “money”.
To achieve this means Gandhi advocated trusteeship,
decentralization of economic activities, labor intensive technology and
priority to weaker sections. Many criticize Gandhian economic ideas based on
altruism, self reliance, and non-violence as an impractical alternative to free
market economics. I believe this criticism is unfair and suffers from
parochialism.
I believe borrowing blindly from the western economic models
would not work in Indian context. The Indian model will have to be
quintessentially Indian. It has to effectively tackle the problems of class
conflict, unemployment and poverty while attempting to preserve the lifestyle
and values of rural Indians, which are eroding fast with unmindful
urbanization, industrialisation and modernisation.
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