Latent Economic Strength of India

Economics - Another subject that we are learning as future Managers. Here our faculty was explaining us how much latent unrealised potential Indian Economy has. I just reminded me of a movie - SWADES. Let me explain why. There is a dialogue in the movie that says, “In India we have more wealth than any other western country, that is if you consider our culture!” We perceive ourselves to be cultured, tradition abiding people with unmatchable values.

We were told that we in India especially women follow to many values and they are our assets. If we evaluate them in monetary terms they will come out much more than wealth of any country. Again they say that most women stay home being housewives, taking care of children and passing values to them. If they start working, it will add directly to our economy and national income. By (1) earning money for household and being independent (2) spending more money because they have it and they need to pay for the alternative methods used to take good care of their children and family.

Similarly in movie it shows a village where they do not have basic amenities. No Education, Electricity and all the people care about is that they have good culture. What good is the culture in this materialistic world where only mode of survival is to be competitive? The hero of the movie tries to inculcate independent behaviour and self-reliability – sort of autarky to plan for own development.

Well that exactly is the condition of our country. We put forward our values where cannot succeed. We say that what the heck if we are not the most competitive in the world, we have our culture. One thing ahead, try juxtaposing us with China. Chinese economy is growing with 12% per year for more than 25 years now. We are also growing with 8% per year for last decade. But we just cannot reach the Chinese level of growth. Instead of accepting follies what we do is to say that Chinese economy is driven by communist government but we have largest democracy at home; we are lot better, still! For me that is shame! If a communist government can practise this sort of growth then actually a democracy should be able to do better than that not worse. Fact is that for an economy it makes little different if you have Communism or Democracy. What matter are the policies you follow. China is far better on policies front. We just do not have the determination and consistency on the same level from the political compeers.

Unless there is revolution in the way we manage our political matters, our economy can never survive or sustain the growth. Fact is if China can do it, we can certainly do as much if not better than them. There is lot of international and corporate pressure on political front. We are already witnessing the problems everyday, now it’s time to change or perish as ‘Time and tide wait for no one!’