WITH strong and unshakeable faith in Indian thoughts, traditions, culture and peculiarities the planners of new India can turn the present crisis of recession into an opportunity, opined Shri K N Govindacharya, noted Swadeshi thinker and ideologue.
Shri Govindacharya was speaking as a main speaker at a two-day UGC-sponsored national seminar on “Global Recession and its Impact on India” at VMV Commerce College, Nagpur on September 3.
He said that the Indian society exhibited its unshakeable faith in these ethoses which steered clear the country through the crisis of recession. But the Indian planners, who have received their training in western style and who have more faith in western values and ethos will not be able to convert this recession into an opportunity. So, what is needed is a change in their attitude, Govindacharya said.
The noted economist further explained that the earlier planners in India had strong faith in country’s traditions and that took the country to highest pinnacle of glory in the past.
“To say that globalisation has brought in riches is a ‘half truth’. We will have to look beyond the present pluses and minuses of globalisation and analyse its impact from that angle”, he said adding “irresponsible economic system followed through the last 150 years is responsible for this current economic crisis all over the world.”
Because Indian economy is flexible it saved itself from the bad impact of recession whereas the western countries which follow a very rigid pattern of economy witnessed the collapse of their economies under the weight of this global recession, Govindacharya said analysing the impact of recession.
He categorically said that GDP cannot be considered as a parameter of economic development as it is one-sided, incomplete and generally not true. We must understand this fact, before planning our priorities, he added.
Indian society believes in savings for the next generation. Most part of Indian economy is dependent on the interest accrued to this savings, he added further, advocating against reduction in interest rates.
The swadeshi economist said that the USA is the most affected nation due to this global recession with its dollar is losing its earlier sheen. We must utilise this situation to our benefit and rethink the exchange rate of dollar and rupee and insist that this be based on gold.
The western countries are eyeing on the Indian markets because their economies are devastated by the recession. We should not become a toy in their hands and instead should make our own local markets stronger to counter their designs, he strongly pleaded. Whatever agreements and terms are required for the contracts with these countries should be made on our terms and conditions. Then only we can make our economy stronger, he said.
Pleading for an integrated approach to economic, social, cultural and political systems he said that these systems are interlinked. When we look at them from an integrated approach we will be able to draft our economic policies in our interest. The main problem is that our planners continue to look at our country from the angle of western and European priorities and neglect the Indian ones.
We must learn lessons from the US and European nations and should desist from implementing their models otherwise we would destroy our economy and economic freedom.
Vice-Chancellor of Mumbai University, Rajan Velukar, Vice-Chancellor of Datta Meghe Deemed University of Medical Sciences Dr Ved Prakash Mishra also spoke on the occasion. Earlier, convenor of the seminar Dr R D Mehta made introductory remarks while Principal Dr Murli Chandekar gave details of activities. Noted VHP leader and President of the College Committee Chandrakantbhai Thakkar was prominently present on the occasion.