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  • Category: India

    Is Indian economy really Indian?

    Indian economy has evolved from colonial fundamentals. The very Idea of economic policy of Government of India is from west. Let us take the concept "No Taxation without representation". This policy had its origins in Magna Carta 1215 A.D. made by British King with his generals and Knights. The recent history where this concept evolved is from American Revolution 1776. Similarly the Idea of Welfare State was brought by John Maynard Keynes. The Idea of Public Sector Institutions is from Soviet Union. Our Present economic policy of Regulated market based economy is from post 1991 IMF pressures. No doubt these events and personalities changed the way how economic policy of Government must be and brought phenomenal change in society. But all these events, Personalities brought changes in their respective states whose conditions were different. Indian economic policy has long lacked the Indian way of thinking. This has costed us heavily. For example In contrary to the above economies India is a village centered economy. Even in this 21st Century Villages remain the backbone of economic demand. Even in economic fundamentals these could be seen. The GDP calculation, Inflation Index measurement etc. Indian policy makers are just following western standards. For example in Inflation the 676 goods taken as model commodity are mostly City based goods.
    So Is it not time we reinvent our Economic Policy?
  • #608684
    This is an interesting poser made by the author. Though we might have borrowed the thoughts from other sources, our Indian economy is strong and sustaining. Good suggestion that we have grown up leap and bounds and we must invent our own policies , instead of having relied on others for the inputs so far. An expert committer of Finance Ministers who worked for India cutting across party lines can formulate new policies and give suggestions to correct and improve the existing one. That way a cleansing effort can be made to get rid of old Financial policy and give a thought to new one.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #608689
    I think the present economic policy may not be our own but it is a standard one. However there is no problem in upgrading the system by newer methods and means. There any many experts in the field of finances in India. Government can form a committee with these experts to suggest ways and means to improve the system. It will be a welcome move.
    drrao
    always confident

  • #608706
    I have little knowledge in Economics, still I attempt to respond here. Chanakya's 'Arthasastra' is surely a bible for every student of Economics. As the author rightly mentioned that the Indian economy is much influenced by the Western due to Globalisation and this trend started from the short lived Chandrasekhar's Government and patronised by the P V N Rao's regime. The 'Wallmart' concept that resulted due to Manmohan Singh's FDI but certain state governments still follow our old tradition of 'village fair' which are being termed as Rythubazar which is purely Indian origin economic theory based. Isn't it?
    Regards,
    Jagdish


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