2008... The most chaotic year of this millennium so far. Food crisis in poor countries, then inflation in India and other few developing countries and now the fire-spitting dragon alike "Economic Downturn". The words or phrases like "Economic Downturn", "Economic crisis", "Global meltdown" have become so popular that even a very less educated kirana wallah, vendors etc can give you an thunderous reaction over it, sorry of being condescending but its true. The another reason may be all the acts of "Blame and Gain" agenda of other political parties on the incumbent Congress to incite the rage within the distraught people who have lost their jobs, the businessmen whose business has been marred, the brokers of Dalaal street..
What are being done by other developed countries? The victory of Obama for most coveted USA president post, who took his oratory skills to woo American voters by his "Yes, we can" speech, had taken some as usual and most common of all steps like giving fiscal stimulus package of $780 billion to take out financial banks out of liquidity crunch and infuse the amount in public to increase the consumer spending and thus kickstart the stopped industrial work. G-20 summit in the first week of April in London, being called as London-Summit, would be seen by the international masses as a meeting of their Economic redemption. I hope, they will take some stringent measures rather than again giving some fiscal package as the leaked draft of this communique shows.
OK, whatever i mentioned above is just what has been done by the developed and developing countries? But, what is the need of the hour?
Firstly, i would say shed of your prejudiced liking of "protectionism". Protectionism will lead nowhere but suffering of common people. Lifting trade barriers and making your market accessible to foreign investors is the most appropriate solution of this impasse. "The comparative advantage" theory states that do only those things at which you are adept, have an arsenal of technological innovation because those things only u can manufacture cost effectively. So, why not open ur market and have people the privilege of buying those things only which are cheaper despite of forcing people to buy domestic-made things which are relatively costlier and not much soothing to use.
The second point is that you can see the growth history of India after the "license raj" was ended, thanks to highly respected Manmohan Singh and more importantly Gulf war which led India to ask IMF for money and they, in return, asked India to shed of its policy of high tariffs on commodities and the tedious process of get license to start your firm in India. Since then, the foreign investment and MNCs have put India on the track of high growth, which India boasts now. The Indian GDP has its major stake in service Industry which comprises 55% of GDP. So, thanks to these Foreign companies, nevertheless Indian IT giants like Infosys, Wipro and TCS.
Thirdly, the protest by Environmentalist of G-20 summit has a point. In nay such international event, only the commitment of going Green and the effect of Global warming is reiterated. when they will act? This is being asked by environmentalists. Obama's fiscal package has some share for developing renewable resources can be seen as a small stride in this field to spur "Going Green" call. I am doing some work of developing Offshore Wind Farm to generate green electricity and i noticed that in spite of large initial investment, it has a very large direct monetary profit and indirectly it may get subsidies by government. So, why not harness the high wind speed in Oceans to light bulbs? Reliance industries and other companies in India should invest in these fields and its time to act for the Government, Stop bickering about communal partisanship, blaming on each other and start delivering in promises you are making. This Will not only lead to zero carbon emissions in the environment but also lead to other ancillary industries of making the infrastructure, will give employment to people. So, its time to cat not only for Government but the people who want better life rather than living by their religious and caste prejudices. START ACTING!!
What are being done by other developed countries? The victory of Obama for most coveted USA president post, who took his oratory skills to woo American voters by his "Yes, we can" speech, had taken some as usual and most common of all steps like giving fiscal stimulus package of $780 billion to take out financial banks out of liquidity crunch and infuse the amount in public to increase the consumer spending and thus kickstart the stopped industrial work. G-20 summit in the first week of April in London, being called as London-Summit, would be seen by the international masses as a meeting of their Economic redemption. I hope, they will take some stringent measures rather than again giving some fiscal package as the leaked draft of this communique shows.
OK, whatever i mentioned above is just what has been done by the developed and developing countries? But, what is the need of the hour?
Firstly, i would say shed of your prejudiced liking of "protectionism". Protectionism will lead nowhere but suffering of common people. Lifting trade barriers and making your market accessible to foreign investors is the most appropriate solution of this impasse. "The comparative advantage" theory states that do only those things at which you are adept, have an arsenal of technological innovation because those things only u can manufacture cost effectively. So, why not open ur market and have people the privilege of buying those things only which are cheaper despite of forcing people to buy domestic-made things which are relatively costlier and not much soothing to use.
The second point is that you can see the growth history of India after the "license raj" was ended, thanks to highly respected Manmohan Singh and more importantly Gulf war which led India to ask IMF for money and they, in return, asked India to shed of its policy of high tariffs on commodities and the tedious process of get license to start your firm in India. Since then, the foreign investment and MNCs have put India on the track of high growth, which India boasts now. The Indian GDP has its major stake in service Industry which comprises 55% of GDP. So, thanks to these Foreign companies, nevertheless Indian IT giants like Infosys, Wipro and TCS.
Thirdly, the protest by Environmentalist of G-20 summit has a point. In nay such international event, only the commitment of going Green and the effect of Global warming is reiterated. when they will act? This is being asked by environmentalists. Obama's fiscal package has some share for developing renewable resources can be seen as a small stride in this field to spur "Going Green" call. I am doing some work of developing Offshore Wind Farm to generate green electricity and i noticed that in spite of large initial investment, it has a very large direct monetary profit and indirectly it may get subsidies by government. So, why not harness the high wind speed in Oceans to light bulbs? Reliance industries and other companies in India should invest in these fields and its time to act for the Government, Stop bickering about communal partisanship, blaming on each other and start delivering in promises you are making. This Will not only lead to zero carbon emissions in the environment but also lead to other ancillary industries of making the infrastructure, will give employment to people. So, its time to cat not only for Government but the people who want better life rather than living by their religious and caste prejudices. START ACTING!!
