KOZHIKODE: More than an economic issue, globalisation is actually a cultural issue and the stabilised culture of the nation has became the defence against globalisation in India, noted financial expert and writer S Gurumurthy has said.
He was inaugurating the 29th state conference of the Bharatiya Vichara Kendram in Koyilandy here on Saturday.
“Americans allowed the culture to be eroded and that has resulted in economic erosion. The cultural collapse has transformed it from the biggest investor and lender to the biggest borrower now. Because we have stabilised our culture, it became the defence against globalisation and we have been able to not only withstand globalisation but also improved the domestic savings of the country. Indian domestic savings rose from 23 per cent of the GDP in the early 1990s to over 35 per cent of GDP now, despite huge interest cuts to promote consumption,” he said, while speaking on the topic ‘Globalisation: Concept and Impact’ as part of the state conference.
Gurumurthy said the cultural heritage of the country, the strength of the family and its concern for the future had created the magic. “ India’s infrastructure investment in the next decade would exceed $1.4 trillion. But, for financing such huge infrastructure requirement, the domestic savings generated by Indian families would suffice and India would not need any FDI,” Gurumurthy said.