While the Western economy is facing a crisis, experts in India refuse to term it as global crisis, but prefer to describe the phase as the rise of Asia as an economic power.
At a function to release the translated version of World Beyond Marx and Market, a compilation of speeches of a noted economist and the all-India co-convener of Swadeshi Jagaran Manch S Gurumurthy, into Tamil, experts echoed India is not dependent on the Western economies and its growth is mostly due to its savings and major economic role played by the Indian housewife.
In his address, Gurumurthy said there is a need for experts to study the Indian economic system rather than borrowing the Western concepts and implementing them in India.
He said that family and society are key to safeguard our economy. Quoting Goldman Sachs, Gurumurthy said that India has $1.7 trillion in savings and we don’t have to depend on any country for our growth.
He said both Communism and American form of economic growth shunned the family system, which resulted in their downfall.
Earlier, Prof R Vaidyanathan of Indian Institute of Management, Bangalore, said that global economy is to witness a paradigm shift.
He said the American is more of corporatisation of democracy and there is a challenge before the world on what constitutes the spirit of democracy. “There is a need for out of the box thinking,” he said.
Attending the function, national Swabhimaan Andolan Convener Govindacharya said that there was a need to rethink on those things that constituted development of country.