Future of Indian Economy

23/06/2021 13:30

NITIE hosted a talk by Shri. S. Gurumurthy, Leading Corporate Advisor, Chartered Accountant and Editor of Tamil magazine, “Thuglaq” on “The Future of Indian Economy” on 21st June 2021 at 6:30 PM. The event witnessed enthusiastic participation cutting across several social groups.

Prof.Manoj Kumar Tiwari, Director, NITIE, Mumbai introduced Shri. Gurumurthy as a fearless journalist, unconventional thinker and astute mind. He recalled the role of Shri. Gurumurthy in supporting small enterprises and his conviction in the role of such enterprises as a contributor to economic growth. Prof.K.S.Ranjani, Faculty, Economics and Finance Area, moderated the event.

Speaking on the future of the Indian economy, Shri. S. Gurumurthy's talk on the future on the Indian economy centered around three propositions, namely [1] India is too big to be dependent on the world, and equally independent of the world. [2] India did not understand the role of power in geopolitics and was unwilling to play the power game till Pokharan II atomic explosion [3] India also did not understand that its role in geopolitics is essential for its development. China which understood the role of power and geopolitics took a 30-year lead over India by leveraging on both. India's efforts to understand the role of power and geopolitics for its economic development began only in the third millennium. He pointed out that nonalignment in the two decades of cold war period first and the wrong alignment for a whole decade after the cold war were lost decades for India. He pointed out that while China which started a Marxist state and the socialist economy moved to mix the Marxist state with market economy, India which started with democratic state and socialist economy moved a decade later to be a democratic state with a market economy. China an autocrat was favored by the democratic West, India which was a democracy was disfavoured by it. But China with its autocratic state was able to abuse the global market to its advantage and to the destruction of the global economy which the West realized two decades later. He traced the rise of China as a dominant role in geopolitics and its ascent as a superpower on par with the US with the latter's blessings. An autocratic and opaque China is now seen as a threat to world peace and equilibrium. Also, the western powers G7. NATO and EU concurrently position the world into a democracy-centric world. It is in this context that the recognition of the Indian democracy as deep, stable, inclusive, representative, and mature by the world assumes significance.

Autocracy works against a stable world order while democracies foster symbiotic relationships. The post-pandemic world is now wary of trade relations that promise just a “cheap” source supply chain. The post-pandemic world will operate in a revised paradigm of supply chain principles that will rest on both cheap and safe. It is here that India can position itself as a reliable player.

The nature of Indian democracy, the collective nature of Indian society and the social capital that form the basis for Indian enterprise are unique features that could become key variables in the Indian growth story. Free investment could become a better alternative to free trade and become a more empowering catalyst in promoting inclusive growth.

Shri. Gurumurthy, in his 30-minute address had drawn out a broad roadmap that held promises of a bright future for the country, provided policies were bold and appropriately drawn out to leverage the changed dynamics.

The talk was followed by Q&A with participants putting forth questions regarding various aspects of business and economy. Shree Gurumurthy handled all the questions with aplomb leaving the audience enthralled. The event left audience wanting for more.

NITIE is honored to have hosted this excellent talk and we look forward to more such events that could build knowledgeable societies.

Sub Title: 
Future of Indian Economy - Shri. S. Gurumurthy
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