Recently, I was given a video link of the speech of one Mr.M.R.Venkatesh who is a renowned economist in India. When the video started, I was surprised by the fact that he said ‘I will be happy to tell the US how to save themselves from this crisis’ 🙂 As a continued watching the video, I realized the core message of what he was trying to say.
As M.R.Venkatesh explains the disadvantages of globalisation and the dependency on a single currency (ie. the US Dollar), he goes on to say how the US Dollar cannot be let to fail, as it will take back all the growing countries by 50 years or so. The thought was quite scary. Some of the examples he provided to help the audience realize this in a very simple way was excellent.
Though his passion towards India is obvious, his choice of words might be mistaken at times by many who do not know him well enough. In any case, I liked his thought process and the overall objective which had a noble intent behind the same.
Though this speech was given over two years ago, the points he made makes sense even today. The bottom line is, given the way we have handled globalisation, it is something that we cannot live without, but the more and more dependent we are purely on foreign income, the more riskier it is for India – hence the alternative he is suggesting is to increase local consumption, to minimize the high level of dependency on any single foreign currency – this in association with the savings habit present in Indians, should be sufficient to see India come out successfully from the current global financial mess.
After watching this video fully, I was quite interested in his other contributions and found out his website http://mrv.net.in/ . On his website, I found quite a few interesting articles such as the Illegal Money of Indians, Multi national accounting firms operating in India, etc.
I will continue to study his writings and write about it here as I go along.