Chennai:
As the Western economy is reeling due to economic crisis,
experts in India refuse to term it as global crisis and call the phase as 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 noted economist and All
India co-convenor 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.
Delivering a speech on the occasion, Gurumurthy said there
is a need for experts to study the Indian economic system rather than borrowing
the Western concepts and implementing it 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 they don’t have to depend on any country for their 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 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.
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