Why in news?
The incoming head of the NITI Aayog recently said in a news column that India is subject to “foreign influences”, especially in the economic sphere and that we must overcome the impact of western world view.
Why this assumption is wrong?
- False notion - The notion that anything “foreign” is taboo to our ecosystem is flawed thinking in an integrated modern economy.
- Many competent people in economic policy of present government have been educated or have worked abroad.
- This indicates that many Indians who have excelled abroad want to contribute to the economy.
- We need such people with international exposure.
- While there are several economists with a western world view of economic theory, there are also a substantial number who agree with the negative impact this.
- No alternative - We haven’t yet established a robust alternative model to western school of thought, like what Singapore and China have done to suit their sociocultural tendencies.
- It is possible only when we have competent people with a broader global understanding of policies and ideas.
- Poor standard - The academic quality of economists is no match to global standards.
- e.g 1991 Economic crisis was largely due to the flawed policies of home-grown economists.
What should be done?
- The focus needs to be on making calculated judgments on what suits us and what doesn’t instead of branding them as domestic or foreign.
- Adapting such narrow-minded views will isolate talented Indians who are willing to contribute to the country.
Source: The Hindu
