India should pursue policies of economic patriotism and techno-nationalism, as otherwise the country will face a very bleak future, Pro Vice-chancellor of the Pacific Academy Higher Education and Research, Udaipur (Rajasthan) Sh. Bhagawati Prakash Sharma said here on Sunday.
He was delivering the third late Prof. Chilukuri Subrahmanya Sastry memorial lecture. Former Vice-Chancellor of Acharya Nagarjuna University V. Balamohan Das released a book of Telugu proverbs and idioms written by the late Prof. Sastry.
Prof. Sharma said it was high time India gave up the neo-liberal economic policies being pursued after the economic reforms, as the country had suffered on all fronts. “Indiscriminate imports have wrecked our economy. We have become dependent on foreign companies for all our needs and those companies are indulging in predatory takeover of our companies. The Indian Government is doing nothing to protect domestic industry. China on the other hand has overtaken us on almost all fronts and is posing a serious threat,” he pointed out.
Suggesting a solution to the current economic crisis faced by the country, he said that India should give up too much import liberalisation and make all efforts to assimilate the latest technologies by all means and at any cost. “Indian companies should even acquire bankrupt foreign companies, as China did, if they have the right technology and a substantial market share in that sector.”
He said at least 30-40 per cent of the technology used in products and services being used by Indians should be of Indian origin. It was not enough if we buy goods made in India. Maruti car was made in India by a Japanese company with Japanese technology. “We should buy goods and services made by India with its indigenous technology and components. The slogan therefore should be “Made by India” and not “Made in India”, he explained.
Prof. Sharma also said that Indian culture was also being undermined by the foreign companies to sell their products and services and cited several examples from TV serials after the economic reforms. While allowing FDI in retail trade was a disastrous step, the government was now thinking of further liberalising the financial sector. This should not be allowed and must be resisted it at all costs, Prof. Sharma said.
• It was high time India gave up the neo-liberal economic policies, says expert
• Allowing FDI in retail trade is a disastrous step, he says
Prof. Bhagawati Prakash Sharma is national Convener of SJM & Pro Vice-chancellor of the Pacific Academy Higher Education and Research, Udaipur (Rajasthan).