Our economy is progressing even today with the help of India’s economic philosophy

Angus Maddison has been a world renowned British economist historian. You have done deep research work on the economic history of many countries of the world. In the context of India, you say that from before 1 AD to 1700 AD, India was established as the biggest economic power in the whole world. Incomparable economic progress in ancient India was possible only because of the economic policies being run according to the Indian economic philosophy. Due to many economic decisions made in India during the last 9 years with the help of Indian economic philosophy, the engine of Indian economy has again started running on track at a fast pace. Almost all the international financial institutions are continuously telling that in the coming years, the rate of economic development in India is going to be the highest in the whole world and in the economic field, not only the current decade but the present century is going to be India’s.

In India in the decades of 60, 70 and 80, almost all of us citizens have been hearing since our childhood that India is a poor country and Indian citizens are very poor. Although the ancient period of India has been very bright, but the invaders and Britain looted India during their rule and made it a poor country. Now the cycle of time has turned completely and has come to stand on today’s Khandkal and India is seen providing its leadership in many matters to the whole world. Along with this, the results of the various programs run by the Central Government for the benefit of the poor class, following the Sanatan Bharatiya Sanskars, are now coming to the fore, especially in the midst of the Corona epidemic in India and after that. Especially under the Pradhan Mantri Garib Anna Kalyan Yojana, the facility of free food grains has been provided to 80 crore citizens of the country and it has been continued even after the corona pandemic, as a result of which the poor class in the country has benefited a lot. Recently International Monetary Fund (IMF) has released a working paper on poverty estimation in India. In this working paper, estimates of poverty in India have been expressed on the basis of different assumptions. According to this working paper, 12 million citizens in India have come above the extreme poverty line in recent times. According to another report released by the World Bank in the year 2022, in the year 2011, 22.5 percent of citizens in India were forced to live below the poverty line, but in the year 2019, this percentage has come down to 10.2. In the year 2016, the population of the extreme poor class in India was 12.4 crores, which has decreased to 1.5 crores in the year 2022. During the last two decades, more than 400 million citizens in India have come above the poverty line. In fact, during the last about 9 years, many major changes have been seen in the social, economic and cultural environment of India. Due to which poverty has reduced rapidly in India and India has achieved great success in poverty alleviation.

Millions of citizens living below the extreme poverty line in India coming above the poverty line in such a short time is a lesson for other countries of the world. In such a short span of time, such a large number of people in any country have been able to improve their economic condition; this has not happened anywhere. The change of poverty that has taken place in India is visible on the ground. This has changed the image of India in the whole world.

These are also Sanatani Sanskars which teach the citizens of India to make small savings. According to Indian traditions, our elders develop the tendency to save in us from childhood itself by saying that in the future, in times of bad times, the savings made in the past are of great help. In Indian families, housewives know the maths of saving even a very small amount out of the amount provided to them for household expenses, and when the time comes, they instill a sense of satisfaction by handing over the said savings to their family members. Whereas citizens of other countries, especially in developed countries, have little to no savings habit. Western philosophy does not believe in reincarnation, so the citizens of western countries want to live their life today, do not rely much on tomorrow (future). Therefore, the citizens of western countries consume more and more products and spend almost their entire income on consumption, never feeling the need to save. In contrast, Indian philosophy is based on spirituality and efforts are made to attain salvation by doing good deeds in life. Therefore, in order to improve this world and the hereafter, the tendency to help the poor sections of the society is found in Indian citizens. Indian citizens therefore rely heavily on even the smallest of savings. In this series, in the year 2014, the Central Government started the Jan Dhan Yojana to connect the poor citizens of India with banks. Under this scheme, so far about 50 crore savings accounts have been opened in various banks and by adding small savings, an amount of more than Rs 2 lakh crore has been deposited in these accounts. India has shown the way to the whole world in this context. This savings will make the citizens living below the poverty line the middle class of tomorrow, this will increase the consumption of various products in the country and speed up the country’s economic progress. This has become possible only because of the Indian Sanatan Sanskars. Families in India consider it necessary to save for the future while balancing their expenses.

Another area in which Indian philosophy has shown the way to the whole world is to control inflation. In fact, continuous increase in interest rates by developed countries to control inflation seems to be adversely affecting other sectors of the economy, while it does not seem to be controlling inflation. In capitalist economies, the old principles are now proving to be bittersweet. And then, to keep on increasing the interest rates only for the purpose of controlling inflation so that the demand for goods in the market decreases, is a negative decision. This adversely affects the economy of the country. Due to low demand for products, the production of companies decreases, the possibility of recession in the country increases, due to which the risk of unemployment increases, EMI of common citizens increases, etc. Many companies in the US have announced to lay off more than 2 lakh employees to maintain their profitability in this environment. Making a citizen unemployed would be called an inhuman act. And then, in America itself, three big banks have failed in the midst of this environment. If this type of situation spreads in other countries as well, then there can be a situation of recession in the whole world. Just opposite to the above system of the West, Indian economic thinking has thought about the economy of abundance, that is, produce more and more – “Shatahasta Samahar, Sahastrahasta Sankir” (collect with a hundred hands and distribute with a thousand hands) – this It has also been told in our scriptures. In the economy of abundance, more and more citizens get the consumables easily at a reasonable price, due to which the market prices of the products keep decreasing instead of increasing. In the Indian Vedic economy, there is a system of continuous reduction in the market prices of the products and there is probably no mention about inflation anywhere in the Indian scriptures. Indian economic thinking prefers an economy run by keeping the benefit of humanity at the center instead of a personal profit-oriented economy.

Today, the number of citizens of Indian origin has reached an impressive level in more than 50 countries of the world and citizens of Indian origin are earning remarkable success for themselves by playing an effective role in the economies of these countries, including developed countries. . When trying to find the reasons behind the remarkable success of Indian American citizens in America, the following reasons come to mind.

As per Indian rituals, Indian parents are found to sacrifice their own interests for the sake of their children. Indian mothers sacrifice their passion for professional work for the sake of their children. Similarly, Indian fathers make many compromises in their business in the interest of their children. Therefore, for Indian parents, the upbringing of their children becomes the biggest priority. Indian parents spend the most excellent time on the development of their children even in the busiest moments of their lives. American citizens of Indian origin still bring up their children in America according to Indian rituals.

Indian parents instill a sense of faith in their children from childhood itself. They themselves also trust their children and teach them to trust other sections of the society. Due to this trust developed in children, parents become best friends of their children and children are not afraid to share everything about their life with their parents.

American citizens of Indian origin live in the same house as a joint family in the US as well. This makes it very easy for their family business to develop and grow rapidly. Also, living as a joint family reduces family expenses comparatively.

American citizens of Indian origin are found to be very satisfied and happy even in the matter of married life in America. This is measured through the statistics of divorces given after marriage. The highest divorce rates in the US are among Black Americans at 28.8 percent, 15.1 percent among White Americans, but only 1.3 percent among Indian-Americans (although some surveys put it as high as 6 percent). ), which is the lowest rate among citizens of all other countries. This is the result of Indian culture.

Indian parents introduce their children to Indian social beliefs in their childhood and teach their children to participate in various events in their relatives and acquaintances’ families and establish relationships with them. They keep their children with them until they get married, many Indian families prefer to keep their children with them as a joint family even after their children get married. By this children get mental support and they learn Indian values ​​and social values. In childhood itself, children are taught to live in a joint family. Children also learn Indian culture by observing the behavior of their parents. On the contrary, citizens of American origin separate their children from themselves as soon as they attain the age of 18 years and they have to set up their own separate house. Children also do not like to take care of their old parents because that is the culture of the West.

Indian-American parents recognize the inclination of their children in their childhood and develop their skills in the same field so that the children can achieve success in the same field in future. Also, American citizens of Indian origin take full care of their children and also keep a close eye on the activities of the children so that their children do not follow any wrong path. They promote great eternal Hindu culture, rituals, traditions and heritage in their children from childhood itself. In India, citizens who follow all religions live together, so in America also American citizens of Indian origin are found to be very contented, peace-loving, hardworking, firm in their intentions and respectful of their elders. Prefers to keep himself away from any kind of debate.

Seeing the immense success of the citizens of Indian origin in America and other developed countries in economic, social, political and other fields, now the whole world seems to be eager to adopt Indian values.

– Prahlad Sabnani

retired deputy general manager

state Bank of India