The Indian Economy Review 2003-2004:
Another Step Towards realizing the Great Indian Dream
Why I write this review is to contradict want_to_be_phd’s comments on the fact that a management institute should contribute towards just socially oriented initiatives. I’m a student of IIPM and do not believe that a ’social focus’ is the only focus that should exist. As a final year student, I am the Secretary of one of the centers at IIPM (Center for Economic Research & Advanced Studies). My Center has just brought out the Indian Economy Review to support macro-economic measures in India; and my review outlines the suggestions in the same.
It was exactly on May 6th that IIPM released The Indian Economy Review 2003-2004, a thematic compilation of economic thoughts, ideas, questions, answers and solutions. The Review promises to usher in a potentially better if not necessarily newer, dawn of economic policies that radiates the power to dispel the current darkness of socio-economic and socio-political confusion (Read: The NDA-Congress tussle on India Shining and Feel Good)
We believe that India’s claim to fame for India Shining and Feel Good factors has been sheer luck with certain positive economic factors like a soaring Agricultural output (thanks to a favourable monsoon!), an increase in FOREX reserves, a plummeting interest rate and a rising Sensitivity Index. But, peeping deep into the 8% growth rate, one finds that all these factors are fragile and short-lived, which are not sustainable for a long period. We have always ignored the fundamental areas of health, education, sanitation and creating purchasing power for the masses.
From time immemorial there has been a conspiracy around economics in our country. Strangely, it has always been restricted to the intellectual echelons and never ever an attempt has been made to take it to the masses. Through the Indian Economy Review, my Center’s endeavor is to take the subject to where it belongs, that is to the people of India. We have also made an attempt to arrest cynicism, ubiquitously associated with the subject by first highlighting the predicaments followed by workable solutions propounded by exponents of specialized areas, substantiated by comprehensive exemplification in the most lucid language.
This review of the Indian Economy is just another step forward, to further the cause of the Great Indian Dream. Similar such reviews would be brought out on a regular basis, so that the dream never dies. I do not agree that just having a social focus can help an institute contribute to the development of an economy. Economic growth has more factors (like macro-economics) than social development.
The central theme of the Indian Economy Review is devoted to assess the critical predicaments in the Indian Economy. Issues covered are much beyond the feel good factor that is projected using the Indian Stock Market indices or IT and BPO success stories. It analyses what needs to be done to annul the element of development deterrents in the country and offer concrete proposals for on how to accelerate progress everywhere towards achieving holistic development with human face.
I’m still open to debate on the fact that it’s better to develop social initiatives through macro-economic efforts (that’ll reach the masses) than by just focusing on one-off ground level exercises. I do understand that a combination of both would be a wonderful idea; but in case there arises a question of tradeoff, I shall surely support IIPM always going for policy advocacy on macro-economic issues than IIPM going for just grass root level activities.