Wednesday, December 17, 2008

Ghandian Economics for Todays Credit crisis

Mohandas K.Image via Wikipedia

Quote from Gandhi writing in Hindu Swaraj " As the self is , so is the Universe"
The current generation has forgotten the value of Gandhi and the only knowledge we have is skewed. We have forgotten his economics and this is very unskilled of a lot of us because he has a lot to teach in both the areas of Personal Finance and National Economics
Personal Finance:- The Main value that this great man taught is one called frugality. In todays world, frugality is seen as something akin to poverty and that is most unfortunate as this is the only value that can prevent largescale poverty.Please understand that frugality is not about living in poverty and enjoying it without gritting the teeth. It is about spending less and keeping more for the rainy day/retirement/emergencies. Seems like advice from the moral science class.
Frugality also means that we consume less of the earth and that we give a legacy to our future generation.
The Advice is to spend less and to save more for the future. Also understand that todays savings become the Investments of tomorow which benefit our next generation as jobs.
National Finance :- The main lesson here is that as a nation we must invest more in the development of assets inthe hinterland as much as in the cities. The NREGA is a good step in that directions. BUt it is small interventionism. The need of the hour is building national assets like river interlinking. In a country the size of India,this idea is one whose time has come and that time is Now. Building national assets like River interlinking will provide massive irrigatin potential especially in semi arid tracts of the Deccan and also flood relief for a number of states in the North. This is the only oppurtunity after Balarama to alter the course of rivers and it is possibel to realise this
Jai Hind
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