Globalization, Privatization and Free Market Economy

By C. P. Rao | Go to book overview

CHAPTER 13
Perfecting Globalization in India:
Blending Western Technology with
the Indian Ethos

UMESH C. GULATI

Culture, like other economic resources, is necessary for the economic growth of any nation. But only a few countries, such as Japan and the four Asian Tigers, South Korea, Taiwan, Singapore and Hong Kong, have effectively harnessed this resource for rapid economic development. These countries have used their cultural resources by optimally combining the Confucian ethic with Western technology. This chapter advocates a similar blending of the Hindu ethic based on the ancient Indian culture with the market model based on Western technology. The chapter discusses the salient features of the Indian culture and the Hindu ethic which can be cultivated through every level of education, from high school to college and university, and through periodic workshops and retreats for both government and corporate workers. Through a proper blending of Western technology with the Indian ethos, India can also match the rate of economic growth achieved by the rapidly growing Asian Tigers. A hopeful sign has become evident in the West, too: an increasing emphasis on blending Eastern spiritual values with Western market values.


INTRODUCTION

The 1991 economic reforms brought about by Prime Minister Narasimha Rao and Finance Minister Manmohan Singh (R&S reforms) were a major turning point in the history of economic policy-making in India since its independence from the British rule. Faced by a severe economic crisis reflected in stagnant economic growth, high inflation and unemployment, enormous accumulation of foreign debt and plummeting foreign exchange reserves, the Congress party leadership was convinced that it must abandon its failed strategy of economic

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