Arindam: - Hello Viewers, in today’s episode of “Wine with Arindam”, we have two special people, you could have ever imagined of? They are the two great economists of the world, Mr.Amartya Sen and Mr. Muhammad Younus. Thanks a lot to both of you, Sir, for coming here in our “Satyam TV Channel” studio of Hyderabad. Ok, we have called you two great Nobel Laureates for a discussion on our present Indian economy. My first question to Amartya Sir, is India going to come back as a powerful economic country, if yes, then how and when?
Amartya: - It’s a very silly question. If India is not going to prosper in terms of economy, then which country will prosper? What is not there in India? The problem is with the politicians and the legal system, which creates a huge gap to perform effective utilization of the economic or financial resources to generate more profits and innovative schemes for the future ahead. With the introduction of IT in India, the first step of the government would have been to convert that technology to create a domestic market demand in the rural villages. Instead of doing that, we told our children to go and work in BPOs and depend on the entire US market. If we would have created a domestic IT market, since 1995, then probably, Obama would have declared for importing our IT products, rather than putting a ban on IT Outsourcing from their US market.
Younus: - Well, let me interfere, in this regard, Amartya. Are there enough rural infrastructures in India, to create a domestic IT market? I mean to say, a villager, who have never seen a PC, he has not surfed the internet, then how the e-governance, e-choupal and e-commerce will attract them. Is your Indian government able to do market penetration of IT in the villages? I don’t think so, except Andhra Pradesh, Karnataka, Tamil Nadu, Kerala and Gujarat. In our Bangladesh, we revived our economy and created a domestic market, by only having faith on the beggars and poor villagers. Believe me or not, today, the concept of micro-finance paved the way to create its own domestic market in Bangladesh. It is not that government has supported us. We formed a Self-Help group, and infused the concept of entrepreneurship in the mind of poor villagers, by saying that, look, you can be the master or leader of your own small business. Think about your plus points and the resources that you have and open a small business; we will provide you money in credit, with certain interest.
Arindam: - But, Younus Sir, what is the guarantee that, the Grameen Bank will get back the money from those villagers? What if there are so many defaulters? Then probably, it will become like the US market only.
Amartya: - Ha ha ha …let me give you a very small example. Suppose, assume that you are working in a reputed MNC. When a beggar will ask for money, you will just ignore him, by saying, “Bhai maaf karo”, but if your client requests for money, then you will surely give him the money, because you know your business depends on that client. Similarly, a villager also knows that, when these rural Co-operative banks like NABARD or Grameen Bank is providing us loans, we need to repay them back in time, to request for another big loan, because as a poor farmer or villager, I have to shine my own business. It is the same concept like “FLCB” that Satyam Computers have. Bankers are also not fools. Before giving money to the villagers, they monitor whether government is creating job opportunities in the market or not. Look at the Gujarat & Andhra Pradesh state, there the respective CM have constructed schools, health centers, broadband connectivity service centers, etc. Why they have done that? The more you create infrastructures, the more you have the scope to generate varied job opportunities. Believe me, India and its subcontinents are the only countries, where you can create that.
Arindam: - so, you people want to say that, implementation of micro-finance at the back door can provide security to the front door of industrialization.
Younus: - in the time of recession, you need to make a cocktail of agricultural and Industrial sector.
Arindam: - Wow, it was really a nice discussion. Many things went above my head, after all you people are experts, but I am not. Thanks again for coming here. Viewers, here we will end our show. Good Night.
Amartya: - It’s a very silly question. If India is not going to prosper in terms of economy, then which country will prosper? What is not there in India? The problem is with the politicians and the legal system, which creates a huge gap to perform effective utilization of the economic or financial resources to generate more profits and innovative schemes for the future ahead. With the introduction of IT in India, the first step of the government would have been to convert that technology to create a domestic market demand in the rural villages. Instead of doing that, we told our children to go and work in BPOs and depend on the entire US market. If we would have created a domestic IT market, since 1995, then probably, Obama would have declared for importing our IT products, rather than putting a ban on IT Outsourcing from their US market.
Younus: - Well, let me interfere, in this regard, Amartya. Are there enough rural infrastructures in India, to create a domestic IT market? I mean to say, a villager, who have never seen a PC, he has not surfed the internet, then how the e-governance, e-choupal and e-commerce will attract them. Is your Indian government able to do market penetration of IT in the villages? I don’t think so, except Andhra Pradesh, Karnataka, Tamil Nadu, Kerala and Gujarat. In our Bangladesh, we revived our economy and created a domestic market, by only having faith on the beggars and poor villagers. Believe me or not, today, the concept of micro-finance paved the way to create its own domestic market in Bangladesh. It is not that government has supported us. We formed a Self-Help group, and infused the concept of entrepreneurship in the mind of poor villagers, by saying that, look, you can be the master or leader of your own small business. Think about your plus points and the resources that you have and open a small business; we will provide you money in credit, with certain interest.
Arindam: - But, Younus Sir, what is the guarantee that, the Grameen Bank will get back the money from those villagers? What if there are so many defaulters? Then probably, it will become like the US market only.
Amartya: - Ha ha ha …let me give you a very small example. Suppose, assume that you are working in a reputed MNC. When a beggar will ask for money, you will just ignore him, by saying, “Bhai maaf karo”, but if your client requests for money, then you will surely give him the money, because you know your business depends on that client. Similarly, a villager also knows that, when these rural Co-operative banks like NABARD or Grameen Bank is providing us loans, we need to repay them back in time, to request for another big loan, because as a poor farmer or villager, I have to shine my own business. It is the same concept like “FLCB” that Satyam Computers have. Bankers are also not fools. Before giving money to the villagers, they monitor whether government is creating job opportunities in the market or not. Look at the Gujarat & Andhra Pradesh state, there the respective CM have constructed schools, health centers, broadband connectivity service centers, etc. Why they have done that? The more you create infrastructures, the more you have the scope to generate varied job opportunities. Believe me, India and its subcontinents are the only countries, where you can create that.
Arindam: - so, you people want to say that, implementation of micro-finance at the back door can provide security to the front door of industrialization.
Younus: - in the time of recession, you need to make a cocktail of agricultural and Industrial sector.
Arindam: - Wow, it was really a nice discussion. Many things went above my head, after all you people are experts, but I am not. Thanks again for coming here. Viewers, here we will end our show. Good Night.
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