Savings as a national drive in Indian Economy
Savings is a habit, culture, and civilization – all rolled into one. Post-liberalization, India has provided increased market access. Despite these developments, Indians have achieved higher savings rate post liberalization – a theoretical contradiction. This savings is an outcome of certain civilizational restraints and makes Indian economy, by design, to operate within certain restraints.
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Role of Family as the basic building block in Indian Economy
When culture is near-perfected with a self-balancing homeostatic mechanism – primarily family and to a small-extent community economies become sustainable over a longer period. This idea of family as the centrifugal force that controls the economic decision- making remains at the core of this book. Economic policies must be dovetailed factoring this paradigm. The question is – do governments and markets cognize this paradigm?
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Transforming the Discipline of Economics into a Study of Indiscipline
Consumerism is ultimately a ‘spiritual quotient deficiency syndrome’ that cannot be remedied by mere economic policies alone. We need to realize that it is family and family alone with its ability to restrain individuals from reckless consumption and ensure balance in economy and society. It is thus the destruction of family that has emerged to be the meeting point of Liberals and Marxists.
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Lower Interest Rate and Investment in Gold
Lower interest rates in an emerging economy like India, lowers consumption, and does not increase it as they theoretically imagine. Worse, Indians shift their savings from banks to avenues that offer better and probably safer returns. In the Indian context, that happens to be gold.
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