A very proud moment had been when the Asian Tiger crisis of 1997 had no impact on India. Now even in this sub-prime crisis, when people were having Doomsday prophecy, India continues to grow by leaps and bounds. However recently I have started questioning Indian policies and whether the country is better/worse off due to them.
I have had the fortune to visit Europe during the sub-prime crisis and 3 countries in SE Asia after the Asian Crisis. People were unanimous that times are bad and they are poorer than what they earlier were. However they were not poor, the infrastructure is better than what is found in India, people have better skills and spirit. Hence no wonder within a few years of recession, it’s going to be prosperity and business as usual.
On the other hand, India in 1947 was economically better off than Japan, Europe or any country in the SE Asia. Over the years these countries witnessed several cycles of boom and recession while India has had nearly 7 decades of stagnation where the people were deprived of a decent standard of living.
Failure is the cost of dreaming and the recession is the cost of progress and development. Its high time that our policy makers realize that. “I have never met a rich guy who hasn’t lost a dollar, but have met several poor people who have never lost even a dime” – Rich Dad Poor Dad.