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Economy of India

national economy

Quotes on economic activity and policies in and of India through the ages.

QuotesEdit

  • We need not feel embarrassed to advocate economic nationalism...Our government functionaries also must not feel shy to work closely with business. Jointly they should ensure that India's economic interests are protected -- through trade, investment, and foreign policy measures..
  • India's bane is the profesional 'povertywallas': the politicians who have incessantly mouthed slogans such as 'garibi hathao' … and the economists who write continually about 'abysmal poverty'. Both have generally espoused policies, such as defending public sector enterprises at any cost, discounting and even opposing liberal reforms, promoting white-elephant style projects that use capital-intensive techniques on unrealistic grounds such as that they would create profits and savings when in fact they have drained the economy through losses...
  • The village communities are little republics, having nearly everything they want within themselves, and almost independent of any foreign relations. They seem to last where nothing else lasts. Dynasty after dynasty tumbles down; revolution succeeds to revolution; Hindoo, Patan, Mogul, Mahratta, Sik, English are all masters in turn; but the village communities remain the same... If a country remains for a series of years the scene of continued pillage and massacre, so that villages cannot be inhabited, the scattered villagers nevertheless return whenever the power of peaceable possession revives. A generation may pass away, but the succeeding generation will return. The sons will take the place of their fathers; the same site for the village, the same position for the houses, the same lands, will be occupied by the descendants of those who were driven out when the village was depopulated...
  • If we stop thinking of the poor as victims, or as a burden, and start recognising them as resilient and creative entrepreneurs and value-conscious consumers, a whole new world of opportunity will open up."
  • When Robert McNamara was president of the World Bank, he visited Dharavi, near Mumbai airport, then, as now, one of the largest slums in the world. Looking at the abject poverty in the shantytown, he broke down, possibly realising the enormity of the task ahead.
  • In 2014, one of the key agendas of the BJP’s election campaign was highlighting the dismal management of the Indian economy, ironically under an ‘economist’ prime minister and a ‘know-it-all’ finance minister. We all knew that the economy was in the doldrums but since we were not in government, we naturally did not have the complete details of the state of the economy. But, what we saw when we formed the government left us shocked! The state of the economy was much worse than expected. Things were terrible. Even the budget figures were suspicious. When all of this came to light, we had two options – to be driven by Rajneeti (political considerations) or be guided by Rashtraneeti (putting the interests of India First)... Rajneeti, or playing politics on the state of the economy in 2014, would have been extremely simple as well as politically advantageous for us. We had just won a historic election, so obviously the frenzy was at a different level. The Congress Party and their allies were in big trouble. Even for the media, it would have made news for months on end. On the other hand, there was Rashtraneeti, where more than politics and one-upmanship, reform was needed. Needless to say, we preferred to think of ‘India First’ instead of putting politics first. We did not want to push the issues under the carpet, but we were more interested in addressing the issue. We focused on reforming, strengthening and transforming the Indian economy. The details about the decay in the Indian economy were unbelievable. It had the potential to cause a crisis all over. In 2014, industry was leaving India. India was in the Fragile Five. Experts believed that the ‘I’ in BRICS would collapse. Public sentiment was that of disappointment and pessimism.
    • Narendra Modi, Swarajya Interviews Prime Minister Modi, Interview, R Jagannathan- Jul 02, 2018 [1]

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