Tamil Nadu - Madurai   

“Dump policies that go against culture”

MADURAI: People should reject the economic policies that go against India’s culture, and this is the lesson we should learn from the collapse of American economy, S. Gurumurthy, convenor of Swadeshi Jagaran Manch, said on Saturday.

Cautioning the people against excess consumerism, he cited people’s borrowings, lavish spending, the use of credit card and more involvement in the stock market as the reasons for the crash.

Mr. Gurumurthy was delivering a lecture on ‘Global economic crisis, its effects on India and solutions,’ organised by the Madurai District Tiny and Small Scale Industries Association.

He said the Indian economy was better safeguarded than America’s because “there is a feminine orientation to India’s economy in which women actively participate in family savings, which is not the case in America.”

“The effect is less on those countries which are less dependent on the American market. It is the U.S. that has got exposed owing to its wrong priorities,” he said.

It would be dangerous for an economy if the focus shifted from purchasing power to lavish consumerism. and “easy money will lead to collapse if fundamentals are not taken into consideration.” He urged the Indian policymakers not to be over-obsessed with a high Gross Domestic Product growth, but strive for a stable economy with a limited exposure to international economies.

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