Three Major Issues Which Hinder Self-Reliance and Sustainability of the Indian Economy

Abstract

This paper argues that the Indian citizens in general and policy makers in particular should immediately address three major issues which limit India’s self-reliance and economic sustainability. These are: (i) Indian core industries are suffering from the infamous ‘Dutch Disease Syndrome’ due to large scale ‘virtual brain drain’, from the country to serve the foreign companies. It needs to be highlighted that unlike Chinese companies Alibaba, Baidu and Taobao, those compete with global giants like Wal-Mart, Google and eBay respectively, no such platform exists in India. (ii) There is a disconnect between the traditional knowledge system which had evolved over years and the post Renaissance European knowledge which has given birth to the capitalistic production process. Academics tend to look on “esoteric” beliefs with contempt, but are usually ignorant about the religious and philosophical traditions to which these terms refer, or their relevance to intellectual history.(iii) Capitalism is passing through a serious crisis. An alternative to the existing free market mechanism has to be explored. The idea of Third Sector is getting prominence in the economic discourse.