06-30-2011, 02:52 AM
As a nation we are driven by the urge to save and invest in gold and silver, while skimping on infrastructure that can propel growth. http://www.dailypioneer.com/349494/China...-bane.html
A recent issue of Time offers an interesting snippet of information: 47 per cent of Americans canââ¬â¢t raise $2,000 in 30 days without selling an asset. I dare say most of the middle classes in India, including the lower echelons of the descriptor, can find, or borrow, one solitary lakh of rupees in one month without liquidating any asset.
Of course, our poor, some 500 million Indians, and almost the same percentage of our 1.25 billion population, canââ¬â¢t think of raising that kind of money. However, the comparison is between the richest country in the world, which is going through a rough economic patch, and the country with the second fastest growing economy which is going through political turbulence and governance deficit.
A recent issue of Time offers an interesting snippet of information: 47 per cent of Americans canââ¬â¢t raise $2,000 in 30 days without selling an asset. I dare say most of the middle classes in India, including the lower echelons of the descriptor, can find, or borrow, one solitary lakh of rupees in one month without liquidating any asset.
Of course, our poor, some 500 million Indians, and almost the same percentage of our 1.25 billion population, canââ¬â¢t think of raising that kind of money. However, the comparison is between the richest country in the world, which is going through a rough economic patch, and the country with the second fastest growing economy which is going through political turbulence and governance deficit.