Christine Lagarde backs fiscal, monetary policies for growth

Christine Lagarde backs fiscal, monetary policies for growth: International Monetary Fund (IMF) Managing Director Christine Lagarde on Saturday urged Asian nations to employ growth-friendly monetary and fiscal policies to counter challenges posed by a fragile g



My VIEW:

March 13, 2016
Recognising India’s strength

This refers to the report “Lagarde backs fiscal, monetary policies for growth” (The Hindu, March 13). It took 70 long years after IMF came into being (remember, India was a co-founder of IMF) for the world body to come out with an encouraging positive observation on India, bereft of riders. This is not because of any change in the ‘resilience index’ of this country or any windfall gain that has blessed India like oil found in Gulf countries during the last century.

The change is in the attitude of ‘WE THE PEOPLE’ (Refer Preamble of Indian Constitution) brought about by the uprising of Indian youth, ignited by the movement led by Arvind Kejriwal and the leadership provided by two individuals. The political leadership provided by Prime Minister Modi and the role played by RBI Governor Dr Raghuram Rajan in exposing the weaknesses in the management of financial sector and suggesting remedial actions and making them happen are two significant contributors which increased the pace of India’s economic growth during the current  Century.
No lobbying by vested interests can now stall India’s progress as the country has accepted the guidance provided by Mahatma Gandhi who believed in self-reliance. In this context the following stanza from Bhagavadgita is relevant:
Uddharedaatmanaatmaanam
Naatmaanamavasaadayet
Aaatmanaiva hyaatmano
bandhuraatmaiva ripuraatmanah
(One should lift oneself with one’s own efforts and should not degrade oneself; for one’s own self is one’s friend, and one’s own self is one’s enemy)
(Bhagavadgita, 6.5)


M G Warrier, Mumbai

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