Dear Members, Once our Finance Minister, Mr P. Chidambaram, on an earlier stint , when excessively quizzed about the growth rate and the lagging Agriculture, replied " We are an excessively self crittical society. We do not see the positive points and intrinsic strengths".
Indian Retail system;
But what are they ? The very things that golbalization threatens to weaken. The first , is the Indian retail system. I once read an article written by a senior executive of CITI bank about ten years back. The author said that the Indian retail system is an unprecedented one and the most efficient one in the world. He gave the classic example of a small petty shop selling pan leaves for five paise (at that time it was possible) and still making a profit.
Also cited was the fact that the shop sold a single beedi. He pointed out that even in Bangladesh, a poorest nation, one could buy only a whole pack of cigarettes and never in loose.
Indian Family system;
The second institution that globalization threatens is the Indian Family system. How and why ? The globalization is "by the american, of the Americans, for the Americans" type of phenomena and the design itself is to favour the American consumerism and fuelling the great American Dream.
But you may ask, how that targets the Hindu family ? Can globalization destroy our Family system? It is such a critical subject and a person who is at once an Indian at heart and an economist can answer that. Such a person is Mr M R Venkatesh, a chartered Accountant. Here is a video that he gave on this subject