India Must Focus on Self Reliance

Markets are showing a downward trend and uncertainty looming large. Due to high interest rates and RBI’s interventions, emerging liquidity conditions are grim on the economic front. RBI has so far conducted eighteen rate-repo operations. As per analysts the major downslide in the market is the outcome of the taking over of the US by the Trump Regime. Remember, Donald Trump has been vocal about the strict laws as far as immigration is concerned. It is no secret that the United States is manned by Indian professionals as far as the technological sectors are concerned. The question of H-1B visa has generated a lot of heat in the cold winter months after Trump has made a frontal attack on the immigrant workers who are enriching the US economy. The narrative that has gained traction in the US is that the non-American workers and human resources are taking away the jobs of the locals. But the reality is contrary. The organisations are hiring the professionals from India and other parts of the world because they come at relatively low salaries when compared to the locals. Another factor is that the locals do not balance the supply -demand equations in terms of the required human resource. Many things need to be thought about when it comes to stabilising the market.In the years prior to liberalisation or in its immediate aftermath.There had been considerable brain drain from India as the professionals who graduated from the premier institutions like IIT’s and IIM’s preferred to move out of India and settle abroad.This pilferation of the well groomed technocrats has cost highly.Now this generation is ageing and after contributing to the rise of the American dream they must be feeling betrayed. Indian policy makers need to do SWOT analysis of this whole issue and arrive at some conclusion to formulate a policy in the national intrest.So that the new market challenge of the economic slowdown and downward trend in the stock market is countered with corrective measures.There is a need to encourage the reverse brain drain.The Indian Government and the Indian Corporate ecosystem needs to work collectively towards offering opportunities to these Indians who have been contributing to their adopted country to invest their expertise in their motherland.Trump may be seen as adopting the hardline in terms non-American employees but the fact of the matter is that over the deacdes the US has been mired in wars and conflicts that have not been fought on its lands but on the foreign lands.In other words,it can be said that the US has been investing in wars to buy peace,ending in burdening the exchequer and putting the American taxpayer in the dock.Now the heat is being felt.But sadly,the salvo’sare being fired in the wrong direction.The people who have contributed to the US GDP have become the targets.Moreover,Trump has also warned of tariff wars in terms of exports.And for that he has equally targeted India and China.As he knows well that India and China are big markets.It is another thing that China is seen as frontal adversary by the US when it comes to the geo-strategic calculus.India has been shown as coming closer to the US in terms of foreign policy stratagems but when it comes to business,the US is not ready to yield the space. In such a scenario,India needs to expand its its sphere of influence and start building its economic ecosystem that is independent of the external dependence.It must be underlined that present India is not the India of 1990’s when economy had crumbled.We are far ahead today.The need is to hold the bull by the horns and turn the tables by defining the new economic policy.This year’s budget needs to be focussed on the “India First” by playing on the front foot while defining the economic policy of the nation. The response to the “America First” must be the “India First.” This is a new resurgent India.