NOIDA: Vice President Jagdeep Dhankhar on Monday urged the youth to promote economic nationalism as he wondered whether a country of India's size and potential should import items like kites, lamps, candles and furniture etc.
Addressing the 36th annual convocation of the Birla Institute of Management Technology (BIMTECH) in Greater Noida, Vice President Dhankhar also stressed that no fiscal benefit, no matter how big, should justify compromise with economic nationalism. Can't fix it.
Dhankhar said, "Encourage economic nationalism. Just imagine and reflect. Billions of dollars of foreign exchange are being wasted every year for unavoidable imports.,
“Should a country of our size, capability, talent, craftsmanship entrepreneurship be importing kites, lamps, candles, furniture, curtains and so on? And the only basis for those doing so is some financial gain.
This fiscal advantage is at the expense of our economic nationalism, at the expense of our economy."
The Vice President said that this has three bad effects.
“One, we are depleting our precious foreign exchange by making unnecessary imports. I have seen as a Member of Parliament in 1990, our foreign exchange was reduced by about 1 billion dollars.Our gold had to be physically pledged with two Swiss banks," he explained.
"Two, the import of goods available in the country is at the expense of employment and entrepreneurship development of our people," he said.
Dhankhar said that no fiscal gain, no matter how large, could justify compromise with economic nationalism.
This feeling has to be internalized. He said that it should be nurtured and developed and deeply incorporated in our day to day work.The Vice President highlighted that export of raw materials is another aspect of concern which has serious adverse economic impacts.
“When you export raw materials without value addition, it is declared that we are not able to add value, which is wrong. We are capable, but we are not doing so because those who have no control over the raw materials. There is tight control, they think Dhankhar said, “It is easy and comfortable to export and get quick and easy financial gains, which creates windfall profits for them and economic negativity for the country.”
He said, "The point is that if value added goods have to go out, employment will be created, entrepreneurship will develop, the economy will get a boost."
Dhankhar said India has demonstrated its wisdom, strength and positive thought process to the world when we gave the motto of “One Earth, One Family, One Future” for the presidency of G20 which encapsulates ‘Vasudhaiva Kutumbkam’. used to do.He called upon the students, "Friends, this is your time. This is the right time. This is the time to seize the opportunity. This is the time for all of you to be a part of the marathon march for a developed India@2047."
The Vice President said today's youth are indeed fortunate as they are living in an "India" which is on "phenomenally rapid growth" and this growth is unstoppable."For example, take the economy. In 1990, when I had the privilege of being a member of the Lok Sabha as well as a Union Minister. In 1990, the economies of cities like London and Paris were bigger than ours in India. You all will find me Unbelievable,” Dhankhar said.
“Just a decade ago, India was part of the ‘Fragile Five Global Economies’.What a boom in a decade. Facing adversity, traversing difficult terrain, over more than a decade, our journey is to become the fifth largest global economy ahead of Canada, Brazil, Britain and France, he said. We are moving north and will be the third largest global economy in the next two-three years, ahead of Japan and Germany.''
Addressing the 36th annual convocation of the Birla Institute of Management Technology (BIMTECH) in Greater Noida, Vice President Dhankhar also stressed that no fiscal benefit, no matter how big, should justify compromise with economic nationalism. Can't fix it.
Dhankhar said, "Encourage economic nationalism. Just imagine and reflect. Billions of dollars of foreign exchange are being wasted every year for unavoidable imports.,
“Should a country of our size, capability, talent, craftsmanship entrepreneurship be importing kites, lamps, candles, furniture, curtains and so on? And the only basis for those doing so is some financial gain.
This fiscal advantage is at the expense of our economic nationalism, at the expense of our economy."
The Vice President said that this has three bad effects.
“One, we are depleting our precious foreign exchange by making unnecessary imports. I have seen as a Member of Parliament in 1990, our foreign exchange was reduced by about 1 billion dollars.Our gold had to be physically pledged with two Swiss banks," he explained.
"Two, the import of goods available in the country is at the expense of employment and entrepreneurship development of our people," he said.
Dhankhar said that no fiscal gain, no matter how large, could justify compromise with economic nationalism.
This feeling has to be internalized. He said that it should be nurtured and developed and deeply incorporated in our day to day work.The Vice President highlighted that export of raw materials is another aspect of concern which has serious adverse economic impacts.
“When you export raw materials without value addition, it is declared that we are not able to add value, which is wrong. We are capable, but we are not doing so because those who have no control over the raw materials. There is tight control, they think Dhankhar said, “It is easy and comfortable to export and get quick and easy financial gains, which creates windfall profits for them and economic negativity for the country.”
He said, "The point is that if value added goods have to go out, employment will be created, entrepreneurship will develop, the economy will get a boost."
Dhankhar said India has demonstrated its wisdom, strength and positive thought process to the world when we gave the motto of “One Earth, One Family, One Future” for the presidency of G20 which encapsulates ‘Vasudhaiva Kutumbkam’. used to do.He called upon the students, "Friends, this is your time. This is the right time. This is the time to seize the opportunity. This is the time for all of you to be a part of the marathon march for a developed India@2047."
The Vice President said today's youth are indeed fortunate as they are living in an "India" which is on "phenomenally rapid growth" and this growth is unstoppable."For example, take the economy. In 1990, when I had the privilege of being a member of the Lok Sabha as well as a Union Minister. In 1990, the economies of cities like London and Paris were bigger than ours in India. You all will find me Unbelievable,” Dhankhar said.
“Just a decade ago, India was part of the ‘Fragile Five Global Economies’.What a boom in a decade. Facing adversity, traversing difficult terrain, over more than a decade, our journey is to become the fifth largest global economy ahead of Canada, Brazil, Britain and France, he said. We are moving north and will be the third largest global economy in the next two-three years, ahead of Japan and Germany.''
