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Economy Will bounce Back

November 25, 2008

By Aleem Faizee

 

Former Chief Secretary Jammu & Kashmir and former Vice Chancellor Aligarh Muslim University and the vibrant chairman of J & K Sate Finance Commission and Bombay Mercantile Bank, Padam Shri Dr. Rehman speaks with Nahsik Times on Global Economic slowdown.

 

 

 

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Dr. Mehmoodur Rehman in an exclusive interview

Even as the world is shaking due to the economic slowdown, back home we are lucky to be among some of the few countries that are saved from a total collapse. But the marginal impact of the global recession on the Indian economy in itself is sufficient to bring the alarm bells ringing. Experts are divided over what actually went wrong that the world is experiencing one of the worst crises in last hundred years. In an exclusive interview with Nashik Times, Dr. Mehmoodur Rehman spoke at length on the economic slowdown and its impact on the Indian economy. Dr. Rehman who has the distinction of bringing the Bombay Mercantile Bank (BMC) out of the deadlock when the bank was deep into the trouble and no one was willing to take its responsibility was recently in Malegaon for the inaugural function of the week-long campaign to promote Communal Harmony.

 

“At the outset we should not judge our economy on the basis of the Sensex level. There are luckily very few people in the country who had invested in the stock market. Very often they did so either out of lust to earn easy money or just for fun during spare time in their offices. The Sensex which was crossing twenty-thousand marks was due to the huge inflow of the foreign funds. Once they started withdrawing, the stock market started waning”, he observed and added, “But the main strength of our economy is in agriculture and our industries which despite problems are doing wonderfully well. I am sure we will be right on track very soon.”

 

He was cautious in commenting on the reliability of the foreign investment which a section in the country not only supported extensively but also lobbied for the outright sale of some of the profit-making government owned institutions to the so called MNCs yet suggested to carefully assessing the reasons behind the economic slowdown in order to avoid future repercussion. “The global recession has indeed given us a chance to rework our economic policy which in last few years was unfortunately linking more to the flooding foreign funds”, he said.

 

“If we are left with just an impact and not the total collapse it is because of the skilled manpower we have in good number, their commitment and the hard work that of late are diminishing from some of the countries badly affected due to the economic slowdown”, he said and suggested to focus on our strength and available resources instead of depending on others while adding, “China is doing the same and it is one of the strongest economy even in these troublesome days.”

 

 

 

 

 
   

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More on Communal Harmony Campaign in Malegaon

  

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