He also slammed the economists of blindly aping the western ideologies and forgetting the social and cultural ethos of India. He reminded that at a time when the western counterparts are looking at the Indian model for sustenance, the very same country was not taking advantage of its knowledge. He also took the opportunity to mock the so-called intelligentsia for forgetting that India was a performing economy and stressed that the world should accept this.
He also pointed out that the strength of the Indian economy was its social capital and warned that, “Philosophical decadence and destruction of social capital led to the economic collapse in USA." He stressed that the rot in the family values and principles will snow ball to affect the economies and societies.
He also revealed startling facts on the real face of the economy which has four crore non registered street entrepreneurs employing 9 crore people and contributing 39 percent to 40 percent of the GDP as compared to the 1% of the stock market of the listed companies. He added that such enterprises flourish in smaller cities and that the government needs to look out for such non registered entrepreneurs through area wise and cluster wise research.
The occasion also saw the Chief Minister who recently survived a political storm felicitating Mr. S Gurumurthy and lauding him for his original thinking and continuing the debate on par with modern socio-political challenges.