http://www.galatime.com/2007/05/10/the-next-emerging-market-crisis-courtesy-of-asian-currencies/ A blog about Indian Capital Markets, by Kaushik Gala Thu, 20 Nov 2008 10:06:43 +0000 http://wordpress.org/?v=2.6 http://www.galatime.com/2007/05/10/the-next-emerging-market-crisis-courtesy-of-asian-currencies/#comment-1000 Nikhil Thu, 10 May 2007 12:06:31 +0000 http://www.galatime.com/2007/05/10/the-next-emerging-market-crisis-courtesy-of-asian-currencies/#comment-1000 It is wrong to follow the models of other Asian whose principle is "export or perish". Since we have a large potential market and foreign exchange from remittances from Indian workers toiling in Gulf etc. (not the greedy US/UK NRIs), there is no need to lay special emphasis on export. Instead if we can develop the markets ourselves with the assistance (nor enslaving) of foreign experts, then currency will not be a big factor and development will be more egalitarean. Presently tech/bpo culture is only benefitting a small section of the society. However the power of elites and their International partners are also strong. A balance between the two may be the best solution. It is wrong to follow the models of other Asian whose principle is “export or perish”. Since we have a large potential market and foreign exchange from remittances from Indian workers toiling in Gulf etc. (not the greedy US/UK NRIs), there is no need to lay special emphasis on export. Instead if we can develop the markets ourselves with the assistance (nor enslaving) of foreign experts, then currency will not be a big factor and development will be more egalitarean. Presently tech/bpo culture is only benefitting a small section of the society. However the power of elites and their International partners are also strong. A balance between the two may be the best solution.

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