20/8/2011
The return of the word foreign in our lives could not have been more prominent as it has over the last few weeks causing much alarm in the headlines and to the forehead lines. Be it black money in swiss banks , scam money being routed overseas , impact of the US depression and European financial crisis making the Sensex whine and Gold shine . Then ,the sudden illness , of the Congress president Sonia Gandhi , requiring an immediate operation in the US , leaving the headless Congress government exposed to an unprecedented public backlash on the framing of the Lokpal Bill with the purpose of routing out corruption from the root . In fact the foreign angle was even made in political allegations by immature Congress politicians alleging that activist Anna hazare ‘s fight against corruption was being instigated by America
So why the sudden upsurge against governments – be it Egypt , America and now India all within a space of a few weeks. Firstly , globalisation . It has its thrills but also its ills .. No doubt it brings better understanding , appreciation and utilisation of the world resources and spreads awareness . But it also spreads problems. An out break of a financial illness in the US becomes an epidemic in Europe and then gives fever to the Asian countries . What rises then is inflation , fear ,anger and gold prices and what falls is growth and equity valuations Given that there is only that much of food in the world jungle even the lions like China and emerging ones like India would sooner or later have to starve should there be a prolonged recession. . Secondly its the recession itself. It has resulted lower growth and lower income. On the other side you have high inflation and means higher expenses. Controls attempted through monetary tools like hiking interest rates means higher mortgages . So, savings evaporate . Empty bank balances and empty stomachs fill you with wrath . Jobs disappear as frustrations appear . The mind goes idle and starts getting idealistic and starts making impractical demands. The blame game begins . For the common man the government becomes the common enemy . Dormant issues come to life and masses unite to fight . History will tell you that recessions and civil uprising upsurge go hand in hand and often hand in glove . Then Life often comes a full circle at a Tahrir Square
But the most stunning reference of the foreign hand has been in teh Anna hazare movment . Coming as it may as an immature political response by the Congress alleging a conspiracy it does by default have a very mature underlining . There is no doubt that Anna Hazare’s movement has the backing of a strong foreign hand . Consider this . The current crisis in the west will mean higher flow of capital and people to high growth countries like India . To enable this the Indian administration must make itself credible , transparent and corruption free . Then, India continues to get younger (number of youth increasing) more educated and aspirational will confront a new wave of competition and put pressure on the government for more participative policy to cater to future demands. Money stolen and parked overseas will have to be driven back to fund expansion and growth .Government arrogance and high handedness will not be tolerated ,as we see in the support to the Anna Hazare movement . The balance sheet will have to be tallied with accountability .
In the days of yore foreign return was a tag of privilege attached to someone who had fortune of travelling overseas. He was man who was certainly fortunate and mostly one of fortune . Chances that he was returning with more fortune was also high. Today , too the fortunes remain . Except that his return comes with reason to make it here rather than get it here . They are foreign return – previously they returned with goods. Now they may return for good