Well I didn’t say that a dropping rupee is going to do things. I meant people can take advantage of it. Now, Turkey is not India. India is broad. It has a lot of things, it has a lot of sectors, and it can basically do everything it needs to do. It doesn’t have to rely on foreign countries. Because of the size, we have the labor, we have the tech, if we do it right. So comparing Turkey with India is not actually a good comparison.
And why do you always think that foreign money is what India needs? It’s domestic money that also works in our favor, right? India didn’t grow because of foreign money. India didn’t grow because of foreign expertise. It grew because there was a need, and it was India’s entrepreneurial spirit that actually drove the growth. And then the money started flowing in, right? So you always think that FIIs and FDIs are the ones that will do all the heavy lifting. No. They are there to just ride the trend. The trend needs to be created domestically.
And also, why would businesses exit? My simple question to you is: why do you think businesses will exit first and go overseas just because INR is dropping?
And I will just say one last thing. Jumping on every small thing aka noise, they start selling and exiting. Because rupee has gone from 20, 30, 40, 60, 70, 80 to 100, right? And it happened over, what, 20 years. Where do you see India now? Is it worse off than before, when rupee was at 30 or 60?
The only company you took as an example is a company that is not even profitable yet. So pick one that is profitable, employs a lot of people, and is actually contributing to the growth of the country. Name one that is funded by a foreign company at the initial stage.
And also, the fact that you picked Eternal as the poster boy of some success from foreign money shows that you think India’s future is in delivering food. Is that something you want as the poster company for the future of India?
I would not think of it as black and white. In some terms, actually India has done very well, pulling so many people out of poverty in the last 20 years is actually no mean feat.
Economically it hasn’t done good, because essentially market is getting cornered by 2 corporate groups.
Socially, we are regressing rather than progressing, when you see comedians or any people with contrary opinion, are being hunted down.
Again you are judging. You don’t expect middle aged low skilled poor people to work in white collar jobs right?
If quick commerce, delivery didn’t exist, many people wouldn’t have achieved financial freedom till date.
Okay, so another example in the broking sector. Dhan did phenomenally well. How about that? Their gross margins are as good as Zerodha, and they are the only player setting new benchmarks everyday.
That’s true for every other country in the world. Look at America, look at the UK, look at Germany and France. It’s true everywhere. So the things you’re pointing out—that a certain corporate group is cornering, that people are not given the freedom to express things—have been there since time immemorial. Anybody in power has always tried to suppress things they don’t like. It doesn’t really mean that things are going to shit.
Look at South Korea. They have Samsung there. It’s really huge. At one point, or I think it still contributes a really huge percentage to GDP. But yet, South Korea is not bad, is it? And I don’t think they have a lot of freedom of speech there either. They are a very conservative society. They don’t want to air their dirty laundry in public. That’s their culture. It doesn’t mean they are doing really badly, does it?
And also, the thing you’re pointing at, in addition to the above points, is that in a country like India, where people are still not very educated and are only educated in paper terms, it’s still important for the government to not let lies spread too fast, or at least not let some things be misrepresented among people.
I mean, look at the farm laws. The farm laws were really good. Everybody said they were good laws, but then certain sections of society decided they were not good for them, and they then blocked the whole country(maybe) and had them removed. But it was one of the good reforms that India could have had for the agriculture sector, and they just didn’t let it happen.
See, having things on paper is one thing, and having them actually implemented is another thing, okay? And in the US, it’s absolutely not the case. And if it is, then you are in some US bubble yourselves. Because I know for a fact there are a lot of inconsistencies everywhere. I mean, that’s how life is. Or you could say it in other terms, like in Hindi, “Door ke dhol suhavane lagte hain,” right? Or, “The grass is greener on the other side,” right? Always. You always think yours is bad, and the things that are away from you are good. That’s not true. They have their own problems, their own demons to fight with. And India has its own.
Also, when are you leaving for the US, or have you already left?
But those who can afford do settle in US. Rarely anyone comes back. Politician heirs… Business heirs… Those who get a chance rarely come back. It’s not perspective at that point. It’s reality. The grass is indeed greener on the other side.
Their implementation is also factually better. Their cops have body cams. Their process of courts get things done. Their credit system and ease of doing business has grown many innovative companies … like Anthropic, Tesla, which started from nothing. Their sitting president is regularly insulted and no one gets arrested for that.
It goes both ways. Because the population is “not educated”, government can lie and misrepresent to hold on to power. Can’t they? The question is why should the one holding sovereign power also get to decide what’s truth and what’s not.
Do you want to follow me on Facebook? My didi lives in the US, Indiana. I have been there like 3 times already and have stayed extensively and in fact I also have met some good people there. Whatever of US is represented in the TV is not the case in actual. They have very good freedoms, you could infact insult the president to the face and nothing will happen to you.
Folks who could actually afford to emigrate, and did,
subsequently even have (and will) move back to India,
and/or to other countries/continents as well.
These are folks whose wealth buys them influence wherever they choose to be. Over time, as the dominant ideologies and regimes in a country change, so does their cost of influence. They can “shop” for best “returns” across countries/continents and move around accordingly.
Can use this as an indicator of “crony capitalism” in a country as well. Which countries is such “wealth”, that wishes to purchase influence, moving to? Note: Must remember to appropriately “discount” the “cost on influence” in countries where the needs of the wealthy are already aligned with the prevalent ideology/laws.
However, for a large chunk of Indian expats that emigrated to the US over the last few decades, a key aspect behind this “affordability” was the prevalent financialisation and easy (but not cheap) access to leverage/credit. That has effectively forced a lot of folks into being unable to exit their commitments in the US, and are stuck in the “earn-more-spend-more” cycle now, even if they no longer prefer to.
Add cognitive biases like the sunk-cost fallacy, the endownment effect, and self-justification into the mix, and it is easy to see why “grass is actually greener” is not the obvious conclusion except when one is performing the most shallow reasoning / first-order thinking.
PS: Am choosing to avoid calling out the other logical fallacies in this topic-thread as they have been discussed/refuted previously in other threads. All i would like to add is that a lot of the assertions in this topic-thread appear to be emotional/political/ideological, based on feelings and personal anecdotes, and not purely logical/rational.
