Wednesday,
November 14, 2001, Chandigarh, India![]() ![]() ![]()
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Lessons from Singapore and China If India’s first Prime Minister Nehru meant what he wrote in his letter to children, as far back as December 3, 1949, India should have globalised then on! “Grown-ups have a strange way of putting themselves in compartments and groups. They build up barriers...” and “...live in prisons of their own making,” he said. Instead, he ushered India into that very kind of prison. Under him, socialism meant distribution of wealth before generating it! When Singapore became independent in 1959, it faced problems that were much worse than what India faced then. In an interview published in the Reader’s Digest, (Nov 1) Lee Kaun Yew says, he “...started off by mesmerised socialised ideas — tax the rich and spread it amongst the poor” and candidly admits “...when I had to run the country, I discovered that you have got to create wealth first.” And adds “If you want to grow to your maximum or optimum potential, make maximum use of international capital, management skills, marketing skills, technology and knowledge”. Indian visionaries like Rajaji and Minoo Masani pleaded in their time that India should not go in for command economy, which they described as “permit, licence and quota raj”, the fountainhead of corruption. They wanted foreign direct investment, not loans, to flow in and repatriation of profits so that India benefits through wealth generation, new skills and infrastructure. The opium of socialistic “nirvana” drowned their voice! Singapore subsidised investment, to help people, living in rented accommodation, own flats and become asset owners. “Now...”, says Lee”, attitudes are different” because “...they know that if they have an untrustworthy government ...their properties, their shares will go down!” |
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