Monday, September 29, 2008

American Lessons for India

An excellent article on misplaced political priorities is here.
The article in Times Of India by Swaminathan S Anklesaria Aiyar is excellent on two counts:

1) It explains in very simple words exactly what the sub-prime crisis is all about.
2) It lays down the cardinal rule for India's future. To quote "India is just at the start of financial inclusion. But as it prospers, political pressures for cheap loans to the poor will grow ... the poor and needy should be given grants, notloans that they canot repay."

The market is a living beast. There is a need to regulate it. But at the same time ill-advised actions should not turn it rabid.

Note: The photograph used belongs to Svilen Mushkatov. Please go here to see more such photographs.

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