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Presented by:

Swati Sudhakaran

 Part 1 : Our Spring of Hope  Part 2 : The Lost Generation 
  • Part 1 : Our Spring of Hope

  • Part 2 : The Lost Generation

  • Part 3 : Rebirth of Dream

(1942- 65) (1966- 91)

(1991-99)

  • The book starts with a brief history of 18th and 19th century of India with the development of the railways in India, which was presumed to push India into the industrial revolution.

  • Britain had laid the foundation for India’s democratic institutions and invested capital into building the country’s infrastructure-most significantly its vast railway system. But Britain had also created a system based on economic disparity and an uneducated population.

This had lead to decline in the Indian economy under the British Raj.

  • Authors tries to uncover the reasons why India’s economy stagnated after it won its independence in 1947 from the British Raj, which he describes as the most important event in the making of modern India - for better or for worse.

Spring of Hope’ (1942- 65)

  • At that time Jawaharlal Nehru was our Prime Minister, Nehru was supported by some of the best economists from across India. He had set up a 'mixed' kind of economy which was a middle path between democratic

rights followed by the Western countries and socialist ideology of the Soviet

world.

  • Author clearly mentions that our first Prime Minister Jawaharlal Nehru’s mixed economy, improper economic policies and strong clutch of beaurocracy are the reasons why we failed to create industrial revolution in

India.

  • After we got freedom, Nehru and his planners tried to create industrial

revolution through the agency of state which failed however we had

experienced the agricultural revolution.

“Lost Generation'(196691) refers to the phase which saw fading of the Indian dream.

  • The book cites an irony when it states that the 'Garibi Hatao' policies followed by Indira Gandhi were actually working counter-productive and throwing millions of Indian further into poverty rather than alleviating their plight and lead

India to very slow growth rate.

  • It was the year 1991, when Narsimha Rao along with then Finance Minister Manmohan Singh brought the economic revolution, which well may be more important than political revolution brought by Nehru. The act like MRTP and FERA were scrapped and foreign investment was encouraged.

  • It was the time when many new age entrepreneurs realized their dreams and got success. Internet played vital role in fulfilling their dreams. With a boom of

dot com companies ( Infosys, NIIT) many Silicon Valley engineers with Indian root came back to their soil to start their own venture.

  • This period saw the emergence of middle class. Power and prestige was seen in the terms of money you have. More and more people and mostly from middle class went for higher studies.

  • Most of foreign companies found more skilled workers in India.

  • This is evident from the number of mergers and acquisition Indian companies have undergone in the recent past. Author suggest that the knowledge based economy will flourish in the Indian society as long as the government does not intrude upon its development.

  • Throughout the book, he insists better education and health policies are needed to lift the poor into the middle class.

 India had adopted an inward looking, import substitution path rather than outward-looking, export promoting route.
  • India had adopted an inward looking, import substitution path rather

than outward-looking, export promoting route. Thus denying itself a

share

in

the

postwar era

world trade

and the prosperity

that trade brought in

  • Setting up an massive, inefficient and monopolistic public sector to which it denied the autonomy of working; hence our investments were not productive and we had poor capital-output ratio.

  • Discouraged

foreign

capital

and

denied

itself

the

benefits

of

technology and world class competition.

 
  • Most important - ignored the education

of

half

of

its

children

especially of girls.

 Learn things from observation – Ekagrata concept of one pointedness which means to direct one’s
  • Learn things from observation Ekagrata concept of one pointedness which means to direct one’s energy at a point forms the basis of development of core competencies of an Individual or an organization.

  • “Consumer is supreme”

  • It is better to build on your strengths than try to correct a weakness.

  • In consumer product companies if local managers believe a product is theirs then the local consumers will believe it too.

  • Great businesses are built through discontinuous ideas, and a good manager who is one-pointed knows when to seize them. If only results matter then ordinary employees will surprise managers by doing extraordinary things.

  • It is important not to direct people too much let them find their way which will also bring out their creative urges.

The Elephant is the wisest of all animals/the only one who remembers his former lives/and he remains motionless for long periods of times/meditating thereon”.

The inversion between capitalism and democracy suggests that India might have more stable, peaceful and negotiated transition into the future than say China. It will also avoid some of the harmful side effects of an unprepared capitalist society such as Russia.

Although slower, India is more likely to preserve its way of life and its

civilization of diversity, tolerance and spirituality against the onslaught of

global culture.

If it does then it perhaps a wise elephant !