Despite stumbling to its slowest pace of growth in a decade, the Indian economy will gradually bounce back, Anita Bose Pfaff former professor of economics at the University of Augsberg said on Wednesday.
The daughter of Indian freedom movement hero Netaji Subhas Chandra Bose was speaking at an open interactive session on Global Economy hosted by the Confederation of Indian Industry (CII) Eastern Region Wednesday,
Addressing at the session on 'Global Economy - The Way Forward' Pfaff said that India is in the league of a few big global players.
"The country is now economically a lot more viable than 20 years ago. The global downturn occurred because of the failure of the market economy."
Pfaff also asserted that the world has been impacted by the wrong policies of the former American President, George.W.Bush.
During his tenure the banking sector did not execute right policies, failing which people have lost jobs and homes. But still India remained untouched by that because it has a big domestic market of its own, she added.
She anticipated that China will face severe crisis because it is manipulating its own currency. "This act of manipulation will impact China in the long run."
She cited a few ways to get rid of the financial crisis.
"A strong trade union along with good industrial relations can be a favourable way to solving the crisis."
She contrasted with the idea of having multiple trade unions because there will be no compatibility between owners and labourers then.
"Besides this India is replete with natural resources, which have to be utilised well."
She also laid emphasis on the Indian brain power and hoped that a fluent education system would be handy to upgrade the economy in the future.
"India´s health care system needs investment from the business sphere."
"National empowerment with specifically the empowerment of women has to be greatly focused by the Indian Government," Pfaff noted.
Without bringing the reference of her father she exclaimed that the freedom fighters of India would have been disappointed had they seen the current cases of corruption in India.
"Corruption halts the economy from rising up." She moreover urged the corporate sector to play a significant role.
On the Gorkhaland crisis Pfaff proposed that each and every small clan can not demand a separate state and this has to be curbed strictly.
The session was inaugurated by the Chairman of CII National Committee on Exports, Sanjay Budhia.
(Reporting by Gourab Gupta)