A lot of family members worked in the joint commodities family business. It was a classic case of capitalism at work and socialism at home.
A weaker currency is a national tariff. After we get a weaker currency, we have to take advantage of that. Or else, we will waste it once more in inflation and in the inability to raise competitiveness.
As we were all growing up, there used to be a very big mantra in India which was called 'export or perish.' There was a long period when we used to focus on import substitution.
If what you create does not outlive you, then you have failed.
If you ask me, over time, I am a believer in the Indian financial saving story getting stronger; a lot more savers are moving money away from gold and real estate into banks, mutual funds, insurance and equities.
Historically, in India, the strange fact was that the equity owner was not taking as much hit as the lender. Therefore, if we restore the first principle of economics, that first the equity owner needs to take the hit and then the lender, we will get a good solution.
