Excepts from “Simple Alternate Development Strategy’
Export of Capital:
India should be a leading exporter of capital, because the basic requirements of the country are less than in several other countries, particularly those of the developed countries. For example, countries in Europe, North America, Japan, China, Korea etc , being cold for most part of the year, require houses to be centrally heated; the buses, trams and trains need to be heated; the people require hot (and cold) water in pipes , throughout day and night; they want warm clothings in addition to the normal clothing used in hot countries; people need heavy shoes, socks, gloves etc.; they need carpets for the floor and heavy fabrics for the curtains; people need heavy quilts and thicks mattresses; the windows need double glasses; there is need for two types of tyres for the vehicles-one for summer and one for winter; the people need summer shoes as well as winter or snow shoes; they need more meat and other food. Consequently, their expenditure on livelihood is more. The savings are therefore less. Similarly in West Asia, the houses need to be centrally air-conditioned; buses, trains and trams need to be air-conditioned. In India, in most parts of the country the above facilities and materials are not required which means that there would be less expenditure and consequently more savings and thus India should be a capital surplus and capital exporting country in stead of capital importing country. Indians should be investing in all over the world and not as at present people from all over the world coming to invest in India. India could become a capital exporting country through the strategy of starting with the development of irrigation facilities.
Indians at present go to foreign countries, in majority of the cases for doing low paid jobs. But when India becomes an exporter of capital, Indians would still to go foreign countries for jobs, but these jobs will be highly paid and highly respected ones.
Indian companies will not talk of collaboration for operations in India with “Fortune 500” companies, but will be talking of being at the top of the list of “Fortune 50” companies and seeking avenues to invest in foreign countries.