Keys to India Inc. Vedanta, Karma & Dharma

BOOK REVIEW


THINK INDIA

The Rise of the World’s Next Superpower and what it means for every American

By Vinay Rai and William L. Simon
Published by Dutton (Penguin USA), August 2007.
Pages, 284. India price: Rs. 450/-


Keys to India Inc. Vedanta Dharma and Karma


It is always encouraging to see books on Indian business prospects written by businessmen, rather than academics or journalists, who, erudite as they often are, often lack that all important business instinct.

Vinay Rai of the erstwhile Usha Group, is a to-the-manner-born businessman, even though he concentrates more on his educational and philanthropic ventures these days. And having collaborated with a professional American writer, William Simon, who has previously written a New York Times bestselling biography of Steve Jobs of Apple Inc.; the book is smooth in the reading, with a profusion of easy Americanisms, to make it further comprehensible to the American interested in doing business in the new India.

This short and straight-forward book does not hem and haw, but clearly states that it is time for India and the United States to collaborate across-the-board, to their mutual benefit. This thrust is set in the context of present day global geo-politics, and the rising strategic threat posed by China, to Indian and American interests alike.

But of course, because India is geographically next door, it can certainly feel the dragon’s breath somewhat warmer on the back of its Gandhian neck. And it doesn’t help matters that India is forced to make the most of its Soviet-era armaments, with the odd brilliant bit of Israeli equipment, acquired lately, in the interim; while matters grow cosier with the United States, particularly without the impedimenta posed by the Left.

But the refreshing, if typical, Indian paradox is in the very next suggestion: next best strategic ally for India is none other than China! If we can work this in tandem going forward, mirroring the US-China initiative by Richard Nixon, that served to slowly unravel the power and eventually, the very existence, of the USSR; we will have the best of all worlds. But, this proposition is set in the favoured US style combo format. The unabashed alliance with the US is essential, and the further cooperation with China will be simply dandy.

Vinay Rai is scathing about the economically speaking lost years of India’s “tilt” towards the USSR, and her own Socialist policies of the licence-permit regime; which, according to him, in agreement with prevalent wisdom nowadays, has served to retard India’s progress. He speaks from first-hand experience, of course.

But, to some extent, Rai points out; the tilt towards the USSR was forced on us due to an unwarranted tilt on the part of the US towards Pakistan. So much so, that during the Bangladesh War in 1971, it is presumed that the US would have attacked India, if it were not for stern warnings on our behalf from the USSR.

The book also talks about the Indian approach, the Vedantic, Karma and Dharma-centric view of life and matters, her diversity, tolerance, her unity in tenuous ways, not so visible to the naked Western eye, her virtues, that are nestled in seeming deficits. And India’s geographical variety, her beauty, the attractive national temperament, always eager to learn, and so on.

This book has come to India almost a year after it was released in the US, and today, some of the grand posturing with regard to India and China as the engines of 21st century growth seem a little dog-eared, because the other two in BRIC, namely Russia and Brazil, are contemplating better prospects now, sitting as they both are, on large reserves of oil. To his credit, Rai does acknowledge this, but, in August 2007, there was probably no way of anticipating the extent of the oil price rise of 2008.

Ours is now a world labouring in the heat of ever-rising oil prices, risen seven-fold since 2001.We will, all of us who don’t produce a surplus of crude, never have enough to go around, and until a solution is found to this issue, most of the assumptions of this book may yet not come to pass.

Besides, what it is doing to global growth and inflation is of seismic proportions.

A lot of THINK INDIA reads like a starter book on India, a primer on its charms and contradictions, even glorifying the exotic aspects, and discounts the effectiveness of the internet and travel stories on TV channels such as Discovery and National Geographic, because otherwise, it wouldn’t have dwelt on first principles like this.

Fortunately, THINK INDIA redeems itself in the last chapter by getting back on economic track. In it, Simon and Rai write of the progress being made in the “Two Indias”, the one of urban and modern progress, the other, of a rural India, mired still in poverty, but wherein a lot of progress is being made to alleviate matters.

And all this, within the parameters of a thriving and effective democracy, unlikely to see any cataclysms that could derail its new tryst with destiny. And what might that be? India and China, both boasting economies ahead of the United States by 2050.

Well, Goldman Sachs says so, and if it is right about USD 200 per barrel oil soon, perhaps it is also right about India as a superpower by 2050.

(850 words)

Gautam Mukherjee
Tuesday, July 15th, 2008

Printed in The Sunday Pioneer BOOKS section as "Good times, bad times" and online at www.dailypioneer.com on Sunday, July 20th, 2008