Vice President Jagdeep Dhankar urges youth to promote economic nationalism

Addressing the 36th annual convocation of the Birla Institute of Management Technology in Greater Noida, Vice President Dhankhar also stressed that no fiscal gain, howsoever great, can justify compromise of economic nationalism.

Noida: Vice President Jagdeep Dhankhar on Monday urged the youth to promote economic nationalism, wondering if a country with the size and potential of India should import items like kites, diyas, candles and furniture, etc.

VP Jagdeep Dhankar urges youth to promote economic nationalism

Addressing the 36th annual convocation of the Birla Institute of Management Technology (BIMTECH) in Greater Noida, Vice President Dhankhar also stressed that no fiscal gain, howsoever great, can justify compromise of economic nationalism.

"Promote economic nationalism. Just imagine and reflect. Billions of dollars in foreign exchange are being drained out annually for unavoidable imports," Dhankhar said.

"Should a country of our size, potential, genius, craftsmanship, entrepreneurship be importing kites, diyas, candles, furniture, curtains and the like? And the only premise for those who do so is some fiscal gain."

"This fiscal gain is at the cost of our economic nationalism, at the cost of our economy," he added.

The Vice President said it has three evil effects.

"One, we are draining out our precious foreign exchange by engaging avoidable imports. I have seen as the Member of Parliament in 1990, our foreign exchange dwindling around Rs 8,348 crore ($1 billion). Our gold had to be pledged in physical form to two Swiss Banks," he explained.

"Two, import of items that are available in the country is at the cost of employment of our people and blossoming of entrepreneurship," he said.

Dhankhar said no fiscal gain, howsoever great, can justify compromise of economic nationalism.

"This spirit has to be imbibed. This has to be nurtured and cultivated and deeply embedded in our work in day in and day out," he added.

The Vice President highlighted that raw materials export is another concerning aspect which has severe adverse economic impact.

"When you export raw materials without value addition, there is declaration in a sense that we are not capable of adding value, which is wrong. We are capable but we are not doing it because those who have tight fist control over raw materials, they think it easy, cozy to export and make quick effortless fiscal gain, generating windfall for them and a whirlpool economic negativity for the nation," Dhankhar said.

"Same thing, if value added items have to go out, employment will be generated, entrepreneurship will blossom, economy will get a fillip," he added.

Dhankhar said that India has demonstrated to the world our knowledge, might, our positive thought process when we gave to the G20 presidency the motto, 'One Earth, One Family, One Future' that was encapsulating 'Vasudhaiv Kutumbkam'.

"Friends, this is your time. This is the right time. This is the time to grab opportunities. This is the time for you all to be part of marathon march for a developed Bharat@2047," he exhorted the students.

The Vice President said the youth today are indeed fortunate as they are living in 'Bharat' that is on 'unprecedented exponential rise' and this rise is unstoppable.

"Take for instance, economy. In 1990, when I had the good fortune of being a Lok Sabha Member Parliament as also Union Minister. Then in 1990 cities of London and Paris had bigger economies than that of our Bharat. You all will find it unbelievable," Dhankhar said.

"Just a decade ago 'Bharat' was part of 'Fragile Five Global Economies'. What an upsurge in a decade. Facing headwinds, traversing tough terrain, in over a decade, our march has been to be the fifth largest global economy ahead of Canada, Brazil, UK and France. We are heading towards North and will be the third largest global economy ahead that of Japan and Germany in next two to three years," he added.