Thomas Friedman quotes Shekhar Gupta in his New York Times column on a way to stimulate the US economy:
“All you need to do is grant visas to two million Indians, Chinese and Koreans,” said Shekhar Gupta, editor of The Indian Express newspaper. “We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate — no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans.”
The article is generating a heated debate (287 comments thus far). Wonder how the millions of unemployed Americans will react to this idea? And will the same logic apply for India?
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My dad knows quite a few Indians who took educational loans from nationalised banks back when the process was a little bit easier (it’s never too easy, is it?). All from middle class, “shame fearing” families, ready to fly overseas after undergrad degrees from the IITs, BITs and IIMs. Very few of them bothered to repay even the first installment. When will we Indians stop generalising, seriously?