I was compelled to write this article after reading an article on LinkedIn about India’s Real estate mess entitled “Are lower interest rates enough to revive India’s realty demand?” After reading this article, I started to looking back and watching all my interviews whenever I was invited by local news channels in Mumbai, India. I covered range of topics from Macroeconomics, Foreign Exchange, Geo-politics, US presidential elections, Make In India, Digital India,etc.
What I would like you all to know that the mess that is happening today in the real estate sector of India had been forecasted a while back on my very first Television Interview on “Mi Marathi” News channel. Of course, Being a Marathi speaking person, the local Marathi media and some top intellectuals in Maharashtra did appreciate my ideas and I am thankful to them for airing my views. To name a few, My ideas were appreciated by Padmashri Kumar Ketkar, Dr. Jairaj Salgaonkar, Dr. Vinay Sahasrabuddhe, Dr. Bharatkumar Raut, etc. and many news anchors on the Doordarshan National News as well as other news channels who became my good friends. I still communicate with all my friends from Indian media on Whatsapp on a regular basis. Given the diversity of people affiliated to various political parties and think tanks, I want all Indians to know that I personally DO NOT have any affiliation to ANY political party of India and just want to see India prosper with my ideas.
It is high time that the government of India has been ignoring my ideas and my best efforts to reach them are turning to be fruitless. But, the end result of all this is that Indian economy is headed to a monumental crisis just like what has happened to the US economy back in 2008. Every macroeconomic policy of the present government is headed to a disaster and it is going to bring tremendous pain to the middle class and poor Indians in near future. Being born in a middle class family in India with both parents being employees of government, I can relate to what an economic crisis could do to a middle class family in India.
I am not sure how many of you know or understand Marathi language, but if you do I would like to point out the exact time and date where I had quoted a few things and everything has been happening as I had said so. Please take your time to verify what I write.
At 2 mins 50 seconds of this interview below, the News Anchor asks me whether the lowering of Repo rate in Budget 2015 is a good idea or not. I had specifically compared that move of RBI to the move of US Fed that caused 2008 financial crisis in the U.S. and advised against it. I also made a better suggestion based on the ideas that I have presented in my 2014 volume “Mass Capitalism: A Blueprint for Economic Revival“. Please watch it starting at 2 mins and 50 secs..and later also discussed about MAKE IN INDIA, GOLD bond, etc. However, My ideas fell on deaf years on 15 March 2015.
Then on 5 April 2015, I was invited on Doordarshan National News and I hoped that through this medium at least my ideas will reach the government of India. In this Interview, I said it specifically not not make Indian economy a debt based economy ( Watch it starting 9 mins and 52 secs ) like western nations and importance of MAKE FOR INDIA over MAKE IN INDIA. It was of no use, Neither has any person from the Indian government ever reached out to me and neither has MAKE IN INDIA showed any progress in last 3 years when it comes to creating jobs because government is brainwashed in thinking that Rich businessmen create jobs in India and more tax cuts India will give to these businesses, more jobs will be created in India. Well, the result of such foolish macroeconomic policies are now going to crash the Indian economy bringing tremendous suffering to the middle class and poor Indians.
I was invited on 3 July 2015 on ‘Mi Marathi’ , as I have been warning about a coming economic crisis in the U.S. and I hoped that perhaps I could warn the Indian government and rescue Indian economy from this coming horrible crisis. In this Interview, Dr. Bharat Kumar Raut also gave me a chance to Air my views and forecasts and also promote my book MASS CAPITALISM. Dr. Raut himself said in this interview that Mr. Mulay is young but he is expert and he believes that we are headed for a 2008 like economic crisis in very near future. You may watch it starting 6 mins and 10 secs where Dr. Raut specifically quoted that in February 2015 when I met him, I had mentioned to him about a coming economic crisis. Please watch below where I also told why MAKE IN INDIA is headed in wrong direction. In fact, In this interview, I had mentioned almost 2 years before US presidential elections of 2016 about lot of Indians on a visa on the U.S. coming back to India and why India needs to plan for it well in advance to provide them employment back in India. Again, my ideas fell on deaf years of the Indian government….as everything seems HUNKY DORY where stock market is swelling to new highs.
Finally, When Black Monday of 24 August 2015 actually happened, I was honored to be invited along with some major dignitaries on most watched Marathi news anchor. My message remained same, I said it is a major crisis and we are headed in a wrong direction. If you watch this interview at 9 mins 45 secs, the spokesman from BJP government said that it is temporary crisis and nothing to worry about. I was adamant that this is a severe crisis and MAKE IN INDIA policies could create a bubble which will collapse Indian economy similar to how MAKE IN CHINA has collapsed Chinese economy and MAKE IN IRELAND collapsed Irish economy in 2008. Again, my ideas fell on deaf years.
While my forecasts for October 2015 was not very accurate, nevertheless, I was sure that the coming economic crisis cannot be delayed more and sooner or later, it will strike Indian economy with a tremendous force and the more it is delayed, the more severe will the crisis be when it strikes the economy. I was invited by Dr. Bharat Kumar Raut again in January 2016 as he could see that economy is really heading for a slowdown and there is an impending recession in Indian economy. Nothing changed in my analysis but I also had my second book published by then that addressed about the Internet of Things and semiconductor business.
On 10 July 2016, when I was invited to discuss the geo-political implications about upcoming presidential elections. I was well aware long before that Donald Trump will be winning the presidential elections in spite of all media bias and the Indian media personnel were ignorant about what is happening back in US in their support for Hillary Clinton. Of course, I was congratulated by the news anchor after victory of President Trump for accurately predicting his victory although until elections he never invited me back to know why I thought Trump would win 2016 elections. Watch the below interview and starting 13 mins, I had said that China and US will get into a dispute in near future and China could use its financial leverage against the US and as you might have noticed, President Trump declared China as not currency manipulator although he had vowed to label China as “currency manipulator” during his election campaign.
My last Interview was on 1 October 2016 on Doordarshan where I had identified flaws about Digital India policies of Government of India. Hence, I tried to sugarcoat my ideas a bit with the last hope that perhaps Government of India understands its mistakes and changes its track but it was of no use. Even Digital India is headed in wrong direction and the net result of failure of all macroeconomic policies will prove to be disastrous for the Indian economy, its citizens as well as the NRIs who would be coming back to India due to a crisis back in the U.S. Also, I mentioned about the importance of upcoming 4th Industrial revolution and what it can do for the world if proper macroeconomic policies are adopted.
Now that I had done so much to change the mind of Indian government, I have also taken this added responsibility to release a Marathi version of my first volume in India. The book cover is in the cover image of this blog. I will release this book whenever I visit India next and I can only hope that given my track record of being able to foresee things well in advance, I get a chance to meet the Prime Minister of India and explain it to him directly why MASS CAPITALISM is a blueprint for revival of Indian economy. Well, A failure to endorse my ideas and failure to do things for Indian citizens first will certainly lead to a defeat of the ruling party in 2019 elections. Based on my experience with US presidential elections, I can say it with certainty that Modi government will face a crisis in 2019 due to global economic crisis and unless MAKE IN INDIA and DIGITAL INDIA changes its present track…jobs will NOT be created in Indian economy.
Just FYI, In my third book with Business Expert Press, I have also addressed the problems of loss of jobs due to automation and how that could be minimized without any need of Universal Basic Income (UBI) and still lead to prosperity of each and every individual on this planet. Well, To implement my ideas, I need a visionary politician who believes in productively making use of technology to solve problems of humanity. A politician who cares for the people who vote for him rather than the one who cares the people who pay his or her political party. Election of Trump has been a proof that with new ideas, you can win an election without need of big money. I can only hope that 2019 elections of India are like the US where rule of money disappears in national elections.
I would like to end this blog with a very famous quote from Bhagvad Gita, where Krshna said to Arjun in the Epic battle of Mahabharatha
“Whenever the righteousness declines and unrighteousness is rampant, to defend the pious, destroy the wicked, and strengthen the piety, Lord manifests himself from Age to Age”
यदा यदा हि धर्मस्य ग्लानिर्भवति भारत । अभ्युत्थानमधर्मस्य तदात्मानं सृजाम्यहम् ॥
परित्राणाय साधूनां विनाशाय च दुष्कृताम् ।धर्मसंस्थापनार्थाय सम्भवामि युगे युगे ॥
About the Author
Apek Mulay is a Business and Technology Consultant at Mulay’s Consultancy Services. He has authored a trilogy in three consecutive years viz. Mass Capitalism: A Blueprint for Economic Revival (2014), Sustaining Moore’s Law: Uncertainty Leading to a Certainty of IoT Revolution (2015) and How the Information Revolution remade Business, and the Economy: A Roadmap for Progress of the Semiconductor Industry with More than Moore and Beyond Moore (2016). His monograph on technology is entitled Improving Reliability of Tungsten Plug Via on an Integrated Circuitry: Process Flow in BiCMOS and CMOS technology with Failure Analysis, Design of Experiments, Statistical Analysis & Wafer Maps (2016). Mulay is author of patent Surface Imaging with Materials Identified by Colors. USCIS honored him with US permanent residency under the category of foreign nationals with extraordinary abilities in science and technologies. He engineer, economist, author, blogger and entrepreneur in an e-commerce business http://Calcuttahandicraft.in .www.ApekMulay.com