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Thursday, January 29, 2015

Narendra Modi's expensive suit at State Dinner with Obama

Modi's suit is talk of the town. As usual there is criticisim for the cost of the suit - One Million Rupees (~$16,000). Here is the positive aspect of it. 
Courtesy BBC

ABP TV reports,   PM Modi wore the personalised suit for tea with visiting US President Barack Obama. At first glance it appeared to be a black and gold pinstriped suit, but closed inspection revealed that the stripes were actually the Prime Ministers full name. It is estimated the suite cost nearly Rs. I million (approx $16,000).
Being a democracy everything should be questioned, the declarations of American independence has this beautiful sentence in it, "Governments are instituted among Men, deriving their just powers from the consent of the governed." Indeed, we the governed should always keep the government on their toes.

I am glad Modi spent a lot of money on the suit. This is good for the economy, and good for every Indian. Why shouldn't the PM wear the best?

How do we raise the standards of the nation then? 
Don’t we wear the best in our weddings, jobs interviews?


If we pay Rs 50,000 for cloth, and 50,000 for stitching, you can see the number of jobs it creates if we have 1,000 suits. However, if we pay 500 and 500, the employment drops dramatically, and those who get 500 will have less disposable income to buy things, and that will cut the jobs of what they consume… and that will ultimately cut your salary, why pay you so much? And if that is cut, you buy less, buy smaller home, smaller car, and that will cut the other jobs….

We all should spend, that is how we progress and the wealth multiplies.

The money we make is because people are willing to pay us more for the work we do, a little more than it is worth and that is the fodder for economic growth.

Next time someone (any one in any field) talks about the cost of Modi suit – tell them, how about cutting your salary by tenth?

Richness and spending is good.

The only two evils of richness are; hoarding the money under the pillow, as it does no good, and taking advantage of the workers in their situation, that would be evil.

Being rich must be admired, it is good. They don’t eat the money, they spend it, and that creates jobs. The only people that create jobs for you and me are the ones with money by opening factories, shops, software companies.
Everyone’s standard goes up when we let everyone get paid well.

Responsible capitalism is the best thing that has happened. In the United States and India should wholeheartedly emulate it. Then comes sab ka vikas, of course to sustain the vikas, social cohesion is a must – if splintered along religious, caste lines, India will not make it.  That has been my consistent message for over a year now.

Mike Ghouse for India

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