India’s labour policy left it unable to compete with other eastern economies: Nani A Palkhivala

I now come to the main theme of my talk — the necessity for making Indian industry globally competitive.

The first necessity is to spread education more widely among our people. Today, India is competing, with only half its manpower, with the rest of the world, — since half of the Indian population is literally illiterate. We must make education the priority of priorities. The real resource of any country today is knowledge. Instead of capitalists and the working class, we are today having knowledge workers and service workers. Even in America, the Morgans, the Rockefellers and the Carnegies have been replaced by professional managers. Today, the well established pension funds increasingly control the supply and allocation of money in developed countries. These funds own in the USA half