Empowering the nation through Economic Literacy
iEE
Institute of Economic Education
(A Div. of KnowledgeFountain)
Economic Literacy Initiative is dedicated to Late Nani A. Palkhivala
Give instruction to a wise man and he will be yet wiser.
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Certificate Course in Economic & Environment Literacy
Current Developments in Economic Scenario
About Institute of Economic Education
Institute of Economic Education - IEE is founded by Mr. Prakash Almeida to educate public mind on vital socio-economic issues.
IEE is an independent think-tank committed to spread economic literacy in India. It has undertaken various programs to spread awareness on economic issues.
Given the democratic polity that we have in India we need to educate our public mind on vital issues to enable them to make right choices at all levels. No democracy can afford an ignorant public mind. An ignorant public mind is more dangerous than an invading army.
There is an urgent need to educate our public mind on issues of consequences. As sovereignty resides in the people and they who have to elect their representatives who shape the course of their destiny, awareness about vital issues of socio-economic life of the nation is indispensable. Rightly said, attitudes are more important than facts. Lincoln was right when he said that nothing could succeed without public support and nothing could fail with it.
Indian economy’s midnight hour is here. India is rediscovering herself under a new economic paradigm based on Liberalisation, Privatisation and Globalisation. This has brought us all under a massive socio-economic transition that is essentially painful. Indian economy has emerged as the world's fourth largest economy with one of the fastest growth rates, the onward march is towards rising as a global economic powerhouse.
We, the nation, must understand and face the current wrenching phase of transition. The issues are essentially confusing and common people simply do not understand them.
Companies in hundreds are getting closed down, many state owned enterprises are being privatized. This is causing loss of employment. We all hear the talk of ‘Job less growth’, ‘Labour displacing growth’, etc. The air is replete with terms like ‘new Economy, Global Recession, Stagflation, demand pull recession, etc.’
This is a dangerous decade but it is equally pregnant with great opportunities and growth potential. But this requires right understanding. This calls for unprejudiced view of the things.
What we do not understand we cannot control and what we cannot control could not be used for profit and growth.
That is why people must understand the vital issues and their possible consequences. This understanding must go beyond short term benefits.
In fact, ours is a democracy of the illiterates. Very few seem to be discussing critical issues facing the nation. Most of the time our politics shows unwisdom and is misfocussed or trapped in non-issues. This is lethal for the future of the country. Many countries like China are racing ahead of India.
Sadly, our media too is not paying required attention to educate our public mind. There is definite need to go beyond reporting. Given the massive, pervasive illiteracy there is an urgent need to educate our public mind under an all-out effort on war footing.
How many of our people can really understand annual budget, i.e. the Finance Bill. Most of the middle class is keen on knowing the tax cuts in the budget.
We have to blame our economists for this plight. This is because they talk in the esoteric language of economy full of jargon.
Economics is the most important science directly impacting lives of the people – one and all. It should be explained in the language our people can understand.
Sadly, the economics that is taught at the college level is also very theoretical and it is not functional. That is why even degree holders in economics cannot understand budget. Teachers of economics should discuss current economic policy changes with their students. for example, India recently signed Free Trade Agreement with Thailand. Professors of economics would do well if they explain it all to their students who are found disinterested in reading newspapers. There could be elocution competitions on current economic affairs. 'Suggest Economic Solutions' forum, Economics Students' Club, etc.
Economics is too important a subject to be left only to the economists. Even those who invest their hard earned money in stock market also do not understand even basic concepts of economics.
That is why IEE has taken up upon itself to educate the public mind to take economic literacy to people.
IEE is coming out with focused books, special papers, etc. The focus is on organizing seminars and workshops wherein well known speakers are invited to talk. This offers excellent opportunities for people to ask their questions and satisfy curiosity.
IEE is determined to take economic literacy to more and more people.
IEE offers a unique ‘Economic & Environment Literacy Course’ for all. This happens to be India's first course on Economic & Environment Literacy.
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