Living in India for the past two years has taught me many lessons. One was shared by my friend and classmate (Prasad Somanathan) of Indian philosophy and karma that just struck a chord with me. Life sure has its ways to reward and humble you…and quickly too. As we approach the US Thanksgiving, I wanted to share this philosophy around India’s demonetization, a maneuver that has extremely significant upsides, but one the country must endure through the pain of the monetary action.
On Nov 8, Prime Minister Modi banned 500 and 1000 rupee notes (equivalent of the US banning $10 and $20 bills) overnight to eliminate the “black money” economy which is believed to be ~25% of the GDP. While this has caused liquidity issues for all (India is a predominantly cash economy) especially those who do not have bank accounts (e.g. rural India, the poor), it is viewed as a necessary step to transition India from a developing country. Investors must have confidence in the country’s transparency as India fights corruption.
I am thankful that my family is fortunate to be sheltered from these impacts since we have debit and credit cards as alternative money sources. I am also thankful that as an American citizen, we emerged from our banking crisis in 2008. However, I am also reminded of what Prasad shared with me in this situation that can apply to all.
1) Whatever happens had to happen that way – it could not change.
2) Whoever you meet in life, you are supposed to meet, and there is a purpose to meeting that person. There is no chance meeting.
3) Whatever has to start in life, it will only happen at that time – neither before or later.
4) What is over is over. Don’t hold on to the past.
Utilizing these principles of karma, I can view how demonetization affects me as an individual:
1) I was destined to be in India to witness, learn, and grow from India’s demonetization. I have never seen firsthand at how it directly impacts lives and now I carry these lessons forth.
2) I was accepted, enrolled, and graduated from the Executive MBA program from Washington University in St Louis and Indian Institute of Technology Bombay. Without meeting my friends and classmates, I would not have had the opportunity to learn how the Indian economy and monetization policy really works.
3) India’s demonetization started on Nov 8, 2016. After the Indian government continually warned its people that change was coming, it finally acted on that day.
4) Demonetization is here to stay and will not be called off. It’s a way of life, and now we have to get on with it.
We have lots to be thankful for and if we sprinkle some Indian philosophy, we can enrich why we are thankful.