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Schiller Institute at India's Planning Commission.

Two representatives of the Schiller Institute addressed a seminar on the theme "The Slowdown Of The U.S. Economy and Its Implications," organized by India's national Planning Commission on March 21 at their Delhi headquarters. Michael Liebig and Ramtanu Maitra addressed the seminar, which took place amid crashing financial markets across the globe. They summarized the past months' dramatic contraction of the U.S. economy, which has perplexed most leading economic "experts" in India, who had expected a "soft landing" as the worst-case scenario. Seminar attendees included two members of the Planning Commission staff and a handful of economists from thinktanks.

Great interest was shown in the question of real economy capital formation and infrastructure investment, as opposed to financial market investment, service sector growth, and reliance on largely fictitious productivity gains in the TMT sector--the latter point being especially relevant in view of India's large software sector. The real challenge posed for India, was to go beyond reshaping domestic economic policy and adopting national and regional monetary/financial self-defense measures, to taking an active role in rebuilding the global financial/economic system.

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