Seminar examines Muslims' key role in Indian economy 

(MENAFN - Arab News) In an attempt to educate local intellectuals on the state of the Indian economy and the role played by minorities in building it, The Socio Reforms Society conducted a seminar entitled "Growing Economy of India and the Minorities' share" in Jeddah. The event was hosted by members of the society and was attended by members of the Indian community.

Speaking at the event were Abdul Saleh Shareef, a scholar and former adviser to the prime minister of India; Rasheed Ahmed Khan, president of the Indo-US Policy Institute; Aleem Khan Falaki, president of the Socio Reform Society, and Israrul Haq, an Islamic microfinance specialist at Batterjee Medical College.

Abdul Saleh Shareef set the tone for the meeting when he said, "Though Muslims have equal rights just like the other citizens of India they still savor the extra benefits of funds from the central government on the basis of being a minority community."

He added that these funds barely reached the common man and according to the Sachar Committee report, the infrastructure, including roads, hospitals and other facilities, lacks in amenities for Muslims. During the event, Shareef pointed out that Muslim leaders have yet to develop the art of representation and they do not have a clear picture of the government plans related to budgetary allocations, and so the community is not able to utilize the funds effectively.

Ahmed said all the efforts of Muslims are concentrated at the micro level like buildings, madrasas and colleges but there is no attention given to the macro level.

He added that New Delhi-based Center for Research and Debates in Development Policy (CRDDP) is working on establishing offices in every city to facilitate proper representation of Muslims.

Commenting on this, Aleem Khan said that to work on a macro level, the thought process should start soon rather than depending on parties or leaders to lead the way. The people should move forward and realize their needs accordingly.

He urged the community to invest in sensible ventures in order to eradicate poverty among its members.

Israrul Haq said that most of the damage done to Muslim merchants is from Foreign Direct Investments (FDI).

Since small businesses are in the hands of Muslims in most cities, business giants like Walmart will sweep away the small businesses run by poor merchants and traders. "The solution to all the problems faced by Muslims lies in adopting Islamic microfinance," he said.

Abdul Qader Maiman, a businessman and economist, commented, "As India's economy is booming now, Muslims should enter into small scale businesses and make them productive."