ET TECH X 2024 Guest Speaker - DR. ANKIT RAMESHCHANDRA SHAH

Summary

The speaker predicts a major shift in the global economy post-2030, with the collapse of Western currencies and institutions, including universities. The education system, criticized for focusing on rote learning and job preparation, must transform to emphasize life skills, entrepreneurship, and community-based empowerment. Advocating for a return to a 'Sanatan economics' model, the speaker envisions a world where families and local communities drive economic growth through self-sufficiency and entrepreneurial spirit. The role of teachers will evolve to that of mentors with real-world experience, guiding students toward practical, market-oriented education.

Takeaways

• 😀 The current Western economic model, centered around a single reserve currency (like the dollar), is predicted to collapse by 2030, leading to massive shifts in global economics.
• 😀 Post-2030, English may no longer be a dominant language in business, with regional languages gaining importance as the world transitions from a unipolar to a multipolar power structure.
• 😀 The 'job model' of empowerment, established during British colonialism, is outdated and will be replaced by a system empowering families and communities to become self-sufficient in producing goods and services.
• 😀 Traditional education systems, focused on memorization and preparing students for jobs, fail to equip individuals with the practical life and entrepreneurial skills needed for future success.
• 😀 The education sector will face scrutiny if it continues to rely on outdated models, such as academic testing and rote memorization, without preparing students for real-world challenges.
• 😀 The collapse of Western currencies and the rise of a more decentralized global economy will disrupt industries like IT, banking, and consulting, leading to large-scale layoffs and a reevaluation of education’s role.
• 😀 The concept of 'sanatan economics' advocates for a return to empowering families and communities, where skills are passed down through generations and people can support themselves through self-employment and entrepreneurship.
• 😀 The current education system ignores emotional intelligence (EQ) and life skills in favor of IQ-based academic success, leaving many young people unprepared for real-world challenges and unable to contribute to their communities effectively.
• 😀 Education systems need to shift to a practical, market-driven approach, where students can gain hands-on experience, build businesses, and develop skills that will help them generate income rather than relying on traditional jobs.
• 😀 The future of education will require teachers and 'gurus' who have real-world experience and can mentor students in practical domains, encouraging entrepreneurial ventures and creating business models that drive success.

Q & A

What is the speaker's prediction about the future of the English language after 2030?

The speaker predicts that post-2030, English will hardly be used globally, and speaking English will be looked down upon. This is expected to happen as Western currencies lose their purchasing power and the world transitions to a multipolar economic system.

How does the speaker view the role of Western currencies in the global economy?

The speaker believes that Western currencies, particularly the US dollar, will lose their purchasing power in the next few years, causing a shift in global economic dynamics. This will lead to the collapse of many Western institutions, including universities, and the need for a new economic model.

What is the 'Sanatan economics' model mentioned in the speech?

Sanatan economics refers to a traditional, Dharmic economic model centered around empowering families and communities, focusing on self-sufficiency, savings, and life skills rather than the current consumption-driven, individualistic Western model.

What role does the speaker believe education plays in shaping the future workforce?

The speaker argues that the current education system is outdated and inadequate for preparing students for a changing economic world. They advocate for a shift away from traditional memorization and job-oriented education towards entrepreneurship, life skills, and hands-on market experience.

Why does the speaker criticize the modern education system and its focus on job placement?

The speaker believes that the modern education system, with its focus on job placements, is ineffective and outdated. It creates individuals who are highly skilled in theory but lack practical knowledge and life skills, making them ill-prepared for an economic shift where traditional jobs will no longer be available.

What is the speaker's view on the future of family-based empowerment in the economy?

The speaker emphasizes the importance of family and community empowerment, suggesting that families should be capable of producing finished goods or services independently, rather than relying on the corporate world for employment. They believe this will lead to more sustainable and equitable economic growth.

How does the speaker relate the collapse of the Western economic model to societal changes?

The speaker connects the collapse of the Western economic model to broader societal issues, including the breakdown of families and communities, the rise of materialism, and the loss of life skills in individuals. They argue that this shift will necessitate changes in education to restore balance and empower individuals to contribute meaningfully to their communities.

What does the speaker suggest about the future of languages, particularly Chinese, Russian, and Japanese?

The speaker predicts that languages such as Chinese, Russian, and Japanese will gain importance in the global economic landscape as the world transitions away from Western dominance. They highlight India's central role in the future economy and its need to adapt to these changes by embracing multilingualism and global connectivity.

What changes does the speaker suggest for the role of teachers and gurus in the future?

The speaker advocates for a redefinition of the role of educators. They believe that only those with real market experience should be allowed to teach, emphasizing that gurus should not only impart knowledge but also mentor students in life skills, entrepreneurship, and practical market application.

What specific life skills does the speaker believe should be taught to students?

The speaker stresses the importance of teaching practical life skills such as entrepreneurship, financial literacy, understanding market dynamics, and the ability to evaluate costs and profits. They suggest that students should learn these skills as part of their education to prepare them for real-world challenges.