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INDIA’s ECONOMIC DEVELOPMENT IN 21st CENTURY
India faced with the situation of being economic dependent to the British (1757-1947),Soviet Union (1947-1991) and now, the USA (1991-till-date) in a Uni-Polar Gobalization world dominated by the 5-I’s of Economic Globalization of Prof.Micheal Porter of Harvard Business School, Harvard University,USA viz.1-Individual Consumer
3-International Business/International Trade
4-Investment=Foreign Direct Investment-Long term investment by foreign players-Microsoft–Bill Gates-USA-1979,IBM-Thomas Watson-1909-USA,Hyundai-South Korea,Mercedez Benz,Germany,Sony,Akio Morita “MADE IN JAPAN”-1945-Japan,Sony-Ericson JV,Japan-Sweden,New Holland Tractors from FIAT,Italy,General Electrics-Thomas Alva Edison-1880,USA,Ford Motor Company-1904-Henry Ford-USA-1909 Best-Seller Car-Model-T,General Motors,Car Company by Alfred Sloan-1920s,Detriot,Michigan,USA,Daimler- Chrysler-JV,Suzuki-Japan,Honda-Japan,Hero-Honda JV-India-Japan,Vodafone,NOKIA-Finland,Domino,Pepsico,Clab Bredham-1885-USA-New York,Coca Cola-John Pemberton-1884-ATLANTA-USA, Mac Donalds-1953-Ray Krocs-USA,United Colors of Bennetton,ITALY,FIAT,ITALY etc.
and Foreign Institutional Investment-Stock market investments in equities,shares etc.by fly by night operators-DOMINO’s Effect in the Economy.
The Inpector-Permit Raj with Socialism started with the 1951 advent of Five Year Plans by Prime Minister, Late Pandit Jawahar Lal Nehru.Pandit Nehru was a worrld leader.Each economic thinking and ideology is determined by the fashions and thinkings of its age (Adam Smith,1776-Wealth of Nations).Marxism,Socialism and Communism were popular in the 1947 era when India got its non-violent independence from Britain but a violent communalism between the division of the nation in India and Pakistan was due to the fact of the British “Divide and Rule Policy” and Mahatmaji’s failure to Nehru and Jinnah each craving for a separate nation.Millions died in the name of HINDU and ISLAMIC religion when none of the Baba’s,Maulvis and Masiha’s were successful to stop this mayhem of murder in the name of communalism not withstanding great nation-builders in Gandhiji,Qaide-Azam Mohammed Ali Jinnah, Founder of Modern Day, Pakistan and Pandit Jawahar Lal Nehru’s name attached to it.It was a fatal blunder.
Let us see, like the BERLIN WALL being raised to the ground, how this unification of INDIA and Pakistan, takes place for the betterment of both our economies,culture,attitudes,ethics,morals,norms,of South Asian Society and People, for in integration, we shall not only survive but thrive and in divisions, we fail, whatever, the experts, might say for de-centralisation of finances,polity and statehood.For I believe to call a spade a spade,in terms of US Policy Critic-Prof.Naom Chomsky-I reckon Pakistan with its inherent complexities of long term Army Rule can never graduate to a responsible Democracy like India has done and this will harm its economy and security of the south asian region.
Between 1951-1977, Prof KN RAJ of DSE-Delhi School of Economics,DELHI UNIVERSITY has given the term HINDU RATE OF GROWTH, 3.5 per cent GDP growth of India-per annum as an average every year for 26 years-pretty bad-is’nt it- in 26 years.High Fiscal Deficit to GDP ratio, above 10 per cent of GDP.High Loan Re-payment Interest rate to GDP ratio,Low Tax to GDP ratio.Low Export to GDP Ratio.3 per cent of CAD Current Account Deficit,exports minus imports to GDP Ratio- in 1991.High Inflation of 17 per cent in July 1991.Gold to be kept as reserve in the Bank of England in U.K by Mr.Chandrashekhar’s Govt in 1990 backed up by Congress-I,led by Mr.Rajiv Gandhi’s support. We had only $2 Billion in FOREX RESERVES equal to just 2 weeks payment of our POL import bill ,chief being Petrol products.India still imports 70 per cent of OIL it needs and 30 per cent is produced in the Bombay High Arabian Sea Reserves.
These were the problems of Indian Economy.USA with the largest share holding in IMF and World Bank bailed us out in 1991.It was a great shift in our Economic Development Story, when we adopted Capitalism,free market,choice,Price Signals,Productivity,Effectiveness and Efficiency in place of the mediocre, time wasting PSU’s(Excepting the Nav Ratna’s viz.IOC,BHEL,HAL,ONGC,CSIR etc.) where employee productivity,effectiveness,six sigma,performance appraisail,potential appraisal,incentive-productivity linked pay and Bonus had no place, only capturing the seats,Sarkari-Jamai’s and Babudom,whiling away time,in offices without commensurate productivity as no PSU gave profits, was the key to Govt.based employment.I agree,with Late Prof.Milton Friedman,Economics, Nobel Prize Winner in 1976 of the Chicago School of USA- Economics propounder of Thatcherism and Reagonomics-what is primarily known as SUPPLY SIDE ECONOMICS-PRIVATIZATION-BASED ECONOMICS said,”There is no free lunch in the world”.
Today, we need $150 billion investment in infrastructure by 2010.Physical and Social Infrastructure needs to be catered too for all.Having a mobile phone of a latest model with camera,a bottle of wine,a Vishall Mart,a Sahara Ganj,a Wave,a Fun Republic,huge Retail chains, will not make Indian Economic Development of the masses possible.This is what I think practically. A country labour intensive growth in Indian Economy is possible provided we think towards it and make effective steps to let it happen by providing employment oriented low cost high quality high commitment of teachers and administration towards that goal of value based Labor Intensive growth for a prosperous India.
Giving doles in form of loan waver to agriculture farmers-2008-09 Election Budget of Mr.Pallani Appan Chidambaram a law Graduate from Yale University USA, to the huge amount of Rs.60,000 Crore will lead to bankruptism,unproductivism,a zero based, negative productivity, work culture and indolent attitude to work and life in Rural India which has got a huge potential to transform Economic Development of Indian Economy.
Human Development Report (HDR-1990-UNDP-Prof.Amartya Sen,India and Dr.Mahbub-ul-Haq,Pakistan) with its indices of 1-literacy,2-nutrition and 3-age longevity are the key to growth.India needs to focus more on Education meant for jobs do outdo the jobless growth reality in this globalised world.
It needs to have productivity based planning for power.Energy is the key to a future lightened with lights in Saraiyya,Mati and Barethi Villages near Dewa in Barabanki,Uttar Pradesh India,hardly 20 km from the place Lucknow from where I am writing this Story, are all in darkness as power is available only 3 Hours and countless of others in India especially rural areas without “katias”-unauthorised connections.We need power desparately to transform India.Afterall,nothing is free, someone has to repay for the corruption done by someone else.
Speed of internet is slowing down the growth of our economy.All on line trading and major International Business decisions are taken on the INTERNET.Besides, it is a important source of research, whether for ITC’s e-choupal or for the home based entreprenuer or for the Super House -Shoe Exporter’s or Mirza Tanneries in Kanpur dealing in Leather Products and Shoes.Then, the on-line Financial Market dealings in shares with the BTST Paradigm (Buy Today, Sell Tomorrow) of shares at NSE-National Stock Exchange in New Delhi and BSE-Bombay Stock Exchange is dependent on it.
India has 90 per cent rural areas and 70 per cent urban areas population covered without sanitation facilities.What a shame when China has a coverage of 100 per cent sanitation facilities for the entire population.Question is how good and reliable is to rely on Chinese statistics as the Govt. there breaks Human Rights Laws at slightest provocation.Look what is happening in Tibet?When we cannot provide good living to our people how can we expect productivity to grow.
Real Estate Housing Sector is growing at 15 per cent per annum but is it having the common man,the rural man involved.Yes, as Laborers,masons and carpenters.Rural India has to grow?Strategies, Indians have to decide?Models must not be from IMF,World Bank,Mall Management or all from USA,UK,Holland or Australia?Indian Economic Development Model for Indians.Participatory Development.Self Help Groups.Attitudinal Change Models.Change management Models.Corporate Cultural Change Management Models with Delighting the Customer non-stop as the key to Effective force of Putting the Customer First.Puttng People First.PSP-People-Service-Profit.
Life style may have changed of a few people but for the majority its first class cars and third class roads.First class people and third class organizations.Foreign Models adopted in alien Indian Conditions.
AURNOB ROY 19-04-2008
JAI HIND- JAI JAWAN- JAI KISAN- JAI BHARAT
Tags: literacy, globalisation, profit, infrastructure, sanitation, retail, mobile | Edit Tags
Saturday April 19, 2008 – 08:04pm (IST) Edit | Delete
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