Prime Minister - The Prime Motivator

 

Prime Minister – The Prime Motivator

What India needs today, with its vast political, economic, social, and technological resources, is motivation to use them optimally and imaginatively. Honourable Prime Minister Shri Narendra Modi, as the nation’s Prime Motivator and a leader of action, has consistently infused this spirit in his Independence Day address from the Red Fort. His assurance of new measures particularly GST rationalisation by Deepavali to push economic growth and fulfil people’s aspirations adds to the hope of a happy, healthy, peaceful, and prosperous life for all citizens.

As a Great motivator, the Prime Minister has succeeded in keeping the nation’s spirit alive—urging people to Act,  Reform, Perform, and deliver despite global uncertainties, domestic challenges, and economic inhibitions. His leadership has ensured resilience, growth, and rising aspirations, setting the stage for India to dream of becoming a developed nation by 2047, when we mark 100 years of Independence.

May God bless him—always and in all ways—for his visionary leadership and his dedication to universal welfare and the progress of India.

—T. V. G. Krishnan (Personal Views)

Minimum Deposits :Banking on exclusion and Not inclusion.

 Minimum Deposits: Banking on exclusion, Not inclusion

Dear Sir,

This refers to “RBI clears the air on Minimum Deposits” (ET, 12/8/25). The RBI Governor has rightly clarified that minimum deposit thresholds are set by banks, not the regulator.

 However, not withstanding this , the fact remans that in a country where a majority of the population  depend on subsidies and face high unemployment, inflation, and soaring living costs, such thresholds risk excluding millions from the formal banking system.Banks are not just financial institutions—they are a bridge between citizens and economic growth. Raising minimum balance requirements, especially by a major private sector bank with very wide  reach, undermines the progress made towards financial inclusion and risks reviving “class banking.”

The prevailing trend across the sector is to remove these barriers, not raise them. ICICI Bank’s move deserves urgent reconsideration—in its own interest, and in the broader interest of equity, inclusion, and economic well-being.

T.V.Gopalakrishnan

( Copy of the Letter sent to ET but not found published.)  

India at 78 Technology Triumphs, Strengthen Inclusive Growth and take all people together.

   India at 78: Technology Triumphs,  Strengthen Inclusive Growth and take all people together

As India stands on the threshold of its 78th Independence Day, we celebrate not just our political freedom, but the resilience of our democracy—tested by wars, economic crises, natural calamities, and pandemics, yet always rising. A country of immense diversity—religious, linguistic, cultural, economic—India has remained united and forward-looking, thanks in large part to the enduring strength of its democratic institutions.

And yet, for all its promise and potential, India’s journey toward becoming a truly developed, inclusive and equitable nation needs intensified attention and focused employment oriented growth and fair distribution of wealth.  

A Digital Revolution Without an Economic Evolution

India’s phenomenal success in digitisation—be it the Aadhaar identity platform, the UPI payments ecosystem, GST networks, or Digital India initiatives—has been hailed as a global model. But the question we must now ask is: why has this digital transformation not translated into proportional economic prosperity for all?

Despite the sophistication of our digital infrastructure, we continue to witness:

• Rising inequality between the rich and the poor,

• Persisting unemployment and underemployment,

• Regional disparities in development,

• A significant informal economy evading the net of accountability,

• And institutions burdened with inefficiencies, leakages, and politicisation.

The answer is clear: technology alone cannot transform a nation unless it is anchored in enlightened governance, institutional integrity, and a unified national vision.

Time to Think, Rethink, and Reform

As we look to the milestone of 2047—our centenary of independence—the dream of becoming one of the most advanced economies and a beacon of global welfare must be built on more than just slogans and software. It requires structural, foundational reforms across the entire system of governance.

1. Legislative and Electoral Reforms

• Electoral cycles must be rationalised under the "One Nation, One Election" framework.

• We must demand performance audits of elected representatives—not merely in numbers, but in their contribution to national development, unity, and culture.

• Parties and leaders must be evaluated on vision, values, and verifiable outcomes.

2. Judiciary and Legal System

• Justice delayed is still justice denied. A tech-enabled, fast-track judiciary with real-time transparency and accountability must be prioritised.

• Legal reforms are essential to decongest courts and restore faith in the rule of law.

3. Executive and Administrative Overhaul

• Governance should blend human intelligence with machine learning and artificial intelligence to deliver efficient, timely public services.

• The bureaucracy must be reoriented toward outcome-driven performance, not process-driven rituals.

4. Economic and Institutional Reforms

• Professionalism must replace political patronage in public sector institutions.

• Agriculture, manufacturing, MSMEs, exports, and financial services must be revitalised through data-backed policy coherence.

• The independence of institutions like the RBI, CAG, and SEBI must be respected in both letter and spirit.

Bridging the Gap Between Competence and Achievement

India is not short of competent people or rich resources. What we lack is the ability to convert potential into performance. This calls for:

• Better resource allocation and monitoring,

• A crackdown on waste, inefficiency, and corruption,

• Strengthening of public delivery mechanisms, and

• Above all, an unwavering commitment to national interest above personal or party gain.

The Ethical Foundation: Dharma and Harmony

As the Upanishads remind us, “The pursuit of harmony rooted in wisdom and unwavering commitment to Dharma is indicative of enlightened leadership.” This ethos must guide our reforms—not just economic or technological, but spiritual and cultural. We must draw from our civilisational heritage to build a model of growth that is sustainable, inclusive, and ethical.

Conclusion: Time for Collective Introspection

The next 22 years are a golden opportunity. But without deep introspection and decisive action, we risk squandering India’s potential. It's time for academicians, administrators, politicians, policy thinkers, and citizens to come together—not in blame, but in common purpose.

Let us rise beyond electoral arithmetic and technocratic half-measures. Let us envision an India where digitisation empowers, governance delivers, and every citizen experiences the fruits of freedom.

May our collective dream be guided by the eternal prayer:
"Sarve Jana Sukhino Bhavantu" – May all beings be happy.

T V G Krishnan

( personal Views)

A senior Citizen .

Why Not Relate Retail Inflation to Affordability?

 Why Not Relate Retail Inflation to Affordability?

This refers to the news report “Retail inflation eases to 6-year low of 2.1% in June.” While this may seem like a welcome development for the RBI, Government of India, and sections of the public, especially those securely employed and economically well-positioned, it deserves a more nuanced analysis.

There’s no denying that the RBI’s calibrated monetary policy has started yielding visible results—reflected in declining inflation at wholesale, retail, and consumer levels. Achieving a retail inflation figure far below the RBI’s 4% CPI target is indeed a policy milestone. However, one must ask: does this headline number truly reflect the lived reality of the average citizen?

The reduction in food and consumer prices, while statistically significant, doesn’t necessarily translate into improved cost of living, lower production costs, reduced interest rates, or a broad-based rise in consumption demand. For these benefits to materialise and sustain, affordability across income segments needs to improve. Without parallel improvements in employment, income generation, and socio-economic infrastructure, reduced inflation may remain a largely academic achievement.

Moreover, the broader economic environment—marked by volatile international tariffs, inconsistent domestic taxation policies (notably irrational GST structures), and weak governance—continues to hinder the transmission of macroeconomic gains to the ground level. In such a setting, low inflation may not stimulate the desired uptick in investments, productivity, or employment generation.

A meaningful policy approach would involve correlating year-on-year inflation changes to income levels and affordability metrics, especially for the lower- and middle-income groups. This would help paint a more accurate picture of economic well-being and guide future interventions aimed at inclusive growth.

In particular, sectors like consumer durables and tourism, which have the potential to spur employment and demand, require that people not only have money to spend but also access to reliable infrastructure: safe and affordable transport, quality accommodation, and accountable public services. Without these, even low inflation cannot catalyze the economic vibrancy that India aspires to.

Ultimately, inflation must be viewed not in isolation, but in relation to people’s purchasing power and quality of life. Only then can economic growth be both sustainable and equitable.

Sarve Jana Sukhino Bhavanthu.

T V G Krishnan .

(Personal Views)

The Growing Innovation of Fraudsters and the Need for Vigilant Awareness

 July 8, 2025, at 9:35 AM

While on my morning walk today, I received a call from an unknown number. The caller identified himself as a representative from the “Cyber Protection of India,” supposedly based in New Delhi. He began by confirming my mobile number, which I acknowledged, but I do not recall confirming my name.

The caller then alarmed me by stating that my phone number was allegedly involved in some form of cyber violation and that his call was merely a follow-up investigation. As a senior citizen in my late 70s, who has always held strong values of honesty, ethics, and compliance with all laws, I was shocked and disturbed by this unexpected accusation.

However, within moments, I recognized the deceptive tone and realized I might be speaking with a fraudster. To extricate myself from the situation safely and avoid being drawn further into what appeared to be a potential digital fraud, I calmly responded, saying that I too was affiliated with the department and would like the full details of the supposed violations sent via SMS for further scrutiny. At that point, the caller abruptly disconnected.

Reflections and Concerns:

Digital fraud is alarmingly on the rise. Every day we read stories of innocent citizens—particularly elders—being manipulated through fear tactics, false claims of authority, or even threats of arrest. It leads to an important question:
How are such fraudsters gaining access to phone connections and bank accounts despite the strict KYC (Know Your Customer) norms enforced in India?

While authorities claim that KYC protocols are diligently followed, these incidents suggest that fraudulent elements continue to find ways to exploit loopholes—whether through forged documents, mule accounts, or exploiting digital vulnerabilities.

What Needs to Change:

• Community Awareness: There needs to be a robust, nationwide campaign to educate citizens—especially senior citizens—about common fraud tactics and how to respond.

• Easy & Anonymous Reporting: Citizens should be encouraged and empowered to report suspicious calls quickly and easily, without fear or complex procedures.

• Data Sharing & Intelligence: A more integrated platform should exist where public tips and inputs are used by law enforcement agencies to build fraud databases and track patterns.

• Stronger Penalties and Surveillance: Telecom and banking regulatory bodies must work closely with cybercrime departments to proactively monitor and crack down on entities issuing SIM cards and opening accounts under false identities.

India has a rich tradition of trust, community support, and respect for the law. If 99.9% of the population wants to live righteously, then this vast majority can become a powerful ally to the authorities—if given the tools, platforms, and encouragement.

“Readiness is all.” We must stay prepared, informed, and united to fight the innovation of fraud with the innovation of vigilance.

Loka Samastha Sukhino Bhavanthu.
(May all beings everywhere be happy and free.)

T V G Krishnan

( Personal Views).

Why not bring in some workable reforms, make life comfortable and happy and realise the dream of Advanced economy by 2047.

 The article only highlights  the lack of administration and accountability across both public and private sectors, particularly in customer service. Despite strong marketing efforts and growing economic ambitions, consumers — the foundation of the economy — are being neglected. The digitisation of services has removed meaningful human interaction, eroding trust and confidence in institutions.

Banks focus more on mobilising deposits than serving depositors, who stick with them mainly due to safety and government backing, not service quality. Insurance companies, especially through third-party agents, are singled out for poor service, mechanical claim processing, and a lack of common sense or fairness. Automated responses have replaced real service, worsening the customer experience. The understanding of Banking in general and KYC in particular is unfortunately missing at all institutions and all levels of hierarchy. 

Fraud is rampant in consumer services, with duplicate agents posing as genuine ones, especially in appliance servicing. The erosion of trust spans the entire ecosystem — government, private, and public sectors alike. The piece calls for urgent reforms in governance, transparent accountability, and responsive customer service to ensure a better quality of life and support the dream of becoming a developed economy by 2047.

Loka Samastha Sukhino Bhavanthu.

T V G Krishnan

(Personal Views )

Is it not tiime to reduce the Cash Payment, improve tax compliance and Digitalise the economy ?

 Apropos  the editorial Long Live Cash! Even as cashless is in (ET 26/6/25 )the surge in digitalisation and the promise of robust economic growth have paradoxically been accompanied by an increase in cash demand—a scenario that seems contradictory, yet also indicative of a certain optimism in the Indian economy. Despite rapid strides in digital payments, the behavioural preference for cash remains deeply entrenched. Traditional factors such as the prevalence of black money, corruption, high inflation, and inconsistent cash supply through ATMs continue to reinforce this tendency. For many, cash remains not just a medium of transaction, but a symbol of financial control and certainty in uncertain times.Moreover, the increasing demand for real estate, gold, and other high-value commodities reflects widening inequality, but perhaps also hints at a deeper shift: the growing confidence in the Indian rupee. The rupee’s use in international transactions, in place of the dollar in some contexts, may be a subtle but significant development in India's economic story.

While digitalisation has indeed grown multifold—a welcome and necessary change—it has not yet delivered fully on some of its key promises. Better tax compliance, reduced use of hard currency, and a shift in behavioural motivations for cash use remain elusive goals. These realities call for deeper introspection.In essence, the co-existence of rising digital adoption and continued cash demand is not merely a contradiction—it’s a reflection of India’s complex and evolving economic fabric. Both cash and digital must continue to co-exist until systemic trust, inclusion, and behavioural shifts align more decisively.

T.V.Gopalakrishnan