Wealth from Waste Management
It is time to have some innovative research in the area of waste management and initiate follow up action to realize the Economy’s dream of becoming the super economic power of the world.
Men, Material, Money and Time are the factors contributing to production and creation of wealth in any economy. The optimum use of these resources in an economy depend on the educational standards, quality of people, competence of management and conducive environment in the form of political stability, governance standards, physical ,financial and social infrastructure. How far the resources are utilized without allowing wastage beyond a tolerable level will reflect on the awareness of people in general and management at various organizations’ and institutions’ levels in particular about the economic value of each and every resource. Wastage of all resources does occur often knowingly and very often unknowingly in the economy particularly in production and services areas.
Non-performing Resources are like Non performing assets in the Banking system and they only help to tax the nation and the people ultimately. It is time some serious attention is paid to Waste Management and initiate appropriate measures to convert waste into productive resources of the economy and bring in wealth for the nation and welfare for its people.
Management of MEN( Human resources):
This is the richest wealth of our economy and the prospects of India’s achieving the super economic power of the world in a few decades is basically based on taking advantage of the demographic dividend the country is blessed with. It is the responsibility of the nation to introspect and find out whether these human resources are well developed or provided with opportunities for their full development. Potential of our human resources is identified but attention paid to exploit the potential seems to be inadequate.
Waste of human resources or under utilization of the resources at Macro level i.e. at national level and Micro level i.e. at various organizations both public and private is enormous and needs a separate study by itself to arrive at the loss of wealth to the economy and individual institutions. Providing employment and fully benefiting from employment are two totally different aspects and this is an area where waste management needs to concentrate in all undertakings particularly in Government and public sector.
Management of Materials : Management of Materials in the form of fixed assets and current assets used in the production of goods and services in the economy leaves a lot to be desired. Waste of electricity, water, petroleum products and all sorts of assets and inventories that go into production of wealth is a well acknowledged truth, but efforts to quantify the loss to the economy and the exchequer and remedial measures to contain the waste or convert the waste into wealth have been rare and far between. The reasons for such waste are to a great extent avoidable.(For example waste of petrol and diesel due to octroi / checks on interstate movements of goods and toll levies at various places cost a fortune to the nation and are definitely avoidable or can be minimized with some innovative plans using Information Technology).
Similarly the country has vast stretches of waste lands and unused lands which can be put to productive uses and give a boost to our sagging agriculture and agro based industries or leased out to industrialists for manufacturing activities. Both land and unemployed human resources can be employed gainfully. Examples of under utilization / non utilization of these resources are aplenty and call for specialized attention.
Management of Money : This is a crucial area requiring professional approach to ensure that every rupee that is invested fetches some return. Whether it is allocation of resources under National Rural Employment Programme or investments made for development of infrastructure or provision of utility services or whatever may be the objectives of investments they should be subjected to review to ensure that money does not go down the drain. The concept of asset liability management and risk management is not followed( except perhaps in banks) where ever investments are made and returns seldom assessed/or assessed perfunctorily. Wastage of money through different means such as corruption, delay in the execution of projects, frauds and embezzlements, keeping the funds idle, investing surplus cash without adequately assessing safety, liquidity and return go often unnoticed and the nation bears the loss directly or indirectly ultimately.
Management of time: The concept of time management does not seem to have been understood in the area of investments particularly under government and public sector. Delay in the execution of projects and cost overrun are regular features in the economy and the loss on this account alone is enormous to wipe out our deficit partially if not fully. The loss on account of delays in getting justice alone will amount to huge wastage of resources in our economy and legal reforms are long overdue. Time consciousness is generally missing all over the country and conscious efforts are needed to create the awareness that time is wealth and no one at least for those engaged in the economic activities of the nation has the right to take extra time for granted.
The economy needs monetary resources to live up to the expectations of the world to emerge as super economic power. The economy has all the resources at its command in terms of men material money and time but it requires a very conscious approach to put into these resources for optimum use without allowing any waste anywhere. The simple suggestion is to have a Research wing in all universities to study the loss of wealth on account of non utilization of the resources / under utilization of the resources/ mis-utilization of the resources. A budgetary support specifically to have a research in the area of waste management can never go waste. The results of the research should enable to initiate action towards creation of wealth through effective waste control management.
India has among other things enterprising entrepreneurs, good quality natural resources, worldly acclaimed ITreasonably sound and stable banking system and several unknown strengths to support any venture and as such it is for the Government to identify the areas of wastage and create wealth from waste. A momentum is called for in this direction which will work wonders for the economy.
Dr.T.V.Gopalakrishnan.
It is time to have some innovative research in the area of waste management and initiate follow up action to realize the Economy’s dream of becoming the super economic power of the world.
Men, Material, Money and Time are the factors contributing to production and creation of wealth in any economy. The optimum use of these resources in an economy depend on the educational standards, quality of people, competence of management and conducive environment in the form of political stability, governance standards, physical ,financial and social infrastructure. How far the resources are utilized without allowing wastage beyond a tolerable level will reflect on the awareness of people in general and management at various organizations’ and institutions’ levels in particular about the economic value of each and every resource. Wastage of all resources does occur often knowingly and very often unknowingly in the economy particularly in production and services areas.
Non-performing Resources are like Non performing assets in the Banking system and they only help to tax the nation and the people ultimately. It is time some serious attention is paid to Waste Management and initiate appropriate measures to convert waste into productive resources of the economy and bring in wealth for the nation and welfare for its people.
Management of MEN( Human resources):
This is the richest wealth of our economy and the prospects of India’s achieving the super economic power of the world in a few decades is basically based on taking advantage of the demographic dividend the country is blessed with. It is the responsibility of the nation to introspect and find out whether these human resources are well developed or provided with opportunities for their full development. Potential of our human resources is identified but attention paid to exploit the potential seems to be inadequate.
Waste of human resources or under utilization of the resources at Macro level i.e. at national level and Micro level i.e. at various organizations both public and private is enormous and needs a separate study by itself to arrive at the loss of wealth to the economy and individual institutions. Providing employment and fully benefiting from employment are two totally different aspects and this is an area where waste management needs to concentrate in all undertakings particularly in Government and public sector.
Management of Materials : Management of Materials in the form of fixed assets and current assets used in the production of goods and services in the economy leaves a lot to be desired. Waste of electricity, water, petroleum products and all sorts of assets and inventories that go into production of wealth is a well acknowledged truth, but efforts to quantify the loss to the economy and the exchequer and remedial measures to contain the waste or convert the waste into wealth have been rare and far between. The reasons for such waste are to a great extent avoidable.(For example waste of petrol and diesel due to octroi / checks on interstate movements of goods and toll levies at various places cost a fortune to the nation and are definitely avoidable or can be minimized with some innovative plans using Information Technology).
Similarly the country has vast stretches of waste lands and unused lands which can be put to productive uses and give a boost to our sagging agriculture and agro based industries or leased out to industrialists for manufacturing activities. Both land and unemployed human resources can be employed gainfully. Examples of under utilization / non utilization of these resources are aplenty and call for specialized attention.
Management of Money : This is a crucial area requiring professional approach to ensure that every rupee that is invested fetches some return. Whether it is allocation of resources under National Rural Employment Programme or investments made for development of infrastructure or provision of utility services or whatever may be the objectives of investments they should be subjected to review to ensure that money does not go down the drain. The concept of asset liability management and risk management is not followed( except perhaps in banks) where ever investments are made and returns seldom assessed/or assessed perfunctorily. Wastage of money through different means such as corruption, delay in the execution of projects, frauds and embezzlements, keeping the funds idle, investing surplus cash without adequately assessing safety, liquidity and return go often unnoticed and the nation bears the loss directly or indirectly ultimately.
Management of time: The concept of time management does not seem to have been understood in the area of investments particularly under government and public sector. Delay in the execution of projects and cost overrun are regular features in the economy and the loss on this account alone is enormous to wipe out our deficit partially if not fully. The loss on account of delays in getting justice alone will amount to huge wastage of resources in our economy and legal reforms are long overdue. Time consciousness is generally missing all over the country and conscious efforts are needed to create the awareness that time is wealth and no one at least for those engaged in the economic activities of the nation has the right to take extra time for granted.
The economy needs monetary resources to live up to the expectations of the world to emerge as super economic power. The economy has all the resources at its command in terms of men material money and time but it requires a very conscious approach to put into these resources for optimum use without allowing any waste anywhere. The simple suggestion is to have a Research wing in all universities to study the loss of wealth on account of non utilization of the resources / under utilization of the resources/ mis-utilization of the resources. A budgetary support specifically to have a research in the area of waste management can never go waste. The results of the research should enable to initiate action towards creation of wealth through effective waste control management.
India has among other things enterprising entrepreneurs, good quality natural resources, worldly acclaimed ITreasonably sound and stable banking system and several unknown strengths to support any venture and as such it is for the Government to identify the areas of wastage and create wealth from waste. A momentum is called for in this direction which will work wonders for the economy.
Dr.T.V.Gopalakrishnan.
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