Issues to be taken note of for ensuring speedy and sustainable economic growth and enhanced per capita . Some Random Thoughts .
The country is very vast and has all sorts of resources adequate enough to take care of its economy and its huge population . Fortunately, the democratic system of governance and the political set up has also enabled the Country to harness the resources and shape the economy in tune with the national and international dynamics of social, political and economic scenario and is in a strong position to influence economic growth fast and reach higher and enviable levels. But unfortunately the utilisation of resources and the achievements thereof do not seem to be fully justifiable as some of the macro economic indicators fall far short of expectations and do not go with the aspirations of the majority of the people to lead a happy , comfortable and tension free life. The high cost of living and ever increasing prices of all commodities without exception , travel, education, insurance , medical and other expenses not only adds to financial worries but also increases emotional and psychological pressures and tensions affecting day to day life and relationships among the people eroding the very credibility in the system of administration and Governance policies in vogue. The so called common Man a VIP so to say during election time in particular , in whose name Legislation, judiciary and Execution, policies get propagated, evolved, formulated, practiced and checks and balances are kept in place, unfortunately gets ignored and suffers the worst not knowing as to how to survive in life with some dignity , decency, honesty and some minimum quality. The Class and mass system not only prevail but knowingly or unknowingly allowed to show off with the power of POWER , MONEY and WEALTH. No doubt, the economy is growing fast and is all set to achieve the target (to supersede the advanced economies ) set but who benefits , how one benefits and how and where the branded common Man fits in, in the scheme of things is a matter to be seriously or rather introspectively analysed and remedial measures introduced without further loss of time and erosion of TRUST in Democracy and Democratic way of functioning. Some of the areas which perhaps call for review and special attention may be
Simultaneous Existence of Varieties of Taxes and levies over and above GST on almost all items need a revisit in public Interest and greater public good.
Per Capita Income continues to be low and far behind compared to even some of the poorer economies and not in tune with the growth of GDP needs a relook and calls for policy initiatives to correct the imbalance. The fast widening inequality seen among the people is definitely a cause for worry as it adversely affects the envisaged economic growth and living conditions of the vast majority of the population.
The Financial System though seems to be sound and very dynamic carries risks of very high order in the form of camouflaged and potential NPAs through connected lending, favoured lending and creative accounting practices. The method of subsiding loans and losses through depositors and other stakeholders of institutions cannot go on forever to keep the Financial system stable and steady . Time has come to remind the management that the Customers are the base and Customers cannot be an ignored lot for the very survival of the business.This awareness should be the very theme of Governance and this should be understood, digested and kept in mind at all levels of management including accounting, auditing and regulation. Technology is good but technology ignoring and condemning human resources for their intelligence, emotions, sentiments and positive manoeuvre abilities can only do more harm than good. There should be a judicious mix of Technology and Human resources to enjoy the optimum benefits of both.
Prevalence of black money and Corruption affect the society and the economy very badly and unfortunately getting legalised and institutionalised with the increase of freebies and mushroom growth of service providers for all sorts of services like issue of Aadhar Cards, Passports, Pan Cards,Driving Licenses, , Power Of Attorney and services related to Real Estate Registrar etc.
Since the fruits of development do not get adequately and evenly distributed for some policy or other, Is it not time yet for all directly or indirectly associated with Economic development to strive constantly to serve for the welfare of all by devotion to selfless work. To quote Bhagavat Gita “one attains the supreme Goal of Life through selfless service and pursuit of the greater good”. The action and inaction of all involved in public service can only be evaluated based on the welfare of the masses.
Loka Samastha Sukhino Bhavanthu
T V G Krishnan
A Senior Citizen.
