Some economic and Social Issues to be taken care of to improve the quality of Life for all

 Some economic and social Issues to be dealt with to enhance the image of the Country and the quality of life of the masses. 

  

     “He  who sees Action in Inaction and Inaction in Action, he is intelligent among men.”

                                                                                          Bhagavat Geetha

This seems to be very apt and has come true in every sense of the word  in the Administration of the Country and management of the economy under the intelligent  leadership, imaginative policies and very dynamic and bold approach which cannot be ignored or undone by any force any time in future. Great achievement indeed by any Government by any standard. The Political stability seen of late has been bringing in unprecedented Trust in the capacity and potential of the Country to dream big and achieve the unachievable to be on top of the world as performer and provider of  all boons  to  the entire  humanity as a whole.  

  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. 

Inflation though has been brought under control and is said to be well within the band 4% and 6% set by the Monetary Policy Committee of the Reserve Bank of India, the fact remains that Inflation continues at the ground level and literally kills the poor, irritates the lower middle class, inconveniences the middle class in different ways , initiates intellectual discussions among the upper middle class on the pros and cons of inflation on savings, investments etc, makes the Rich totally unconcerned of inflation in their day to day life and compels policy makers, administrators and the Government to act swiftly to think of measures to ensure price stability and  smooth economic growth.The high cost of living and ever increasing prices of all services and commodities without exception Viz travel, education, insurance, medical and other living 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 vast majority of 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 because of persistent inflation not knowing as to how to survive in life with some dignity, decency, honesty and some minimum quality of life. The Class and mass system not only prevail in the society but knowingly or unknowingly the power of money is allowed to show off with the power of POWER , MONEY and WEALTH. No doubt, with some monetary and fiscal policy measures, the inflation is somewhat technically and perhaps theoretically contained and  the  economy is allowed not only to grow fast but also is all set to achieve the target set to supersede all the advanced economies. But who benefits, how one benefits and how and where the branded common Man fits 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 over and above GST on almost all items need a revisit in public Interest and  greater public good. Reduce the complexities of taxes and see that the tax is simple, equitable, non inflationary and sufficient enough to take care of the economic growth and the country is free from debt burden. The present tax system  affecting the people literally from cradle to grave and beyond even definitely calls for a review and  new ways and means should be thought of raising revenues to meet the developmental goals and ensuring voluntary compliance of taxes by the people. It is time to think afresh and introduce tax reforms early. With 140 crores of people coupled with large resources of wealth accumulated in different forms, this should not be a difficult process .   

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. An average man just wants to make both ends meet with some clothes to wear and a shelter to sleep. Once this is assured, then comes the quality of life with Social and Psychological needs to satisfy which may or may not happen. The inflation for such an average man needs to be factored into economic policies and their implementation. Misery for majority everywhere and happiness for a few here and there cannot go well among the people and this happiness is no happiness at all.    

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, favored 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 of institutions 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 thoughts, capabilities 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 Bhagavad 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. The nation needs drastic cultural change through a well planned and well directed educational system devoid of greed, corruption and corrupt practices in the generation of wealth, distribution of wealth and utilisation of wealth ensuring welfare of all everywhere. A very few people involved in administration cannot and should not spoil the Culture and bring in undesirable and non appreciable actions and inactions spoiling the healthy, happy and peaceful life of the masses. Their aspirations for a simple quality life are by any means achievable and justifiable by any reckoning. Good Governance can definitely  make Life both beautiful and interesting for all.    

 Loka Samastha Sukhino Bhavanthu

T V G Krishnan

A Senior Citizen.

(personal Views).