Why not we have The Collective Will to realise the Dream of an Advanced Economy a reality ?

 

Policy Brief: 360° Balance Sheet Rating System

Restoring Trust in Financial Reporting and Governance

Background

Balance sheets today often conceal more than they reveal. Despite audits and regulatory oversight, window dressing, inflated valuations, and opaque disclosures have eroded public trust. The traditional focus on compliance and arithmetic accuracy no longer guarantees financial integrity or ethical governance. 

The Proposal: 360° Balance Sheet Rating

A 360° Balance Sheet Rating System is proposed to assess not just financial correctness but the entire ecosystem of transparency, governance, and ethics behind an organisation’s financial reporting.

Key Evaluation Dimensions

1. Financial Accuracy – True asset valuation, liability recognition, revenue authenticity.

2. Governance & Ethics – Board independence, accountability, conflict-of-interest controls.

3. Transparency & Disclosure – Clarity, completeness, and honesty in reporting.

4. Compliance Discipline – Adherence to tax, regulatory, and prudential norms.

5. Sustainability & ESG – Ethical, social, and environmental responsibility.

6. Technology & Risk Controls – Fraud resilience, cyber audit trails, AI integrity.

Rating Scale (Indicative)

AAA – Fully transparent and ethically sound
AA / A – Reliable with minor gaps
BBB / B – Moderate to high opacity and risk

Implementation Framework

• Independent Certified Agencies: Empanelled by RBI/SEBI/NFRA.

• AI-Driven Analysis: Data triangulation using audit reports, digital trails, and forensic tools.

• Annual Review: Mandatory re-rating for listed and large unlisted entities.

• Public Disclosure: Ratings to be included in annual reports and filings.

Expected Outcomes

• Restored trust in financial reporting.

• Reduction in frauds, NPAs, and governance failures.

• Strengthened market credibility and investor confidence.

• Promotion of ethical, transparent, and accountable capitalism.

Policy Recommendation

Regulators (RBI, SEBI, MCA,IRDA ) may jointly pilot the 360° Rating Framework for banks, listed companies, and large PSUs. Over time, extend it to NBFCs and major private enterprises. This reform can serve as a national benchmark for financial honesty and governance integrity.

Once a balance sheet is finalized strictly in accordance with accounting standards, regulatory norms, and the due satisfaction of banks, major clients, tax authorities, and professional auditors—with adequate internal and external controls to prevent fraud and manipulation—it should stand as a true and transparent statement of financial reality.

Such integrity in financial reporting strengthens stakeholder confidence, enhances trust, and reflects professionalism of the highest order. When governance standards are upheld consistently and without compromise, they have the potential to become global benchmarks. India can then truly emerge as a role model in accounting practices—where transparency is not an exception but the norm, and where accuracy and ethics inspire respect, admiration, and emulation across borders.

The question now is: Do we have the collective will—regulators, corporate leaders, auditors, and financial institutions—to make this vision a reality?

Satyameva Jayathe. May there be happiness, welfare and the Joy of enjoying Life by all in the Universe. 

Dr T V Gopalakrishnan

(Views are Personal).

The need of the hour is only to enhance better mobility of the people through Well RUN Administration.

 Dear Sir,

The  need of the hour in Bengaluru is better mobility  of the  people and fast and efficient  movement of goods and services to ensure optimum utilisation of the resources  under command for the maximum welfare of the people . From this angle, should BMTC take the privatisation road? is the debate thrown and  the answer is a definite NO. However there is urgent need to assess as to whether the Investments in the BMTC have done full justice in terms of optimum realisation of returns from the angle of utilisation of the human and other resources and whether all the objectives of the BMTC services have been met to the satisfaction of the Management of BMTC, the Authorities and the Public? No doubt the services of BMTC get badly affected for want of good roads and other infrastructure and the comparisons with similar placed organisations can have some meaning only if all ingredients in use are compared. In fact my own view is that BMTC does a good job when compared with other institutions if one were to take the limitations BMTC face to run its services in terms of infrastructure.Chennai. Mumbai and Delhi have better Roads and as well developed  industrial states have certain inbuilt advantages by way of political , social and economic developments. Bengaluru came in the development stature comparatively late and the sudden surge seen in IT development in Bangalore took the whole state and city by surprise and to match this development the infrastructure development lagged behind and this cannot be taken as a setback or serious lapse. 

Even now the situation is not that bad as is generally made out to be taking into consideration the natural advantages the state and city enjoy . 

The State and City have the best of Human Resources and nothing is impossible once they decide and get ready to take up the challenges. 

 What is required is a bit of coordination and clear cut policies from the Legislative, judiciary and administration. A top level committee consisting of all three can be set up to identify the gaps seen in the proper development of infrastructure and initiate steps to overcome and implement the required measures under some strict vigilance, supervision and accountability. 

Roads are only for free flow of traffic and not for marketing, dumping of materials of all kinds, wastages, and any other activities. The development of roads needs thorough thinking, planning , and execution keeping in view the expected increase in the population, economic developments , social advancements, etc.  

Accountability of the Institutions involved in the construction, maintenance and administration of roads needs to be fixed on an ongoing basis in a very systematic and professional manner without giving room for any interference of any sorts of power either politics or bureaucracy. 

Some of the steps that can be thought of to ease the traffic and improve the image of BMTC perhaps

City Traffic improvement Committee to be set up Consisting of 

1Some political leaders from all parties, Some  senior bureaucrats who have vast experience in the administration of  Transport system,Some very senior police Officers having experience in managing City traffic, Some eminent public representatives and think tankers who can contribute good thoughts and actionable changes.

2 Change of the present system of routes  pursued by the BMTC. There should be connectivity of Metros and the bus routes touching the major centers of population concentrates..Rerouting of the BMTC buses and covering long routes in less times should be thought of. while the present approach to terminate buses at Shivaji Nagar, Kr Market and Majestic can continue, there should be enough buses

 to ply long different routes and areas touching these points .

3 There are some traffic pressure points in the City like the Corporation area,JC Road , 24th main road,Jp Nagar, double Road, jayanagar some signals . These sorts of pressure points block the traffic which if planned and administered properly , traffic flow is made smooth, a lot of time can be saved and drivers and public can have a great sense of relief. It requires inviting public suggestions and surveying by regional Transport officers and Traffic control Police officers and BBMP and BDA officials.This requires only application of mind and adjustment of the movement of traffic Some man made hurdles which can and needs to be tackled needs to be taken care of by force or negotiation and compromise in public and larger interest. Involving the public and seeking their help would go a long way in removing some of the hurdles seen in some busy roads  and easing the traffic.

4 Continuous education of public in maintaining the roads in top condition and strict monitoring of the traffic rules and regulations on an ongoing basis can definitely be visible in avoiding haphazard parking, dumping of wastes on the roads, unauthorised use of roads for all sorts of activities etc, 

5 Encouraging sharing of private cars, Taxis and introducing smaller BMTC buses to manure in very small roads and gullies  and providing better connectivity to metros with meticulous planning and execution of arrangements to transport people can be a practical solution to minimise the traffic congestion.

6 The roads go bad due to several reasons which need to be fixed with long term and short term approaches having heavy expenditure and time lag effect. 

As a regular short term measure the authorities can think of having mobile Road repairing units to fix small and fixable potholes and this work can be given on a contract basis with incentivised compensation. To fix major repairs and provision of long durable roads, better to go in for an All India Tender and have some sort of tripartite agreement too. Once the road is completed this should be maintained by the same party for a definite period under an insurance scheme. The scope for corrupt practices should be minimised if not eliminated altogether though highly desirable. 

As a citizen deeply interested in the welfare of all , I just write to you as feedback to your wonderful ,well thought and wonderfully written article. 

Readiness of the authorities is all that matters. If there is a will there is always a way out to make things happen and work for the betterment of life for all. 

These are all my personal views . If it is useful in some way , I feel delighted. Since this is a point blank feedback I took the liberty. 

       

Thank you, I take this opportunity to wish you and family a very happy diwali and happy days ahead always and in all ways. 

With regards,
Dr.T.V.Gopalakrishnan

(This comment is given as Feedbaclk to an article on should BMTC take the privatisation road?that appeared in Deccan Herald on 17/10/25).

Provision of Good Roads is an inevitable social and economic Justice.

    Good Roads also a matter of  economic, social Justice

This refers to your editorial  Bengaluru seeks intent, not excuses Deccan Herald (oct,14).Due to the pathetic condition of Bangalore’s roads ,the daily hardships citizens endure, the loss of time, money , health and the reputation of the City and its people suffer are something unavoidable to a great extent if the intent instead of excuses as rightly put in the editorial is in place.  Provision of good roads and their upkeep is not merely an infrastructural need—it is a form of inevitable  economic and social justice. Roads are the lifelines for mobility, essential services, and economic activity, while also serving as a mirror of governance standards. Smooth, safe, and well-maintained roads make life not only comfortable but also dignified, reflecting a government’s commitment to citizens’ welfare. People miss a lot of their economic, social, emotional, sentimental, precious time, and other small small desires and  limited aspirations for want of the very essential movements in the absence of safe, comfortable and very  inevitable social visits within the city. Roads play a key role in maintaining not only the social connections but also keeping the people in good mental and physical  health conditions is a ground reality which cannot be denied to them on flimsy grounds.The leaders cannot ignore their essential leadership capabilities and these are all perhaps their memorable contributions worthy of  showcasing their image, reputation and proven popularity.    

The responsibility, however, cannot rest solely on the government. Citizens too must recognise their duty in avoiding / preventing hazards, potholes and damage by refraining from dumping garbage, construction debris, or unauthorised parking / violation of traffic rules that choke free movement. Civic indiscipline adds to chaos, delays, and needless suffering.

With better coordination between the administration and the public, Bangalore can have durable, quality roads. Proper governance and responsible civic behaviour can ensure optimum use of resources and prevent wastage of time, money, and effort. The man-hours lost in commuting, and the mental, physical, emotional, and financial stress citizens undergo due to poor roads, is beyond imagination—and must no longer be ignored. Corruption and corrupt practices in the general administration  of public goods and services if avoided  by thoughts, words and  deeds by all and any associated can have only pleasant,  lasting and ever relishing memories.  Good roads ensure not only the  welfare of people but also reflect on the sensitivity of the Governance system in vogue and prove to be the best and easiest way to earn the goodwill of the people.   

 

T V Gopalakrishnan

(Personal views)

Bangaluru.

( Modified version of this letter is published in  Deccan Herald dt 15/10/25).

Prevention of NPAs in Banks is an inevitable Social Justice.

 

NPAs in Banks — At Whose Cost? The Economy and Its Stakeholders

The banking sector in general—and public sector banks (PSBs) in particular—has long operated in a manner that drains depositors’ and taxpayers’ money, aided by a nexus of politicians, bureaucrats, bankers, and errant borrowers under a relaxed regulatory environment. Former Prime Minister Atal Bihari Vajpayee candidly stated in the 1990s that “NPAs are nothing but loot.” The system has known this truth for decades, yet the problem persists despite getting some enhanced legal support as of now again at a high cost in terms of time and money - just because depositors and taxpayers silently bear the burden. Periodic bailouts follow whenever the crisis threatens financial stability.

Depositors have few safe avenues for savings beyond banks, and alternatives like gold, real estate, or other commodities often serve as conduits for unaccounted money and speculative activity rather than productive investment.

A lasting solution to the NPA problem requires discipline—both among bank managements and their borrowers—and an independent, efficient regulator free from political or bureaucratic interference. Such a model was proposed as early as 2004 in Management of NPAs in PSBs by Dr. T.V. Gopalakrishnan, published by the Indian Institute of Banking and Finance, with a foreword by Dr. C. Rangarajan, former RBI Governor and Chairman of the Prime Minister’s Economic Advisory Council. The book proposed the creation of a Precautionary Margin Reserve Fund (PMRF)—a shared responsibility mechanism between lenders and borrowers—to contain NPAs, incentivise good borrowers, and penalise poor credit behaviour.

Despite professional acclaim and recommendations for pilot implementation, the model was never adopted. Had it been, the banking system would likely have been far stronger today—reducing NPAs, preserving depositor confidence, and preventing the “twin balance sheet” problem that has repeatedly strained India’s financial stability. The recurring and accrual loss to the economy because of the NPAs is something of a very high magnitude which cannot be easily set aside to ensure and realise the the status of fast growing economy.

Dr. Rangarajan observed in his foreword (2 July 2004):

“High levels of NPAs affect profitability, liquidity and solvency of banks, ultimately impacting financial stability itself. The author has made several suggestions to contain their growth. One such idea—the Precautionary Margin Reserve Fund—envisages both borrowers and lenders contributing to a common fund. Only an efficient banking system can fulfil the socio-economic goals set for it, and this book explores precisely that.”

The RBI’s recent move to introduce minimum provisioning floors (0.25–5% for performing assets, based on risk class) is, in essence, a partial acceptance of this idea. The PMRF concept—built on mathematical objectivity and fairness—could have become an inbuilt corrective mechanism to identify good borrowers, discipline defaulters, and safeguard the interests of all stakeholders without bias or undue discretion.

Ultimately, depositors’ money—the core raw material of banking—must not be used to subsidise inefficiency or moral hazard. A system that compels prudent behaviour, transparency, and ethical accountability from both lenders and borrowers is not just sound economics—it is social justice.

Loka Samastha Sukhino Bhavanthu.

Dr T V Gopalakrishnan

(personal Views).

RBI's Sensible and sound Support to Government's dream of Atmanirbhar Bharat

 Levy Precautionary  Margin Reserves as PROVISIONS  from bad borrowers to save the  bank depositors and tax payers from Bad debts.  

According to the news report “RBI proposes 100% Bank Provisions”, (ET dated 8th Oct), the central bank’s proposal to introduce minimum provisioning floors ranging from 0.25% to 5% for performing assets—based on asset class and credit risk stage—is a prudent though long overdue  step to save depositors and tax payers from subsidising the default borrowers  Hope this proposed provision is levied from the borrowers to have a built in mechanism to prevent the formation of NPAs. 

Strengthening bank balance sheets through disciplined provisioning and promoting credit quality are essential for maintaining the health of the financial system and safeguarding the interests of all stakeholders, including the government and depositors. Such measures will provide the much-needed foundation for sustainable economic growth.

The Prime Minister’s vision of transforming India into a developed, Atmanirbhar Bharat by 2047 can be realistically achieved through these sensible and sound RBI initiatives, complemented by ongoing fiscal discipline—such as containing fiscal deficits while rationalising Direct Taxes and GST 2.0.

However, these financial measures must be supported by robust governance standards across institutions and public utilities, prioritising ethics, transparency, and welfare. Ensuring low food inflation, a bearable cost of living, equitable wealth distribution, and measurable trickle-down effects of growth are vital. Equally crucial is improving the quality of data on employment, tax compliance, and wealth creation to guide policy decisions effectively and equitably.

T.V.G Krishnan

Bengaluru 

RBI's Prudent decision and global Uncertainty

 Dear Sir,

            

              RBI Monetary policy with Great caution and lot of expectations. 

Apropos your editorial 'Unchanged Repo:a pause for expectation' (Oct3), the RBI's  recent monetary policy keeping the policy rates unchanged is nothing but an admission of the positive and negative changes affecting the economy from the national  and international dynamics seen in politics, economics, social and technology areas .While the national scenario offers political stability , favourable economic macro factors in terms of steady economic growth , benign inflationary expectations thanks to favourable  Union Budget measures particularly in containing fiscal deficit despite attractive income tax concession and GST 2.0 rationalisation aiming at massive consumption demand to boost the economic growth, the international scenario unfortunately has been highly unpredictable thanks to the geopolitical economic and social scenario thanks to the uncertainties emanating from the USA policies  basically having ripple effects on the economic front world over. All said the approach of the Reserve Bank to maintain neutral stance aiming at economic growth keeping the inflation expectation far below the minimum of 4.0% is a wonder facilitating the much needed credit growth innovative and growth oriented. The market sentiments have been kept in tune with the expectations and hope the economy continues to be in growth track as widely expected globally.        

T.V.Gopalakrishnan

Bengaluru. 

Modified version of this letter appeared in Deccan Herald dated 4th October 2025.)

Love -The Universal Force for Peace and Harmony.

                             Love – The Universal Force for Peace and Harmony

Make life lovable,  enjoyable and livable with peace, tranquility, and an awareness of its short and fragile nature, all dependent on Nature’s blessings and abundance. A change of mindset is all that is needed.

Love yourself, your family, your society, your state, your nation, other nations, the universe, humanity, all living beings, nature in its entirety—hills, rivers, mountains, oceans—and above all, love your own soul and link it to the Master Soul. There is nothing beyond love. Love alone is the unifying force that connects everything between the earth and the sun.

Life is the same for all living beings, but rational application varies. Human beings, blessed with intelligence and emotions, have misused rationality, often turning it into a source of discrimination instead of dignity, respect, and harmony. Nature, however, has retained its balance despite humanity’s arrogance, and when disturbed, it expresses fury—reminding us of the need to live in tune with it.

Religions, politics, and the lust for wealth and power have often divided humanity, breeding jealousy, hatred, and greed. These divisions have inflicted irreparable damage to peace and harmony. Yet, the Supreme Energy that sustains the universe remains unchanged, calling upon us to recognize unity in diversity.

It is time for enlightened religious heads, visionary politicians, social reformers, scientists, technocrats, environmentalists, administrators, and all right-minded people to come together. The common goal must be the welfare of all living beings, ensuring that the blessings of nature and the fruits of human knowledge are shared by every generation to come.

In the end, no one carries wealth or power—only a name, remembered briefly for one’s deeds. Let us therefore live with noble thoughts, selfless actions, and responsible leadership.

MAY Good BETIDE All People. May the Sovereign rule the earth, following the righteous path.May all beings ever attain what is good . May the Worlds be prosperous and Happy . 

(Universal Prayers Swami Yatiswaranda)

May there be peace and happiness for all.

— T.V.G. Krishnan (Personal Views)

---

Bangalore Roads - A case of Social Justice

 

This refers to recent media reports on the pathetic condition of Bangalore’s roads and the daily hardships citizens endure. Provision of good roads and their upkeep is not merely an infrastructural need—it is a form of social justice. Roads are the lifelines for mobility, essential services, and economic activity, while also serving as a mirror of governance standards. Smooth, safe, and well-maintained roads make life not only comfortable but also dignified, reflecting a government’s commitment to citizens’ welfare. People miss a lot of their social, emotional, sentimental and other small small desires and  limited aspirations for want of the very essential movements in the absence of safe, comfortable and very  inevitable social visits within the city. Roads play a key role in maintaining not only the social connections but also keeping the people in good healthy conditions is a ground reality which cannot be denied to them on flimsy grounds.   

The responsibility, however, cannot rest solely on the government. Citizens too must recognise their duty in avoiding / preventing hazards, potholes and damage by refraining from dumping garbage, construction debris, or unauthorised parking / violation of traffic rules that choke free movement. Civic indiscipline adds to chaos, delays, and needless suffering.

With better coordination between the administration and the public, Bangalore can have durable, quality roads. Proper governance and responsible civic behaviour can ensure optimum use of resources and prevent wastage of time, money, and effort. The man-hours lost in commuting, and the mental, physical, emotional, and financial stress citizens undergo due to poor roads, is beyond imagination—and must no longer be ignored. Corruption and corrupt practices in the general administration  of public good and services by thoughts, words and  deeds by all and any associated can have only pleasant,  lasting and ever relishing memories.      

Good roads ensure not only the  welfare of people but also reflect on the sensitivity of the Governance system in vogue and prove to be the best and easiest way to earn the goodwill of the people.   

 

T V G Krishnan

( personal Views)

 

Noble Man, Noble Thoughts, Noble Actions, Notable Achievements.

 

On the occasion of the Honourable Prime Minister’s 75th Birthday, I extend my heartfelt wishes for many more happy and healthy years. As a great visionary and role model—both as a leader and performer—he has consistently worked for the nation’s progress and the welfare of people everywhere.

May God bless him with strength, energy, and all resources to fast-track India’s journey towards Viksit Bharat, overcoming every obstacle and achieving the goal much ahead of 2047.

The achievements of our Prime Minister during the past 11 years, despite global and domestic challenges, remain commendable landmarks—placing him in a league of excellence by any standard.

T V G krishnan

(personal)

The need for world class PSBs.

The Need for World-Class PSBs

 India aims for Two PSBs on world top 20 list by 2047” (ET, 13 Sept), strengthening the banking system is paramount. Banks remain the strongest support system and backbone of the economy, mobilising resources and channelising them to meet domestic as well as international challenges—whether they arise from geopolitical uncertainties, currency and tariff fluctuations, or the disruptive sweep of artificial intelligence across economic activity.

Indian banks have travelled a long way, performing creditably in promoting financial inclusion, strengthening balance sheets by reducing NPAs, and empowering borrowers to become globally competitive in line with the Prime Minister’s call for Atmanirbhar Bharat.

It is now time for the system to introspect and revamp its structure, role, and performance to match the fast-changing global landscape. With the rupee gaining international recognition, digital transactions surging, and digital currencies erasing physical boundaries, Indian PSBs must think big. A possible three-tier banking model could be:

1. Banks catering to national and international requirements on a large scale.

2. Banks focused on domestic manufacturing and services.

3. Banks dedicated to agriculture, SMEs, and retail needs.

Since deposit mobilisation depends on customer service, inflation, cost of living, liquidity, safety, and returns, a specialised set of banks exclusively for household savings—including gold—can be envisaged. This could be supported by a stronger deposit guarantee scheme. Banks mobilising deposits can be a major source of finance to those who specialise in the deployment of funds. With this approach, the deposit mobilisation and customer service to depositors can have a game change in the economy ensuring optimum level of resources mobilisation of all kinds from households and others. 

Alongside two giant world-class PSBs for the global stage, such restructuring would ensure specialisation in mobilisation of resources and effective deployment of funds—helping India achieve its 2047 goal.

T V G Krishnan

( personal Views )

Faith in Administration induces Faith in Religion

 

Apropos the editorial “Faith can’t protect crumbling infra” (ET, Aug 29), what India lacks is not faith but sensitivity to safety, seriousness in providing infrastructure, and credibility to attract tourists. The greed to make easy money, particularly at religious places, thrives unchecked, with authorities often hand in glove with local goons. The experiences of tourists—domestic and foreign—at both pilgrimage and sightseeing centres are often disappointing.

Tourism has immense potential to attract FDI, generate jobs, spur investment and boost consumption. With sound physical and social infrastructure, backed by responsive governance, it can be a true driver of economic expansion.

The ongoing Trump tariff issue may even be a God-sent opportunity to intensify Atmanirbhar Bharat with renewed seriousness. Tourism development, along with safe transport, comfortable accommodation, and reliable services, can transform travel into a pleasant experience—nurturing faith, strengthening bonds, and connecting people with nature and culture.

It is time we shed complacency and act sensibly. Let us learn to be together in celebrating nature, life, and faith.

May there be Universal welfare for all Living  Beings .

T V G Krishnan.

(Personal Views).

Prime Minister - The Prime Motivator and the Most Performing Minister

 

Prime Minister – The Prime Motivator and Most Performing Minister Mr Modi. 

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

 

Educate, Convince, and Inspire Citizens to Obey Laws and Realize Their Dreams

“It is not wise to violate rules until you know how to observe them.”
— T. S. Eliot

India, with its vast population and enormous geographical diversity, faces serious challenges in public discipline, civic behaviour, and infrastructure. Yet, despite these constraints, the quality of life in our country can be vastly improved—if both the administration and the public take collective responsibility to bring about change in everyday practices.

Countries known for high living standards tend to have efficient governance, a strong legal system, and a culture of civic responsibility. India must move in that direction—not by importing models, but by nurturing discipline and respect for the rule of law from within. Below are some actionable pathways for progress:

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1. Queue Culture: A Basic yet Powerful Civic Habit

Standing in queues at bus stands, railway stations, hospitals, temples, and malls should be part of our national behavior. From childhood to old age, the habit of waiting one's turn should be encouraged, with reasonable exceptions made for the sick, the differently-abled, and senior citizens above 80.

Discipline begins with such simple, everyday practices—and the benefits ripple across society.

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2. End the VIP Culture: Everyone Is a Citizen First

The mindset of entitlement and special privilege—particularly at public places like airports, temples, and government facilities—must be discouraged. Facilities built with taxpayers' money should prioritize the public. VIPs, celebrities, and officials should demonstrate humility, not superiority. Priority access should be given only in exceptional, justified circumstances.

Removing the VIP mentality sends a strong message: in a democracy, all are equal before the law and in public spaces.

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3. Respect Traffic Rules: Roads Are for Everyone

The regular violation of traffic rules—especially by those in authority or with influence—reflects poorly on our society’s civic sense. Queue jumping, signal breaking, and reckless driving waste time, create chaos, and often endanger lives.

Strict enforcement of traffic laws, equal treatment under those laws, and public accountability are essential for restoring order and efficiency in our cities.

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4. Roads and Footpaths: A Mirror of Governance

Broken roads, potholes, illegal parking, and garbage-strewn streets show the cracks in our civic management. While natural wear and tear is expected, the lack of proper planning, poor materials, corruption, and inadequate oversight exacerbate the problem.

Improved planning, quality control, regular inspections, and empowered citizens (through mechanisms like social audits) can restore dignity to our public spaces.

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5. Legal Literacy: Know the Law, Respect the Law

Just as financial literacy has empowered millions to save, invest, and secure their futures, legal literacy must become a national mission. Citizens must understand the Constitution, the basics of governance, and the purpose behind laws. Knowing how laws protect rights and ensure justice can motivate people to follow them—not out of fear, but out of understanding.

The Legislature, Judiciary, and Executive must collaborate to simplify and disseminate this knowledge—especially to the youth and in rural areas. There is a real pleasure and Joy in understanding the laws of the land and obeying the laws as a matter of habit and culture in day to day life by all will pave the way not only for  a very healthy economic progress but also for all round welfare and dignified  living. 

If every institution—be it in the government or private sector, corporate or cooperative sector—and every professional and citizen across all walks of life were to develop a deep awareness of the laws of the land and commit to observing them in both letter and spirit, the socio-economic progress our country could achieve would be truly phenomenal.

Such a transformation would not only foster a culture of accountability, transparency, and fairness, but also significantly reduce the burden on our judicial system. The age-old adage "justice delayed is justice denied" would become a relic of the past, as legal compliance and ethical conduct would naturally diminish the volume of litigation. The chronic backlog of cases pending for decades in various courts could finally become history, making way for a society rooted in trust, equity, and rapid progress. 

A Call to Conscience

True democracy is not just about voting once in five years. It is about daily participation—through small actions, civic awareness, and respect for others' rights. If people become more law-abiding, the scope for corruption, black money, inefficiency, and injustice will drastically shrink.

Let us build an India where people not only dream but also live their dreams in peace, order, and dignity.

“True administration of justice is the firmest pillar of good Government. There is a higher court than the courts of justice, and that is the court of conscience.”
— Mahatma Gandhi

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T V G Krishnan
(Views are personal)