Do we need others to kill India growth story ? I don’t think so when we ourselves are more than willing to shoot on own foot ,we don’t need Outsiders to damage our economy and our growth . With 4th largest coal deposit in India and we are importing 100 mn MT coal , 60 Mn ton of grains rotting in warehouses and we are short of grain distribution in distribution channels , out of 180 listed countries we are placed on 177 place in terms of best place for construction business due to number of permits required and time taken by various agencies to clear the approval , 33 % of Government revenue are going in interest payment. We have stone age land acquisition law ( 1894) , A country where some people sitting in posh drawing room talk about green revolution , I am not agonist environment or in favor of pollution but given a choice I would prefer to remove poverty then the pollution . There is need to be some semblance in growth and environment protection . with 2lac 30K wasteful subsidies in various social spending ( including funding adventures like running Air lines as PSU) we are engaged in policy which are politically right but economically wrong , why we provide minimum wages to people sitting at home rather than creating jobs and building better infrastructure or supporting manufacturing base for increasing more consumption . I really admire Indian business community , they have courage to do business in such a high interest rate regime and structural impediments from policies to permits. In last 10 years we are keep listing the rehortics but don’t see any action on ground to see any so called second wave of economic reforms . One excuse always give is politics for slower rate of change , in fact there is decision paralysis , and lack of passion for change otherwise why GST not implemented which did t need majority in house We need to shift our focus from Mega /large industries or toSME s only we need to pay more attention Middle segment of Industry , which is what constitutes large employment and growth prospects and this is where no one pay any attention. . We also need to come out of cysnsism and do not use democracy as a excuse for inaction , push local level reforms ,more than so called difficult mega reforms . And God forbid I hope PM will avoid populist measures like another law like food security bill , is ist disaster fiscal management – but I am sure all parties will approve it a good politics and bad economics . I am biggest supporter of inclusive growth but all these fancy schemes are good if growth is good and private industry is not asked to subsides others schemes . Subsidies are not the cure to every lost vote look what resulted in this election ?
Posted on: Mon, 02 Jun 2014 07:12:41 +0000
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