Search This Blog

Monday, July 24, 2023

Indian economy continues to miss the golden opportunities

We need people who  have enough bandwidth, think in correct frequency, know and understand the immense potential and also seriously try to harvest the potential through contextually relevant connections. 

I am not trying to praise or downplay the talents here in India.

The problem here is multi-fold which cannot be either over generalized or simplified or amplified which is of no use.

Fortunately for India there are unexploited golden opportunities for enormous economic activities and growth in multiple verticals not because of the government but despite the government. Here the individual entrepreneurial spirit is high.

These opportunities have emerged  because globally many economies are shrinking, some struggling and a few silently sinking with recessions, inflations and in some cases various activities have got rusted after being rested for two years of pandemic.

However, the Indian economy continues to miss the golden opportunities.

There are failures on major fronts all of which get masked due to lack of sensible debate in any forum of any political party, each one having its own pet ideology or protected dynasty or pampered voters.

Actual employment is low.

Disparities are high.

Liquidity crisis is heavy.

Borrowing is on the raise.

Import bill is big, the worst part is with China.

Both media project​s bad image besides some parts of the real security crisis, can create uneasiness among FIIs. 

Political differences spill onto even overall infrastructure development.

MSMEs which have taken a hit due to COVID hibernation have woken up to face the cold shouldering by the lenders.

Politicians, in most countries,  know only short term remedies and band aid treatments, but the important institutions and educated technocrats too fall into that trap. 

They don't bother to create an ecosystem for any activity knowing well the stark reality of the impact of certain important products, for example semi - conductor industries. Now they are talking of collaboration. It will be merely Taiwan's technology of vital aspects. It will be used as an application or part of equipment manufactured in India by Taiwanese for the world. Taiwan will always be sandwiched between the US- China duel.

The failure of the Indian economy, though at present doing well, is due to various geopolitical factors and also because  for a change the political dispensation is  focusing on creating quasi- business friendly atmosphere with as usual excessive bureaucratic blocks and  regulatory overkill meant more to selectively harass than to ensure strict compliance. These combined with frequent state elections when politics takes precedence over everything else and the entire system is indifferent to anarchy and courts feel anarchic behaviour is right to freedom of expression. 

So,  even ministers who start to work sincerely are forced to keep their work in abeyance and governance takes a back seat due to these elections and major policy decisions are put on the back burner due to anarchic protests and dissents. 

Brainstorming in Indian institutions is spitting catchy jargons, sensational slogans, verbal diarrhea and mental masturbation of copied concepts and no original idea based on ground realities. 

No wonder, of late, write up like the following are popping up.

In 2023, 6500 HNIs will leave India. 

7500 HNIs left India in 2022. 

6In 2018, India was third after Russia and China in terms of the number of HNIs migrating to other countries. This is a disturbing trend.

What happens when you earn upwards of 75-80 lakhs per annum?

You leave India. Or you try to leave India. Not because you are any less patriotic but because it makes more sense to leave than stay. Hear me out.

I know about 20 people who have left India in last 1 decade.…

No comments: