Reports indicate there is a dip in Industrial Growth Index. However, the reality suggests otherwise. Driven by post GST enthusiasm, corporate India is buzzling with never before confidence. There are jobs for all, but not many willing takers. There is a feeling unemployment is on the rise - possibly it is underemployment, thanks to the culture of optimising employee cost!
Reports indicate there is a dip in Industrial Growth Index. However, the reality suggests otherwise. Driven by post GST enthusiasm, corporate India is buzzling with never before confidence. There are jobs for all, but not many willing takers. There is a feeling unemployment is on the rise - possibly it is underemployment, thanks to the culture of optimising employee cost!
Consumers too appear to be out of Re-monetisation blues. People who want to spend, looks like have a lot. At grass roots level, thanks to forthcoming elections, Government takes care of purchase and consumption through various schemes.
It’s clear. Indian economy is adapting to new GST era. Un-accounted Businesses have dropped to a large extent. Incentive to do business on cash has reduced drastically. While this has had an impact on MSMEs, consumers appear to be un-affected. Larger businesses grow larger, rendering a majority of Micro & Small enterprises fend for themselves. Medium ones, mostly in Tier 2 help larger businesses grow larger with enhanced profits, mostly at their own expenses.
Despite this renewed buoyancy, Indian Banking system appears to be in consolidation mode. Looks like there is competition amongst Banks to declare NPAs and take a hit on the profits. Majority of these NPAs if analysed properly is due to lack of economic prudence, business sense and political will, people greed apart. As a commoner, it is difficult to believe Bankers will learn from their mistakes and correct themselves. In the rush towards making more money whether business grows or not, the short-term outlook of businessmen and their intentions with easy availability of Money makes it difficult to presume such dubious practices of Indian Bankers and Greedy Businessmen will be stopped anytime now. Unfortunately, India is not alone in Banking Frauds, but the penalty paid by Indian commoners are very significant unlike other countries. This can be evident by simply looking at the interest cost which all commoners incur for every purchases made.
Has Delicensing of certain sectors brought any benefit to Society? In such Industry, only cartels have become dominant resulting in higher inflation making Producers richer at the expense of consumers. Competition commission remains a spectator with little interventions.
It’s true - Companies, Banks and Societies are affected by such NPAs and unfair cartels. People who are responsible for causing NPAs and forming such cartels remain Prosperous, both Businessmen and Bankers.
Country can easily become Numero-uno, If only...
- Indian Businessmen can have solid economic and social sense and take it as a matter of pride to repay debts on time, our financial cost can be at par with the best in the World.
- Indian Bankers apply prudent evaluation technics purely based on merits of requirements rather than personal opinions and preferences, NPAs will not exist.
- Political will not to favour a few private corporates in conduct of Business, it will be a level playing field favouring smooth functioning of economy.
- Indian Administrators are deserving rather than being Coached, Admin system can then contribute to economic growth and just not remain a power head.
- Educational Institutions can impart ethical and moral knowledge and set examples, rather than being businesses making money, next Generation can be really educated to be fair and socially conscious.
- Parents irrespective of Profession they belong to, can lead a life worth replicating, rather than focusing on material comforts given to their wards, next Gen will know their moral rights.
- The Society can take a bit of responsibility to act with civic and economic sense, to question any wrongdoing rather than just blaming or grudging over unfairness, Social system will become efficient for building quality infrastructure which lasts longer and longer. Money will then be available with Government to provide quality education and health care to society, two pillars of Human Capital.
- Medical practitioners can charge what is fair and affordable rather than calculating ROIs, cost and quality of treatment can be the best in the World, making upcoming generation live healthier and contribute better for Growth of Self and the Country.
-Next Gen can take up available opportunities and organisations provide equal opportunities to all rather than waiting for right job or right employee.
These few are known to all. But there should be willingness to change and then change, all across.
If only we can start....