Indian Economy in Real Sense

By

S.M. Hussain
Center Head
ICFAI National College
Sagar
 

FACE OF INDIAN ECONOMY

Indian economy is rapidly growing in all directions and is appreciated by each and every individual, as this is a privilege for us to see the change in scenario after a long period of time. The question which is really to be asked is " Is this scenario a real one or it is based on some cohesive forces which have accumulated all around to siphon our wealth''.

This is to be studied in depth as to find the real position for the betterment and for economic correction. The recent studies shows that financial institutions are targeting the Indians and they see this as an unutilized market. The multiplication of funds due to the difference in economy is of course helping our country to enhance the funds management but working in un-organized sector may lead to severe consequences. The money may go in wrong hands and can damage the face of economy. There will be debtors all around and the deficit will reflect more and more defaulters. This really works like a slow poison and can ruin our economy.

CORRECTION REQUIRED:

Indian economy started in a mixed way carrying the objective of Public Sectors, Private Sectors, and Corporate sectors. This was a bold step taken by our Economists, planners and politician. It really carried the Objective of setting the base and the infrastructure as to Produce goods and services. It was also a try to create an employment for the masses for self-dependency. It was working well except it was not harvesting as per the desire and was lacking in quality circles. It was not able to compete in the international market due to the lack of basic infrastructure and total dependency on government.

The improper functioning had really created Instability. Finally, we were forced to sign an agreement with the financial bodies to create an opening for the International companies to increase its equity and spread its wings. Although it is not harmful but it should not be done at the cost of dismantling our industrial infrastructure. This is a correction, which needs the attention of the economists. This will lead to accumulation of only the big giants to dominant and will shut down the functioning of small and medium sectors. This is a severe blow on the face of large number of people engaged in the above sectors. This is true fact that Indians believe in keeping the money in hidden pockets rather than moving all around in a productive track. This creates a picture of manipulated economy. The flow money should be there in the market as to multiply it and generate revenue in government pockets. The revenue So generated can help the government to utilized in proper Works for the upliftment of masses. The government should decrease the taxes to the lowest level as to force the people to stop them from evading the taxes. This will really help the public to be honest in paying the taxes. Honesty in paying the taxes can really change the scenario. It is the duty of each and every individual to contribute as to carve a prosperous future. The correction should be in the hands of economists and planners rather than in the Hands of low profile political leaders. The key areas should be handled by a team of dedicated economists and planners. They could be given free hand as to express and practice after studying the things in depth. The lesion of economics should be taught to the people of all sectors as to streamline the economy. Every body understands economy and practices it in the real life situations but lacks in doing correction. Once people started doing the correction from the lowest level will do correction automatically at the highest level. This will decrease the burden on government authorities. Lastly, economic offense should be dealt seriously as this will create an atmosphere of honesty and transparency all around. The government has to take hard decisions as to change the face of economy. The facts and figures should be collected in authentic Manner as it does help the planners to act accordingly.

ECONOMY FOR THE SURVIVAL :

It was said long time back that 'survival of the fittest is the Law of jungle'. This stands really applicable in the present Scenario. Economy, which can survive for long, can change the fate of the particular region or sector. This should be practiced with true dedication and devotion as to create a Prosperous future for all. It is that weapon which can save us from all the obstacles. It really allows the pleasures of life to be practiced and utilized to the optimal levels. It requires collective and joint efforts for a penetrative effect. Economy should really start and practiced at home to carve a better future.
 

S.M. Hussain
Center Head
ICFAI National College
Sagar
 

Source: E-mail May 27, 2006

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