Revival Of Indian Economy: PM Modi Is Doing His Job, What About Others ?     

On 12^th May 2020, Indian Prime Minister Modi addressed the nation, which can be described as a morale-boosting talk.

With such eloquent talk and the promise of Rs. 20 lakh crore economic revival package, Modi Ji completed his talk, raising expectations amongst the people as to how he would proceed further to revive the economy in the coming days.

Economic revival package :

Subsequent to Modi's talk, the Finance Minister announced a huge economic package including the statement that the Government of India would not float global tenders for value of less than Rs. 200 crore, which would mean that the government would buy products from domestic medium and small enterprises to a considerable extent.

However, the fact is that many crucial products made in India today are not of globally competitive standards at present and no buyer in India including the government can afford to buy a low-quality product, simply because they are made in India. One wonders why Finance Minister ignored this problem?

Prime Minister needs support :

The question is can Mr. Modi alone revive the economy without equal commitment and efficiency from bureaucracy, project promoters, investors, technologists and research bodies, and of course trade unions.

Today, there is a serious mindset issue amongst the investors/project promoters, bureaucrats and government officials at various levels, research and development personnel and leadership of trade unions, which necessarily have to be admitted. Their overall role and output are much below the national needs. The trade unions , whose leadership are now dominated by politicians , have become politically affiliated unions and the members of the unions play to the tune of politicians, which often are against the interest of the country as well as workmen themselves.

Need to create progressive mindset :

Prime Minister has to necessarily create mindset of progressive ideas, vision and commitment to the national cause amongst the stake holders and people in various walks of life. It is evident that in the last six years , Mr. Modi's clean India campaign, skill development programme , make in India scheme , yoga movement, construction of millions of toilets for poor households , opening zero bank account for poor people etc. are all aimed at bringing a better mindset amongst people. Prime Minister has been trying to achieve this with partial success , which is not adequate enough.

Ground reality:-

At present, in India, the ground reality is that investors and project promoters all the time seek relief measures from the government and do not do adequately on their own to professionalise the managements , improve productivity, develop technology and achieve global competitiveness. Of course, some do but they are few and far between.

India's overall technology development efforts are poor , though there are some isolated achievements in space science, atomic energy etc. India largely depends on overseas sources for technology inputs and equipment of modernized design that are in tune with the global standards. Indigenisation efforts, which can be ensured only by project promoters , scientists and engineers, are nowhere near the required level.

Are private entrepreneurs facing image crisis ?

In the last few months, it has been seen that several project promoters / investors in India announcing public issues and planning to take big chunk of the shares to get a better hold and ownership of the company,. They claim that they do not have the money to invest in the projects but have money to buy equity shares in their own companies !

Some private sector organisations are now loan defaulters of several crore of rupees to the banks and financing institutions and some of the promoters have succeeded in running away from the country and some trying to leave the country, so that they would not be caught for their malpractices. Because of such willful defaulters, the overall image of project promoters and business men in the country has suffered and people wonder whether the Prime Minister can depend on such project promoters and investors to revive the economy in the scale that he wants ?

Commitment level of bureaucracy :

The overall performance of the bureaucracy in India are again not measuring upto the speed and efficiency standards of the Prime Minister. A few of them have been caught for corrupt practices and many of them are really not known for efficiency and commitment. With number of bureaucrats showing disappointing performance, can Prime Minister take the country forward ?

Performance of state governments :

Most of the projects and development programmes in India are being implemented by state governments. Number of politicians running the state governments are known to be corrupt, not well educated in the nuances of administration and often indulge in appeasing people at the cost of the state, to retain their vote bank. With such weak state governments, can the Prime Minister push the country forward ?

Need efficient ministers :

While announced fiscal measures are good and Prime Minister's motivating talk on 12^th May,2020 are impressive and his goals and objectives are laudable, Prime Minister needs many intelligent, knowledgeable and committed ministers at the state and central government. How can he ensure this ?

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Need to move on :

Prime Minister Modi should move on with courage of conviction and he should reveal very strong qualities of merciless approach towards inefficient and corrupt people in the government and business as well as other sectors.

People are willing to support him in his reform measures and he has to respond without allowing political considerations to influence the decision-making process. One only hope Prime Minister will raise up to the expectations.