Prime Minister Narendra Modi’s brilliant step-by-step exposition of what he envisions for the country, part of which has already been put in motion, is a challenge to India Inc. Everyone wallowing in cobwebs of traditional thinking, and with baggage of left, right, centre, socialist, capitalist, anti-rich, pro-poor, will need to change the way they think on the economy, that must be modernised if growth and development are to be achieved swiftly and be inclusive. For instance, it was surprising to see Infosys mentor N.R. Narayana Murthy still bugged by the Vodafone bogey, when finance minister Arun Jaitely has repeatedly said there will be no retrospective taxation. He and his tribe must move on, and quit harping on reforms for the sake of reforms.
Swachh Bharat Abhiyan, Digital India, Skilling India, More Crop per Drop, Clean Ganga, Make in India, as well as the use of technology, are not just slogans but the engines of growth that can fuel the economy whether in manufacturing, agriculture or services. The Pradhan Mantri Jan Dhan Yojna, with a bank account for every home, and later an insurance policy and other financial instruments, will not just foster inclusive growth but will create demand, that will lead to more production. These are the new engines of growth, where small and medium industries and young entrepreneurs have a major advantage, as the PM spelt out so succinctly.
One hopes that this speech, made to what is called the “cream” of business, industry and society, that have already exploited the economy through years of crony capitalism and financial clout, is widely publicised and packaged down to the panchayat level in every district of India through Doordarshan and radio so that ordinary people are inspired to create what Mr Modi envisions — a roadmap for a people’s movement. Mr Modi’s minister of state for finance Jayant Sinha has added “Innovate in India” as he says the innovation in the United States is only for the top one billion across the planet.
India needs its own innovations; there are already a lot of scientists and engineers showing that India can provide excellence and quality at low cost. IIT Mumbai recently showcased a research robot, Manav, made for Rs 1.5 lakh-2.5 lakh, which is one-tenth the price of such commercially available robots. There are myriad such examples across the land — their creators have to be encouraged and recognised. As repeatedly stressed in these columns, all this is possible only if corruption is eliminated and there is accountability from those who are facilitators of these engines of growth.
