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Thursday, September 23, 2010

Development of India -1

Anil Gupta: India's hidden hotbeds of invention



Employment, Investment and Entrepreneurship can change the future of India.

The institutional reform in India is usually the outcome of pressure from the middle and educated class. Opinions of poor are under represented due to their illiteracy and lack of access to information in judging good and bad systems and demanding reforms. Under representation of weak gender and lower caste is hindering inclusive growth. We have to form new partnerships on the basis of equality and not on the basis of domination. In democracy, political parties are learning it. In business and educational sector, its still out of scope.

Our government believe that they could direct economic growth in top down model. The state of India typically encompassed two aspects : as provider of goods and services and as a regulator and decision maker. But a country's economic structures are finally run by people, and power held in a vacuum- either by the state or by markets- allows them to circumvent rules and tilt decisions in their favor. That causes corruption to grow

Ignorance of ability brings disability. To be effective and sustainable, there is no need of political compulsion. Extrapolate only from what happening in present, we can expect transformation. When we start thinking of solutions in terms of the future, rather than just the present our past, it unlocks the imagination and energizes people.

Here's a simple management lesson that I follow with the money: borrow money to buy things that go up in value. Bad policy is the result of bad lobbying. In a limited and closed (localized) market, increased productivity only resulted in surplus goods and falling prices and there is no legal limit on how little you could offer a human being for their labor. Avoid both glitches to see the new incentives at grass root level.

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