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Sunday, December 6, 2009

Something about Indian economy

There is huge learning resource by PBS here in this weblink. PBS is sharing with us the interview, profiles, essay and debates of great economists, leaders and entrepreneurs of recent 100 years. Commanding Heights. Few of them are 3,4 years old but are worth reading Interviews :Dr. Manmohan Singh , P. Chidambaram and NarayanMurthy.

Featuring India's Honourable Minister of Human Resource Development Shri Kapil Sibal on MIT.

This video is part of the B&K Securities MIT India Forum with featured speaker: Dr. Montek Singh Ahluwalia, Deputy Chairman of the Indian Planning Commission.

Crash Lecture on Indian Economy 1947- 2010:

Post 1947, Institutional capacities were created. The social institutions and the legal framework for a market economy were put in place. A system of higher education was developed. Entrepreneurial talents and managerial capabilities were fostered. Science and technology was accorded a priority. The capital goods sector was established. Much of this did not exist in colonial India. They all were started from the scratch with weightage given to huge public sector investment.

Then reform is several sectors were stopped completely. The social sector,i.e. Healthcare and primary education was given very low priority in developmental growth. Our independent India was against anything foreign. Its march to self dependency hindered free flow of information and capital flow in the development of nation. But protective economy was the need of those moment. There was need to move ahead and Dr. Manmohan singh predicted it long back in his days at England. Now its time to swing back to socialist reign to capitalsitic nature.

Indian Bureaucracy:

We've all heard, "It's not what you know, it's who you know.

British invented bureaucracy for India, the Indians perfected it. They built a perfect system of such complexity that nobody could penetrate it,nobody could defeat it. It is immensely elaborate and best brain of India working it. Today, RTI is slowly uncovering the hidden veils and making it more transparent. Still accountability part is far from the dream. The Right to Information Act can be regarded as an aberration in view of the government's longstanding penchant for secrecy, which is a colonial-era legacy. IT sector and bollywood succeed because government did not make it as a national priority. It was just investment of smart people in these respective fields. BCCI working very well unlike other sports bodies. Private Sector has mobilized the youths and enable them to be risk taking.

Bureaucracy liked things to be frozen. That showed their power. Hence, you will find government offices to be always either ruled by the books or moulded in favour of corrupt and powerful. As the social, economic or political events become dynamic, the wheel of power shifts to other person. Hence, the static rule of bureaucracy disappear.

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