The Economy we need

Is this another Corona pandemic related article? No. I would not bore you with the subject that you have been reading about for more than two months. But, this article is about the by-product of the pandemic. As they say, ‘every cloud has a silver lining’, means no matter how bad a situation seems, there always a positive point in it.

As the world is reeling due to the virus, many countries are blaming China for it. Without going into the political aspect of this, let us concentrate on how it can be beneficial to our economy. As a backlash, more than 600 companies are looking for alternate avenues outside China to carry out their operation. USA and Japan are two major countries that have companies in China, and recently Japan has announced an incentive to the companies to move out of China. What does this mean? Well, it means 2 Trillion US dollars in the economy and employment to more than 20 crore people. It is a very big opportunity. Will it come to us easily? No. NO. It will not be easy.

This pandemic and the resultant downward trend in the economy and business activities has shown us that rich might go through this rough patch but daily wage workers will not. They need work and our economy cannot provide it. We need foreign investment, we badly need foreign companies to come to India and start working to generate revenue and employment.

Socialism has proven to be a failed idea and any country that adopted socialism is in shambles. At the same time, there are many people in our country that favour socialism to the point that they have become ‘Anti-Business’ communities. Whenever the government takes a step to strengthen the economy through business, this so-called socialist community comes forward to pull the Indian economy two steps back. Nobody in India can forget the ‘Sardar Sarovar Dam’ project. Due to these anti-business, socialism favouring lobby, the project dragged on for more 38 years and its budget went many times over the initial projection. We need to cure this mindset. We need to stop such an anti-business campaign that surfaces every time when the government tries to improve the economy.

So, to invite these foreign companies to India and to make our market attractive to them, we need some very strict corrections and improvements. If we manage to attract half of the companies that are leaving China, then we need not worry about our economy and employment. But the manufacturing should not be concentrated within any specific State or few States but distributed uniformly all over the country for better development of the country. Before we invite these companies to come to India, we need to improve many aspects of the Indian business scenario; like,

· Removal of anti-business mentality, if necessary, by making new rules and laws

· Improved labour laws to bring an equilibrium to benefit of both laborer and business

· A single window clearance system for land, and all other related clearances to cut red-tapism and unnecessary delays in setting up of business

· Less bureaucracy and related delays and cost overruns

· Improve the Indian legal system related to foreign companies and its working

-A civil suit in India can drag on for decades and interested parties lose interest well before the judgement arrives. Anybody can stall a process simply by filing a PIL. Anybody can obtain a court order to sabotage a process. Foreign companies will bring huge business and profit and that money might attract people who love to spoil advancement. We need a strong and quick legal system to deal with such people and provide a strong working system and atmosphere to these companies. We need a system that deals with resolving litigation's in a quick and efficient manner.

The growth of a nation depends upon the growth of the economy. A country with a huge military will not grow unless it has a good economy. It is time for us to leave behind the socialistic ideas and step forward into a new age and era where hard work is appreciated. The government has to provide a good business environment for the companies where there is equal opportunity for everyone. We as the people of this country have to decide where we want to be in the next decade, or the decades after that. Do we want to be a socialist country where there is a long queue for everything? No, we want a self-sustaining economy and environment where there are ample chances of employment, equal opportunity for everyone, good working conditions for businesses, a better standard of living.