"You have to dream before your dreams can come true." This famous quote of former President APJ Abdul Kalam, who himself turned his dream into a reality as a nuclear scientist and has "ignited" many minds with his ideas, is perhaps the most appropriate theme for present day India aspiring to become an economic and knowledge superpower.It is the culmination of the dreams of 1.2 billion people that has led Prime Minister Narendra Modi to ideate his plan of making the $2 trillion economy a $20 trillion behemoth within the next two decades, eradicating poverty and making India a knowledge society.
Most often, Mihir Sharma speaks his mind in his columns in Business Standard (earlier in Indian Express) - this is good trait actually of him being a journalist. In fact, his maiden book Restart: The Last Chance for Indian Economy is a good read in parts where he retains his natural expression. However, it also makes his work, more an extension of journalistic writings rather than wearing the actual seriousness, required to delve with the issues of economic policies and pure economics.
Welfare measures are not freebie. Hence, the policy culture must keep an effective balance between passion and compassion, to make the impact of underlying much more robust than in the sloganeering confine of 'greater common goods'.
While six months is too short a period to judge the performance of a new government, Narendra Modi has rolled up his sleeves for a slew of reforms-some have been announced and implemented, some are getting framed and some caught up in administrative, political and legislative tangles.
According to the latest survey report of the National Sample Survey Organisation (NSSO), around a third of rural households and one-fourth of urban ones in India are indebted. Strikingly, the indebtedness spiked between 2002 and 2012 - where the average amount as loan for each family jumped seven times in cities and over four times in rural areas.
The new government has started an ambitious financial inclusion plan that aims to bring every household under the banking net by 26th January 2015. Financial inclusion has been a buzzword for quite some time.
Vinod Rai is not just accountant - he is an impulsive writer too who writes diary to keep the conscience of the nation, as confirmed by him through the title of his truly sensational book.
The Reserve Bank of India (RBI) has been hawkish on policy rates for the past four years to contain inflation. The central bank has maintained tight monetary policy despite reservations from the elected representatives and the government. What's worse, the hawkish stance had little perceptible impact on the price rise, as the inflation remained stubbornly high.