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“My INDIA”.... A Decade From Now....

Ms Nazneen Ichhaporia Advocate
“Saare Jahan Se Acha Hindustan Hamara..............”

These words unite millions of proud Indians. India, a nation of many religions, languages, customs and beliefs, may have its perils, but in them also lie its myriad opportunities. As we tap the means of realising any such opportunity, we have to realise that the land on which we tread is sacred. Criticism is no way to revere it.

Back from the time of the Indus Valley civilization, till the end of the British Era, Indians as one people have not shared the same destiny, although we may have come close to it during the times of the great emperors Ashoka and Akbar. Sharing destiny entails sharing responsibility. The ‘Indian Dream’ is a million acts of private daring put together and in many of us the dreams of 1947 passed down the generations are still alive. Somewhere deep down in the heart of every Indian is the hope of one day seeing India restored to its former glory.

The areas in which India lags behind today in core competence are agriculture and food processing , education, healthcare, information and communication technology, providing quality infrastructure, creating a culture of self reliance for critical technologies, minimising the rural – urban divide, improving our attitude and approach towards women and emphasis on national security.1 There is little dispute as to what needs to be done; the debate remains over the means to achieve and sustain such core competence.

‘Development’ in India is a term that is loosely used and followed and includes anything that constitutes a new stage in a changing situation. There is always a tendency to view development as an accumulation of capital instead of including factors like the emulation and assimilation of knowledge2. Whereas in practice, it is actually a multi-dimensional term, that is a composite of the degree of economic and social growth. One of the major challenges that India faces today is to ensure that the governance is matching pace with and is responsive to the needs of the people. In this regard, the records of the many governments, both in the state and at the centre, have been murky at best. In order to succeed, one of the essential features that any government today will need to imbibe is transparency in governance. Embracing a policy of transparency would go a long way in restoring the faith of the people which has been steadily diminishing down the years. Well formulated and sound policies which are not bogged down with provisions having retrospective applicability, which are not regressive policies, and not based on knee-jerk reactions and which are efficiently implemented, would surely go a long mile in boosting the development of India.

We take pride today in saying that we are one of the world’s fastest growing economies and one of the largest economies. Even post the financial crisis of 2009 the Indian economy has maintained a positive outlook. The large population base provides enough market demand to sustain industry and make the country attractive from an investment perspective.

“Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.”- Peter Drucker.

Indians are shining across fields all around the globe and yet our present international rank is low with respect to the ease of doing business and innovation. The government needs to invoke the entrepreneurial spirit of Indians by placing emphasis on new knowledge and innovation and framing a national policy for entrepreneurs.

India has a high ratio of shadow economy entrepreneurs to legitimate business.3 At present, they are beyond the purview of the government and hence belligerently flout labour laws as also various other laws and do not pay taxes. Should the government adopt policies that would encourage formalising such businesses, their transactions would result in a substantial amount accruing to the exchequer and improve social security for the entire nation. Further, the formalisation of these entrepreneurs is incumben...

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