At a time when India is on a high growth trajectory, forex reserve swelling, stock market continuing to be on a bullish trend and official inflation rate contained to the tolerable level, the fundamental question to be asked and answered about our economy is simply this: are we on a comfortable track?
Normal south-west monsoon has flooded Mumbai, exposing the vulnerability of financial capital. Invariably during each monsoon time many select pockets of the country get battered, bruised and submerged by copious rains. The authorities can not remain content and complacent by simply winking and saying with the tone of sadness that they are helpless against the fury of nature.
Building up of a right kind of infrastructure not just in financial capital or metropolitan cities but all over the country with proper provisioning for clear drainage system, an institutional mechanism for harnessing water resources, improving the quality of water table, rediscovering the forgotten and almost abandoned lakes and pounds, providing health care and minimum primary education to the majority of the population and so on are the first step that the globalizing India must initiate so that the greatest possible number of individuals will benefit and share the bliss of growth process.
It is a matter of irony and definitely not a matter of satisfaction that under market led economic order, state has been withdrawing from the crucial activities where its presence is abundantly needed. The state must generate basic welfare and education to all its citizens as a matter of right, help develop their critical abilities to take charge of their lives and thus give them a stake in country’s development. Mere high growth rate alone will not make us leaders. The ongoing stock market socialism alone can not bring happiness to the bulk of the population. Global integration will have more analytical meaning only when close attention is shown to the quality of life available to all our citizens especially the poor who silently suffer without much resistance and slowly decay without much fight and then exit gracefully from the face of the earth. Should not the country as a leader provide the basic launch pad for their growth?
Wednesday, July 11, 2007
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