DURING MY TIMES WITH INDIAN CHAMBER OF COMMERCE

The Next Chapter Of Economic Reforms Observed During The Converging India Leadership Summit 2011 By ICC:  Development Of India Lies In Hands Of The 3^rd Generation With Innovation Brought Inclusively

 Talking on the big picture of India in terms of governance and growth and highlighting on the priorities of next phase of economic reforms of the country during the Converging India Leadership Summit 2011 held by India Chamber of Commerce, Mr Prakash Javedkar, Member Of The Parliament, Rajya Sabha recollected that during 20yrs of the India’s growth story, gold being transferred to India was a landmark decision when Dr. Manmohan Singh, then the finance minister unleashed the energy  of the entrepreneurs. Talking about the development of a fast growing country like China viz-a-viz India he said that the figure is 4:1. China reforms every moment but India has been at a standstill. We can boost at a yearly growth of 7.5 %, 11% still remains unemployed. Fiscal deficit is 10% at the center, our current account stands negative by a million dollars and that’s a concern he said. Remembering Atal Bihari Bajpai regime during 1994-2004 he said that there was a massive push in every sector. India had set a target of 78000 mega watt power supply which China achieved in 1 year. The future of India’s ultra mega power project looks sluggish. Today  Power Exchange gives power supply @ Rs. 2 because states have decided as an undeclared policy to supply power for 8hours only.  Talking about the state of our roads, in last 5 years at an average 5km/day have been made while the target was that of 20km/day. There are more of fancy airport in India but the congestion too is equally more. He mentions that deficit is not fiscal or financial; there lies a deficit in the political bill. Mr. Javedkar clearly states that India needs 3rs generation reforms. Innovative perspective is the key but the government has to unleash 3rd generation for economic reforms, he said during the summit.

Mr Mani Shankar Aiyer, Member of the Rajya Sabhi present during the panel discussion spoke about India v/s Bharat. In decade 2080 he said, India’s GDP growth was 5.6%. Changes began in 2002 with start of 10^th 5year plan. The rate of growth is highly jacked up to 9.4 % and the average was 8% accompanied by global glooming. He however calls it a bogus growth. Why should nation’s income be dependent on agriculture alone, he questions. The latest UN Human Development Index places us in 134^th position. We are running faster but the position remains the same, there is a need of self governance to eradicate corruption he said. He loudly said that CWG was a mere attempt to state that India was a ‘Teesmaarkhan’ but the show biz will do no good to the country, the ground roots need to be checks and corrected. 1/3^rd of the country is affected by insufficiency.

Contradicting to what Mr Prakash Javebdkar said about Inidian road development, Mr Chandan Mitra Member of the Parliament said that building of roads has in turn affected positively to the rural sector. It has raised employment opportunities with increased number of dhabas, motels etc. therefore bringing revenue too. More than 100 villages are now linked to the highways and this brings along a great opportunity for them to develop. He also says that manipulation does not lie within the urban areas alone; corruption exists in rural fraternity as well. Governments have committed blunders in the past six decades and it is important to acknowledge them if we want to learn from them and improve in the future. If we can improve the quality of our policies and meet other challenges, India would start moving in the direction of getting resolved, Mitra said. The senior BJP leader said, "the post-1990s have seen our politics dominated by parties that are caste-centric and defy anti-incumbency but gaining social sanction and becoming a challenge to good governance."

Mr. PK Mukherjee however observed that education and the health level of the country is not in a desired state. Where reforms are not progressing, GST should be the first verdict. Mr. Arun Maira, Member of the Planning Commission shared his Vision India with basic things to be taken care of. He observed that business should be generated and innovated in all areas. There is innovation required especially in the production sector. With over a million democrats, all people to be earners and owners and therefore be entrepreneurs too.

Mr. Virrapa Moily, Hon’ble Union Minister, Ministry Of Corporate Affairs Government Of India states that the political bill is not a standard bill but it has to be looked upon based on concerns of the country. Reforms are discussed deliberately in the parliament. We are looking at having a broad vision India but of a world class, he said. Talking of innovation Moily highlighted that there is a need of novel ideas, reforms and steps are require to be put into action to bring in a difference. There is a sum of money that has to be approved for the college of the future, an optimum investment spent today will yield developmental fruits for your future but the system needs to understand that. Irrigation too of world class needs to be changed. There are still places that lack basic amenities. Expansion has to be made for everything keeping the principle of inclusive in mind. When thinking of development, we need to think ahead about the next coming generation. India is innovative and can be distinctive. All that is required is innovation.

Union Minister Kamal Nath on Friday came to the defense of his Cabinet colleague Praful Patel in the wake of the CAG report, saying more than one opinion could exist on whether Air India's decision to buy more aircraft was correct or not. Making this point before reporters after attending a discussion held by the Indian Chamber of Commerce, the Union Minister for Urban Development said earlier there was also the argument that the state carrier was functioning with old aircraft. "So, there can be more than one opinion on the issue of aircraft acquisition for Air India," he said.

The CAG in its report tabled in Parliament today questioned Patel's decision as Civil Aviation Minister during UPA's previous term to acquire 111 planes for Air India through debt, calling it "a recipe for disaster". Earlier in his talk to the members of the Industry, Nath admitted that corruption was a big problem. "Of course! It is a huge issue, let us face it. But how do we address it? I do hope one Jan Lokpal Bill can do it. I wish it does. But it is very simplistic to say it will happen. Here people must engage and understand the administration of policies," he said.