Peacetime Economic Panic turns 200!
By – Pamarty Venkataramana
The year 2018 marks a benchmark for evaluating the extent of progress made by the modern world in the two hundred years that have passed by since the first financial crisis and panic of 1819 engulfed the economy of America- the world leader. How did an ever-changing global order react to the many other economic depressions which hit investor-confidence and purchasing-power of peoples of the rest of the civilised world? Was there a hidden agenda behind the multifarious agencies and bodies set up over the last few decades in particular?
How can we in India cope up with the latest collapse of stable economies resulting from diverse rearrangements occurring in partnerships and alliances of groups of countries?
Can we who import all of crude oil at exorbitant rates ( in spite of subsidy by Government) and yet never face any shortage in either supply of petrol or diesel nor find it difficult to shell out the costly prices still address the poser as to why we have a perennial problem of power-supply cuts and outages despite having ample local manufacturing ability and sources ? Why can’t we utilise the coal available in abundant supply for power generation or hydel power to meet the need for Government to yet subsidise cost of power supply to generation companies? What or who prevents the exploration of shale deposits across the long western & eastern coasts of India ? Why can’t we cut down the balance of payments bill by slashing the elephantine oil bill ?
Why cannot we build smart cities in vast lands lying unutilized across the length and breadth of the country? Rather than trying to expand and impose both urban pressures as well as contraction of money supply in already congested townships and bigger cities ?
After all,the cost of acquiring land in urban conglomerations would far exceed the total cost of construction afresh in a remote area of any State!
Why cannot we beat the brain-drain problem and the monsters called unemployment and crimes by formulation of a national uniform policy to allot about 300-square yards of plot of land to every graduate with a facility to repay the housing – loan at nominal rate of about 2% over a period of 30-years?
The university graduate would settle down there , get gainfully employed and lead a peaceful and harmonious life without stress of meeting huge bank loans and fall prey to criminal schemes of middlemen or brokers of funds?
The entailing contribution by the youngsters building up a pathway to secured lifestyle would be immense in both intangible ways and to the national income. These new communities of educated and unburdened citizens will keep away law & order problems being faced in non-cosmopolitan areas be it in guise of caste,creed,religion or simply other imaginary non-issues being touted and bandied about as issues of politics.
All rivers must be linked. Internal waterway transport system be made affordable and likewise,elevated goods corridors should be built all across the five major zones of the country.
Not to speak of the need to urgently restructure , revamp and re-engineer the concept and structure of commercial banking in our scams-hit country.Corruption is a refuge. Deficiency of governance is the chief cause for occurrence of these shameful and damning frauds being perpetrated in such a wanton manner.
Banks must grow from a lending animal to that of a higher concept of equal stakeholder in projects being financed by them.
Bank – Bailouts are like administering chemotherapy to cancer patients. More harm is done in the process than damage to cancerous cells of the bodily forms.
A detailed outlook at both banking procedures as also the need for an urgent simplification of all other laws of the land ought to catch the eyes of the powers that be!
Savings by people leading life under the lower and middle class must be allowed to be increased with full patronage by enabling policy measures. Gold and even other precious metal bonds be issued in smaller denominations.
That it would be a boon for all industrious and labouring citizens to do away with personal taxation and a transaction tax be introduced to discipline revenue – collection figures for the State is by now a much debated subject and deserves a wholesome implementation.
As importantly, the happiness – quotient of the population of India will increase by leaps and bounds with this singularly humane measure.
An uniform civil code nevertheless becomes the unifying factor to rehabilitate the economy since approach and appreciation of the Government as being an umbrella body for all citizens,irrespective of religious beliefs or social status called caste of birth would result in ripple effects to both sense of social security as well as economic well-being.
True,a developing nation’s prosperity cannot be sought to be built on fragile foundations that cannot withstand trade pressures and finance regimes that have been changing at a rapid pace in the world beyond that of our mandarins in the corridors of power!
A new India 🇮🇳 would require a clear vision to repair the defunct engines of our national economy. Sooner,the better!
Pamarty Venkataramana (PVR) is a distinguished and eminent international Jurist, Poet, Author, Speaker and Thinker based in India. His many books are published.
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