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  • Category: Miscellaneous

    When 7% GDP growth becomes the new Hindu rate of growth...

    Decades ago, a very famous economist called the 3 to 4% GDP growth, in those days of the license raj, permit raj, as "Hindu" rate of growth. What he did mean was our complacency to rest on our achievements ( then everything that was private was looked down upon. The Public Sector was the perfect role model).

    It took the major economic reforms of 1991 to change everything. Even prior to that the superb professional in Sam Pitroda did wonders with the telecom revolution. Of course, this looks so small in today's context, when smartphones are the order of the day.

    Yet, Dr. RaghuRam Rajan, the best economist India has possibly ever had, has warned that the 7% GDP growth, is something like the new Hindu rate of growth. In other words, we need more jobs, more emphasis on innovative agriculture and so on. It is not that some magic can work here.

    A deep research is essential to find out the grey areas and take remedial action. The so-called education system cannot produce too many graduates and postgraduates who land in clerical jobs in banks. This would be a sure recipe for disaster.

    It is high time that the likes of Dr. Rengarajan start speaking out. The likes of H.V. Kamath, and Mr. Vagul who together made ICICI Bank what it is today, also need to speak out.

    What areas do members think, need particular attention?
  • #654294
    The education system should be revamped. The education should produce students who will be useful for the industry. We say there are no jobs. But there are vacant positions where the employers are not able to find a candidate who will exactly fit in.
    The technological developments in various fields are to be used and high yields and quality improvement should be obtained. The governments should concentrate more on creating ways and means to earn rather than giving free sops for the poor.
    The public sector undertakings should become self-sufficient. Otherwise, they should be offered to a private partnership. The latest R&D outputs should be implemented in these organisations so that productivity and profitability will increase and the highest standards will be achieved.
    Output-based wages and incentive schemes should be implemented for a better performance. Corruption in the government should come down. Really needy should only be subsidised.
    If the above steps are implemented I think we may have a better position in the coming years.

    always confident

  • #654300
    Definitely, education is one area where more basic technical institutes emphasizing on skills are required then the post graduation and PhD producing academic colleges and universities.

    Jobs today can only be created in construction, maintenance and service areas where there is a big need of the skilled persons. Teaching, Engineering and Management are almost saturated and IT sector is also following them.

    Monitoring is now required at micro levels in the field of agriculture, water resources, environment protection and pollution control.

    Knowledge is power.

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