India celebrates its 73rd year of Independence today. It is time for us to salute our freedom fighters and the current entrepreneurs for their nation building efforts by spreading positivity.
If the current mandate of our entrepreneurs viewed from the prism of freedom fighters’ thoughts it can be summarised as a journey full of thorns to achieve the ambitious collective dream of making India more than a “5 trillion dollar economy”. Even though we have won global laurels with the advancement of the Chandrayan Mission, our citizens are currently suffering from natural calamities and socio-political issues.
It is time for our youth and entrepreneurs to introspect through the minds of our known and unknown great freedom fighters who suffered a lot to free us from colonial the colonial yoke. For those freedom fighters independence heralded a better tomorrow and various initiatives to change the world. Have we achieved what those freedom fighters had dreamed of and fought for?
Independent India’s share of world income came down from 22.6% in 1700 to 3.8% in 1952. Even though we had the spirit of ramping it up during the initial decades of independen, our own follies and frailties dragged us into a quagmire. This was primarily because of 1.3 billion people ever growing necessities and limited resources amid a global economic turmoil.
We seeded national integration initiatives. Various Indian governments proactively reached out to create an egalitarian society. From Bhakra-Nangal to Bhilai in blooming industrial infrastructure to the latest Sagarmala to eNAM Indian policy makers drove India through challenges.
But we were bogged down by our own fissiparous tendencies and, of late, mind boggling bigotry. Indian entrepreneurs have the stupendous task of making a civilisational shift for Indian society where the benefits of advanced technologies and entrepreneurial spirit can impact each and every aspect life.
India arrived at a new phase of journey with its open door economic policy in 1991 which was very late. But we succeeded in integrating our economy with global trends and now we have taken our GDP to $2.85 trillion in 2018. It is now a little over one-fourth of the Chinese GDP. Indians were harping on import substitution for decades and are now started talking about Zero Defect, Zero Effect (ZDE)manufacturing. This is amply evident in 22,288 Micro, Small and Medium Enterprises (MSMEs) registered under the ZED scheme.
The harsh realities of the current global and regional economic outlook are posing the prospect of a catastrophic phase for the economy. We know that if the Indian economy had grown at the rate of 7.5% per year since 1977 it would have touched $5.4 trillion by now. But it petered out in course of time. If we had at least kept our momentum of average 6.5% per year it would have reached to $3.7 trillion, which is considerably more than the $2.85 trillion what we have in 2018.
The economic indicators might give a bleak picture of the Indian economy. But it can be toned down with the right political interventions of the current leadership and entrepreneurs with their clarity of thought. The political leadership of India is catching up with the entrepreneurial spirit of our country to achieve this civilisational shift.
For this shift to happen, all the stakeholders from people to the government need to be in sync. Micro entrepreneurship needs to be given a huge thrust at a time when job creation is slowing down, in India and other parts of the world. Mere tax cuts like angel tax wouldn’t help. The government needs to do more.
While the fabric of diversity of India is reducing through policy and technology changes, we have to get out of parochial thinking for greater good of humanity believing in our philosophy of “Vasudhaika Kudumbakam” as India has to play greater role in the new emerging global arena.