An Indian Noble Prize Winner Abhijit Banerjee.

For majority of us, it is a matter of great pride that an Indian born American Abhijit Banerjee along with his colleagues Esther Duflo and Michael Kremer got the noble prize 2019. Even the Chief Minister of West Bengal Smt. Mamta Banerjee has praised him for the award. Noble prize is one of the coveted awards on the planet and certainly Abhijit Banerjee has done tremendous work as an analyst to develop an experimental approach towards developmental economics.

His contributions towards the study of less developed countries and their inability to take advantage of latest technologies been has been worth appreciating. He and his colleagues have done commendable work for their experimental approach in alleviating global poverty.

He is a born economist and it can be presumed that he should have better understating of Indian scenario. His expressions and findings are beautiful and able to impress the western world to find their interest in less developed nations. His praise to Nyay scheme announced by the Indian National Congress party during 2019 Lok Sabha Elections is synonymous to the thinking WEST has perceived till date of India as a poor nation.

Frankly, his views on such schemes are based on the various western theories in which they believe that poor can only survive on the mercy of Govt. However, such structures can only increase people’s dependency on Government resources to survive.

India has complex structure of population and which is very difficult to understand by the people with western outlook. We are the most unique country of its kind in the world; we have a large population base which is further divided in the caste, creed, regions and religions. The government norms for helping poor vary from one poor to another. This variation is largely visible in all the activities which comes under the control of Government. It is little disappointing that he didn’t considered measures of addressing this issue.

It would be best to focus on providing help to poor by making them self- sufficient and make them competent enough so that they can earn their livelihoods even without the support of Govt. The time has come where the Indian model for handling problem of poverty needs to be refurbished. It is disappointing to see prevalence of JNU essence, a typical leftist view, on the issue without feeling the public responsibilities at large. The beauty of Indian system is that it is the World’s most expressive democracy i.e. people in India have the right to say what they think. Bigger is the person, more is the impact of expression. To be honest before praising the schemes like Nyay, first we should think about the resource generation for implementing the scheme. Implementation of such schemes may take the nation on the path of Venezuela in a very short span of time.

Narendra Modi led government is getting support from all the sections of society and people are just not voting on the name of freebies. Today’s Indian voter is quite smart and aware to distinguish difference between promise and deliveries. This difference is proving to be an upper hand of Narendra Modi led NDA Govt. on all the opposition including Rahul Gandhi led UPA opposition. As theoretician the dear economist may not have felt the responsibility of delivery of schemes on ground and what impact they will bear.

No national level scheme should be introduced till the time its implementation mechanism is been devised.

Even before independence to till recent times, India was used to be a heaven for the brokerage-based trades. The model wherein, broker organizations consumes majority of the profit share and left the producer almost empty handed requires rectification.

The people opposing demonetization in India are not able to justify that who are the people affected by it? The answer is clear, the people making money without the knowledge of Government, i.e. not paying the taxes and sometimes holding large sums in form of cash. How can such trades help the nation and poor to grow? It is not a matter of debate that such unstructured trades based on brokerage suffered by demonetization and impact was harder than it was anticipated.

But despite of this the economy started stabilizing on more meaningful and robust resources. Transformations that took place due to demonetization are historic and require substantial time to know its real impact. Any economy just can’t rely upon brokerage-based trades. The economy of any nation will only be steady where there are trades able to cater the needs of large section of population, which includes development of small and medium industries, new start-ups with society- based networks to promote direct sales to open market. We always forget that India is a country where 1/6th population of world lives, so India itself is a big market which largely depend upon consumption-based import. Despite of such a big consumer base the deficit ratio of import and export is all time high and still growing. In such a situation, if developing inhouse facilities for consumable goods are being focused then the results could be breathtaking. The present Indian Govt. is focusing on self-sustainability of rural and tribal population of country, the central government is trying to provide them with all means to stop their migration to big cities. Such self-sustenance will provide a robust foundation for the growth of nation.

On the contrary to Prof. Banerjee’s findings, I appreciate the work done by the Central Government in developing the infra & connectivity, development of remote regions, establishing mechanism for easy identification of people and introducing new education policies.

We solely can’t rely upon the findings of what West thinks about us? Rather, we should focus on our inner strengths and rethink that why West was always interested in us and why it is still focusing on us?

India is a developing economy and has 65% of population which can be made employable. The best way to do this is to prepare the nation’s population in such a way so that they become employable, generate good livelihood for them & their families and contribute in the growth of a nation’s economy instead of putting them on government resources and making them liability for a nation.

Considering the global scenario, it is almost impossible to maintain the economy of any nation at a steady pace which contributes less than 5% to the Global Business and having load of 17% population is very difficult task. Nevertheless, the present efforts of Government are the foundation of a glorifying future.

Leave a Reply

Your email address will not be published. Required fields are marked *