Are we ready?

We are living in a difficult time. Price rice is on a roll. Share markets are falling. Suddenly, everyone is apprehensive about job security. People are running to trademark companies rather than small ventures which give hefty pay package. There is shortage of food and fuel world over. Everybody is getting hit. Cliches like booming India and India shining have suddenly become part of distant past. Well, last economic depression was two generation ago and even if I would have my grandfather with me today, he certainly would not be able to explain economic depression because mighty british empire took the hit that time.



Today, situation is different. Britain has lost too much muscle and our independent India is yet to gain power to face this crisis. In India, literacy rate has improved and pockets of people have also become heavier but still, we like to live in dreams. Our leaders make populist promises without sparing a thought about consequences. Who can forget that 60000 crore loan waiver for farmers or free electricity promises in state elections. And what about fight for distributing elctoral freebies like DVDs, TVs and cycles to voters during recent assenbley elections in Tamilnadu. This kind of irresponsible and short-term promises increase fiscal deficit which is more or less responsible for current crisis. According a report punlished in a leading national daily, atleast 10 different loan waiver packages have been declared for vidharba region alone in last 6 years.Suicides have continues throughout this period and there has been no improvement in economic situation of farmers. Where that money has gone? Who is answerable for such a utter waste of taxpayer's money?



If government is really serious about stopping current crisis from converting into a full-blown economic tragedy. it has to make long-term plans for improvement of agriculture. Current policies favour farmers who go for cash crops. So, most of farmers are going for cash crops rather than cereal crops. Due to this continous growing trend, today we have to import food grains after a gap of 30 years. Most of farmers who are under debt grow cereal crops. This discrepency has to be removed from the system. Government has to open the gates of foreign investment to increase the confidence of small investers. FDIs are responsible for recent bull-run of stock markets. These FDIs pull local investors like magnet. New sectors are needed to be identified.



Finally, we have to accept that everything is not in our governemnt control. For example, government cannot do anything about global oil prices. It cannot force Americans to go for shopping which was driving force behind double digit GDP growth of most of third world countries for last 5 years. But same measures can be taken to improve happiness quotient in our public. We can introduce social security plan for senior citizens and jobless peoples. This plan is operational in USA and UK. Some study of their implementation will be helpful in reducing chances of misuse of this facility. It will be a big relief to salaried people who are currently under severe trauma because of losses incurred by their american bosses and the farmers to whom one monsoon means end of the road. Again, key lies in its implementation. It will be successful only if it is properly monitored, accounts are maintained fairly and goverment have genuine zest for public welfare. At least, it will give believe to people that in this hour of crisis, they can bank on someone. Maybe, I am hoping for too much but we have to be ready for worst because this time we really have something to lose and there is no british empire to hide us. We have to face it straight on.