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Technical Investment Methods - Analyzing market trends with technical methods.
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Posted by ronald.chis@googlemail.com on June 6, 2008, 4:29 am
Is India a superpower of poverty?
Much has been written on poverty, especially in India. Much more will
be written in future. Clearly, looking at the hundreds of millions
living in poverty in this country, and the depth and extent of
poverty, is not the title =93superpower of poverty=94 shameful but
appropriate for India? It overrides all positives and other =91good
news.=92 Reports of super-rich Indians add fuel to the fire. Forecasts
by analysts that poverty will decline steadily =97 ; and has declined =97
can be no consolation to those living in poverty or to India as a
nation. How can we embrace a new paradigm of development? Is it too
complex a challenge? Is it possible to add value to the lives of the
poor? Here are 12 issues to focus on to help the required change to
happen and to do so with speed.
First, it is not only about government schemes, allocation of funds,
NREGA, etc. By and large, they are usually slow, full of leakages. The
delivery systems of the Central and State governments are usually weak
and inadequate. In fact, T.N. Ninan=92s approach suggesting that India
scrap all schemes and, instead, pay Rs. 30,000 (to the intended group)
merits consideration and action. This could be simple, quick and
efficient and, perhaps, leak proof. But it has to go beyond giving
cash. Mentors, who are volunteers, should help the poor use the money
productively. This, too, can be done to support empowerment beyond
money.
Secondly, economic growth at 7, 8 and 9 per cent per annum has made a
real difference. Across the country, new jobs have been created.
People from tier 3 and 4 towns and villages have jobs in factories,
shops, offices and malls. Sustaining 9 per cent growth and going
beyond 10 per cent should be given the highest priority to address
poverty. The decline in growth is bad news. Reversing the decline in
the manufacturing sector is critical. Rapid investment in
infrastructure is crucial. India can grow at 12 per cent GDP per annum
to truly transform the employment and poverty scenario. The need is to
focus and stretch, especially those sectors holding back high growth,
e.g. mining and power.
Thirdly, India has already made a mark with innovation and development
of low-priced products and services. C.K. Prahalad=92s thesis, =93the
fortune at the bottom of the pyramid,=94 is a reality, be it in health,
insurance, IT services, the nano or other areas. India has creativity
and talent. A simple encouragement from the government could be a five-
year tax holiday where real innovation has taken place. It will
provide a great fillip to innovation. The government will really lose
nothing because these products/services were non-existent and the
exchequer gains indirectly. The opponents will argue about misuse but
innovation, especially in low-price products, will have a positive
impact.
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Fourthly, micro-enterprise has come to stay. In pockets in India,
there are success stories. It needs to become a nationwide practice.
Indian micro-enterprise needs scaling up, which is achievable.
Fifthly, women=92s self-help groups have made a mark. Not across the
country but in some States. They have empowered women and enabled them
to manage homes and families and, often, deal with alcoholic and
spendthrift husbands. The SHGs, too, need to be scaled up, multiplied
and extended. A good example is the work by Mukti Datta in the hill
areas of Uttarakhand. Transparent, efficient, and effective. Mukti,
and those like her, are ready to help others. In a country of several
hundred million women, the need is for a million SHGs.
Sixthly, the NGO community with amazing commitment and domain
knowledge of grass-roots situations, and working on micro-level
programmes and projects. The NGOs make a difference in real terms. The
need is to support and facilitate their projects and help them expand
themselves, their capacity and reach without interference and
harassment. Seven out of 10 NGOs are credible, respectable, and
professional. The National Foundation of India (NFI), which backs up
NGOs, needs additional resource support.
Seventhly, the government should step back from operations but give
grants and loans to NGOs, the NFI, and micro-enterprise societies to
enable integrity-based civil society to scale up rapidly and make a
much wider impact than they have done so far because of limited
resources. As for resource availability, the corporate sector can be a
significant player, contributing to the NFI, NGOs and micro-enterprise
bodies, making this a true public-private partnership (PPP). Corporate
social responsibility by industry can be increased many times over,
based on its outstanding financial performance over the last five
years.
Rural infrastructure
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Eighthly, the rapid building of rural infrastructure will make a huge
difference to the removal of poverty. Infrastructure includes not only
roads but also television stations, IT and telecom connectivity.
Physical and technology infrastructure together can transform rural
areas and empower the locals to access self-employment and job
opportunities as well as information relevant to their work.
Ninthly, skills training, even short-term, can transform lives and
enable the poor to earn, save and spend, thus joining the mainstream
of society and economy. Today, many young people get three-six months=92
basic training and get jobs in the retail sector with reasonable pay,
something unheard of a couple of years ago. Skills training is needed
for millions of young, and older people need to be re-trained.
Tenthly, since most of the poor live off agriculture, removing poverty
and improving agriculture are two sides of the same coin. This
involves the simple act of providing new seeds to enable incomes to
rise. There is an elaborate structure of schemes and institutions
relating to agriculture but it is not clear who will finally interface
with the farmer and ensure the practical support required.
Accountability is critical and strengthening of the institutions,
essential.
Price issue
Eleventh is the issue of prices. The huge concern at inflation is
real, particularly because the poor are deeply impacted. Subsidies
often miss their real beneficiaries and targets. Hence, the idea of a
lump-sum cash payment. Also, whilst the wholesale price trend may show
a 7 per cent-plus growth, the story is very different at the retail
level. The poor need protection from retail inflation which they just
cannot cope with. Monolithic public sector corporations may not be
able to ensure it. Decentralised, NGO-based, PPP systems may be
better. A great deal depends on integrity on all sides.
Twelfth, and, in conclusion, is a key issue. Whose responsibility is
it to remove poverty? Everyone=92s? No one=92s? It seems as though it is
part of everyone=92s area but is in addition to whatever everyone is
doing. Should there be a full-time empowered task force on poverty? A
task force which is compact, which is not another government
employment agency, which is professionally managed and charged to
implement in a transparent and practical manner the different
strategies to remove poverty. And this group should necessarily be
attached to the Prime Minister with a Cabinet level head who has
leadership and managerial capability combined with commitment and
integrity.
The objective of the title, =91superpower of poverty,=92 is to keep the
issue of poverty before us every day, every minute. India=92s agenda
should be to give up that title through action on multiple fronts. The
poor must not remain poor. They must be empowered. India should become
a superpower of peace and prosperity.
(Tarun Das is Chief Mentor, Confederation of Indian Industry,
Gurgaon.)
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