It’s Always Darkest Before Dawn
While the entire country is amplifying the current pain that is being faced and partly blaming the government for the same, I find it unfair to overlook the wonderful things the government has done and working towards. It may come as a surprise but there are over 1,300 rules that have been removed in the last four years by the government, thereby leading to simplification of processes. The jump by 65 ranks in the ‘ease of doing business’ is a clear testimony to this. The government is currently targeting to rank within 25 in the next five years. This will make the private sector flourish and expand rapidly.
The broader plan is towards making India grow at 8-9% annually for the next three decades. Yes, we can have couple of years of slower growth but if the larger picture is intact, it should not worry us. Historically, all countries like Japan, China, etc. have grown only via globalisation. On the same lines, this government has taken steps to open many sectors like defence, media, etc. India has done structural reforms which will do a lot of good in time to come. For example, the GST has simply replaced 17 taxes by just a single tax. Secondly, a lot is being done to kill crony capitalism by introducing new provisions in NCLT, IBA, and others. The RERA rollout has brought in confidence among the consumers.
The impetus given to digital payments is creating an efficient direct money transfer system in the country. India is the only country that has billion bank accounts. Up to 900 multinationals have relocated their engineering set-ups to Bangalore and Hyderabad. India continues to be a centre for innovation. Hence, with so many changes being rolled out there are bound to be teething issues leading to the current pain. However, a few years down and the next generation will benefit from these initiatives.
Both the RBI and the government have reacted to the current sluggishness in the GDP rate. The RBI has been bringing down the repo rate. The government has started taking supportive steps like increasing depreciation on vehicles, lowering tax rates, etc. Thus, we can say with assurance that the government is alive and receptive. The fundamentals are intact. As such, we who are engaged in private enterprises need to do our bit in tandem too.
The day is going to be much brighter once we are through the current state of pitch darkness. Stay put, stay confident on the future of our country. There will be many multi-baggers in the making.