Dear All,
Yesterday 15.10.2007, I went to London School of Economics to attend an event on India’s 60th birthday. The main guest were,
OP Bhatt - Chairman of the State Bank of India
Mervyn King - Governor of the Bank of England
Kamal Nath -Minister for commerce and industry for the Indian Government
YV Reddy - Governor of the Reserve Bank India
Nicholas Stern - IG Patel Chair in Government and Economics and director of the India Observatory at LSE.
The event stated at 06.15 PM with excited audience. The main idea of event was to launch of LSE’s India Observatory. We all want to hear from where we are and where we heading with lots of up and downs!
I was remembering the Jawaharlal Nehru’s words which courage all Indians to make their way to the evolution, “At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom"
But as we all know the where the problem lies in country like India. The event started with the Nicholas Stern, introduction speech and continued by Kamal Nath. Mr Nath, who was named the FDI (Foreign Direct Investment) Personality of the Year 2007, covered many issues of Indian social infrastructure, education, poverty, urban planning, particularly school education and basic health care. Let me tell you all that our public spending is among the lowest in the World.
The great lecture came from Nicholas Stern, YV Reddy and OP Bhatt, with their great idea of what India needs to do in upcoming years. Nicholas Stern, urged that India cannot become a nation with high growth and vast areas untouched by development, where the benefits of growth grow only to a few people. OP Bhatt, started with his feather idea from Krishna to Peacock theater. YV Reddy suggested that gaps in social, health, urban planning and education need to be urgently remedied. We know what to do, and there are resources to do it. What we need now is some determined action to do what we can do and must do.
The argument made by Howard Davies- Chair, was very helpful with his PowerPoint presentation. India can spend a much higher proportion of its public resources on school education, basic health care, agriculture on both of which its percentage share of public spending is among the lowest in the world. He also advised spend much more in building up a larger physical infrastructure, including more roads, more power supplies and more water. In some of these, the private sector can help. As the current Physical and social infrastructure is not enough to sustain the India’s growth.
Mervyn King came with a great sense of necessary spending on public services, in addition to improving the system of delivery of these services, with more attention paid to incentives and disciplines, and better cooperation within the micro economy. He made a point that money will continue to come very rapidly into the government's hands if the fast economic growth continues. What is critically important is to use these generated resources to remedy India's continuing deficiencies, in particular in basic health care, in school education and in rapidly expanding its physical infrastructure.
In my statement I will say India is one of the world's fastest-growing economies, but has some of the sharpest inequalities in the world. In a nation of 1.1 billion people and our expected population will be 1.63 Billion in 2050, is this is a wake up call for Indian Government. Currently records shows at least 300 million live below the official poverty line of $1 a day and many millions more live close to this line. The adult literacy rate is around 61 per cent. Life expectancy stands at 64, while the under-five child-mortality rate is 57 per 1,000, though in rural areas the figure is closer to 62 per thousand. There is a widespread problem of child labour which no one thought to cover during the event.
It is also remarkable that India's main success has come not in traditional areas of exports but largely on newer industries, with a large component of high-tech and but still had problems connected with financial instability, trade imbalances and choking public administration.
In many cities the roads, already desperately over-crowded, are becoming ludicrously clogged with new, affordable cars. There is no understanding whatsoever of what price is being paid by the rivers and mountains and irrigation and ground water, there is no questioning of that because we are on a roll.
“The environmental costs of the economic transformation”
The quality of governance is declining, especially in the northern states, because many politicians and bureaucrats are becoming more corrupt and self-serving. We are using Right To Information Act because government agencies are not reluctant to share the information. As long as we don’t get clean service from Govt agencies, we will not enjoy our independent.
We are a young nation and we need to unleashed, the energy of our youth will drive India onto a new growth path. I had a little chat with OP Bhatt - Chairman of the State Bank of India and YV Reddy, Governor of the Reserve Bank India, regarding the talent outside India and government should make a strategy to bring that talent back to India and work in Government sector on professional level. Kamal Nath -Minister for commerce and industry for the Indian Government, only said, “Meet me in Indian High Commission”; to find out new event I went to party reception area of London School of economics organised only for delegates and speakers. I tried to interact with many officials from SBI and India Observatory, but failed to get direct contact with Indian High Commission or from Ministry of commerce and industry.
I must say to all Indians that “a moment has came, which comes but rarely in history, when we step out from the old to the new, when an age ends, and when the soul of a nation, long suppressed, finds utterance."
OP Bhatt - Chairman of the State Bank of India
Mervyn King - Governor of the Bank of England
Kamal Nath -Minister for commerce and industry for the Indian Government
YV Reddy - Governor of the Reserve Bank India
Nicholas Stern - IG Patel Chair in Government and Economics and director of the India Observatory at LSE.
The event stated at 06.15 PM with excited audience. The main idea of event was to launch of LSE’s India Observatory. We all want to hear from where we are and where we heading with lots of up and downs!
I was remembering the Jawaharlal Nehru’s words which courage all Indians to make their way to the evolution, “At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom"
But as we all know the where the problem lies in country like India. The event started with the Nicholas Stern, introduction speech and continued by Kamal Nath. Mr Nath, who was named the FDI (Foreign Direct Investment) Personality of the Year 2007, covered many issues of Indian social infrastructure, education, poverty, urban planning, particularly school education and basic health care. Let me tell you all that our public spending is among the lowest in the World.
The great lecture came from Nicholas Stern, YV Reddy and OP Bhatt, with their great idea of what India needs to do in upcoming years. Nicholas Stern, urged that India cannot become a nation with high growth and vast areas untouched by development, where the benefits of growth grow only to a few people. OP Bhatt, started with his feather idea from Krishna to Peacock theater. YV Reddy suggested that gaps in social, health, urban planning and education need to be urgently remedied. We know what to do, and there are resources to do it. What we need now is some determined action to do what we can do and must do.
The argument made by Howard Davies- Chair, was very helpful with his PowerPoint presentation. India can spend a much higher proportion of its public resources on school education, basic health care, agriculture on both of which its percentage share of public spending is among the lowest in the world. He also advised spend much more in building up a larger physical infrastructure, including more roads, more power supplies and more water. In some of these, the private sector can help. As the current Physical and social infrastructure is not enough to sustain the India’s growth.
Mervyn King came with a great sense of necessary spending on public services, in addition to improving the system of delivery of these services, with more attention paid to incentives and disciplines, and better cooperation within the micro economy. He made a point that money will continue to come very rapidly into the government's hands if the fast economic growth continues. What is critically important is to use these generated resources to remedy India's continuing deficiencies, in particular in basic health care, in school education and in rapidly expanding its physical infrastructure.
In my statement I will say India is one of the world's fastest-growing economies, but has some of the sharpest inequalities in the world. In a nation of 1.1 billion people and our expected population will be 1.63 Billion in 2050, is this is a wake up call for Indian Government. Currently records shows at least 300 million live below the official poverty line of $1 a day and many millions more live close to this line. The adult literacy rate is around 61 per cent. Life expectancy stands at 64, while the under-five child-mortality rate is 57 per 1,000, though in rural areas the figure is closer to 62 per thousand. There is a widespread problem of child labour which no one thought to cover during the event.
It is also remarkable that India's main success has come not in traditional areas of exports but largely on newer industries, with a large component of high-tech and but still had problems connected with financial instability, trade imbalances and choking public administration.
In many cities the roads, already desperately over-crowded, are becoming ludicrously clogged with new, affordable cars. There is no understanding whatsoever of what price is being paid by the rivers and mountains and irrigation and ground water, there is no questioning of that because we are on a roll.
“The environmental costs of the economic transformation”
The quality of governance is declining, especially in the northern states, because many politicians and bureaucrats are becoming more corrupt and self-serving. We are using Right To Information Act because government agencies are not reluctant to share the information. As long as we don’t get clean service from Govt agencies, we will not enjoy our independent.
We are a young nation and we need to unleashed, the energy of our youth will drive India onto a new growth path. I had a little chat with OP Bhatt - Chairman of the State Bank of India and YV Reddy, Governor of the Reserve Bank India, regarding the talent outside India and government should make a strategy to bring that talent back to India and work in Government sector on professional level. Kamal Nath -Minister for commerce and industry for the Indian Government, only said, “Meet me in Indian High Commission”; to find out new event I went to party reception area of London School of economics organised only for delegates and speakers. I tried to interact with many officials from SBI and India Observatory, but failed to get direct contact with Indian High Commission or from Ministry of commerce and industry.
I must say to all Indians that “a moment has came, which comes but rarely in history, when we step out from the old to the new, when an age ends, and when the soul of a nation, long suppressed, finds utterance."
Mansing Bhor
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