Aditya Kashyap
(Investment Banker & Former VP- JP Morgan Chase Bank)
Chairman- Indo American Chamber of Commerce
(Business Development, Strategies and Foreign Direct Investments)
UNLEASHING NATIONAL GROWTH THROUGH SECURED GOVERNANCE- PRESENT /POST COVID 19
Article by
DR. P SEKHAR, Chairman, Global Smart Cities Panel & Micro Tech Global Foundation
Presented by
ADITYA KASHYAP, Chairman- Indo American Chamber of Commerce
INTRODUCTION
-The Value and valuation strategy offers sophisticated funding mechanism and tailored to the economic growth and generate huge employment opportunity.
-global GDP from 2.9% to 2.4%
– Lockdown will cost the India economy almost USD 4.64 billion (over 35000 crores) every day
– Need of Strategies for re-emerging as a Growing Economy
– Understanding birth and death in India and whole world (in a year 150 million born and 90 million die) India 76000 birth and 27000 death per day.
-Self Sustained Economic growth through Secured Governance for India.
– Overview of Healthcare Statistics in India (In number) currently we have 7.14 lacs beds in India and another 7 lacs to be added. 4 beds cover 1000 people.
– Virus Impact on Tourism & Hospitality Sector
70% out of a total of 5.5 crore workforce could get affected by this virus, which is around 3.8 crores direct and indirect employees. Forex income is around lakh cr and 3 lac domestic tourism is at risk.
Secured Governance- Roadmap to a prospering Tourism Industry
- Impact on Transport Sector- 40 million people contributes USD200 billion plus to the economy.
- Electric Vehicle Impact on Environment and improve the Human Health
- (The global pollution is on rise and every effort made, being to reduce the CO2 emissions and save the planet. One such effort is the introduction of Electric Vehicle. (EV). The successful shift to EV could potentially help India save upto USD300 billion (INR 20 lakh cr.) in oil imports and nearly 1 giga tone of carbon dioxide emissions by 2030. This will reduce co2 rate and create appx. 15 million employment opportunity.
Effect on the Agriculture Sector and Strategies to get things back on track.
Agriculture is the backbone of Indian economy.
The Role of Worship Places in Emergencies- 3.1 million worship places available in India. Total income in 13 major temples is around INR 5200 crores with 5 lakh acres of land owned by these temples.
A few years earlier the World Gold Council estimated gold holdings temples in the country could be 3000-4000 tones. (INR 8.4 to 11.2 lack crores) The net wealth of all major worship laces could be around USD 2 trillion (INR 142.3 lac crores) in India.
Companies and Commercial enterprises to accelerate Economy growth.
India with its USD2.9 trillion economy needs to get back quickly on its businesses and mor than its billion people to get to a better structure of growth. Air, road and rail transport systems which are suspended should be back on track with new guidelines. About 66% of the 18.73 lack companies registered in India, out of that 6.70 lakh were closed and 1615 were classified as dormant.
Secured Governance Strategy for the Industries and Enterprises:
Industrial and commercial enterprises small and big are the ones providing the much needed employment and fund flow for growth and prosperity. In this immediate step should be taken to activate all the working and closed companies with a commitment to ensure jobs opportunities and government should outsource much of its activities including healthcare which would have huge scope of profitable employment.
Banking Sector for Funding.
Public sector and private finance institutions have sufficient liquidity that needs to be utilized by private and foreign organizations. Increased credit disbursal by banks could boost investment in infra to scale up their operations and generate DIRECT AND INDIRECT Job opportunities.
Overseas Indians for Strategic National Growth through Secured Governance
Remittance gives countries the ability to fund development their own way. India retained its position as the world top recipient of remittances with its Diaspora sending a whopping USD80 billion back home in last year. An estimated 31 million NRI Indians lives abroad. Its around 2.25% of India’s population their total wealth is estimated at USD1 trillion which is nearly 50% of India’s GDP. Of the USD1 trillion, one half is estimated to be financial assets. The income of the Indian diaspora is estimated at USD400 billion a year.
Defense Forces Contribution in Covid 19
AFMS with roughly 7000 specialists and super specialists spread across India, and over 130 Hospitals, military medicine is an asset that rarely comes into limelight.
Development in backward Areas (17% of the land is wasteland which is around 557,600 sq km.
Various Secured Governance HUBs
Mini Hub: around 1000 mini hubs to be developed in each district of India.
Nano HUBs: spread over an area of 1000 to 2000 sq m comprising of facilities like roadside stations, motorway Service Areas, Retail and Minor Ancillary Uses, Toilet/washrooms, parking facilities, Health Clinics, internet café, ATMs , Handicraft shops, small Hotels, Restrooms. Est. around 6 lakh nano hubs in rural areas.
Post Covid 19 Happiness Index Rank of India
The world Happiness Report is a landmark survey of the state of Global Happiness that ranks 156 countries by how happy their citizens perceive themselves to be. When measured, there are six components of happiness: GDP per capita, social support, healthy life expectancy, sense of freedom to make life choices, generosity, and perception of corruption. Hidden potential of India that measures the ability of an economy to generate sufficient employment opportunities for its population .The very secured Governance formulation of value and valuation of strong link between existing hidden potential, economic growth, create employment opportunity and poverty reduction activities would ensure India’s happiness index rank to deserve in top bracket.
Conclusion
There is need to see growth on the present state and post Covid 19. Here through the secured Governance strategy following steps is suggested:
The growth has to be through the hidden potential through a self sustained mechanism. Government should offer full leadership and support through proper policies and open various channels starting with Healthcare which is badly hit and open all avenues in other sector for all round growth. To start with the govt has announced fiscal remedies of the order of 1.75 lack crores. This has to very strategically routed to get max benefit to the public and has a multiplicative effect for beneficiaries. These should be properly outsourced with additional sweeteners to get multiple times impact on the users. For example this should be given to successfully running PSUs, Banks with additional FSI and sectorial incentives as a commodity to achieve the primary objective to feed the starving public as also have long term benefit for their employment and better living standards. Here all efforts should be to get much of these in rural areas in waste land which should benefit the most for all stakeholders.
Banks should create their own industrial zones as profit centers for their client and benefit them through valuation for future growth and full support to the expanding industries.
As world is looking forward to India to be a better manufacturing and services hub these hubs should concentrate on various sectors to have synergy to take on Global requirements.
Govt should encourage overseas Indians to fully participate in these by investments, technology, training and support. Here every year 3 million Indians should be encouraged to settle in other countries for this to grow perpetually as also to take care of the 20 million extra persons born every year. Indians abroad have to go as Ambassadors and MEA have to play a key role as this would be a major source of income for the national and growth of the other countries where they are going.
Religious and spiritual places have lot to offer in the new development strategy. The Gold, Money, land and continuous flow of devotees all have respective role in the new plans. These places keeping up their respective sanctity have to be encouraged to expand in Healthcare, Education, Skill Development, sports, Water Management and larger among them to be banks and financial institutions all these adhering to respective rules by statutory authorities. They would get over 10 lakh crores in circulation from the 3 M places on worship and spiritual centers of excellence. We need to ensure their identities are not disturbed but enhanced by them offering these activities which as such going on in a small way now.
There are many actions to be taken on the personal and professional level. In India we need to make 2 years mandatory for everyone to be involved in Social, Defense, Security etc. to build a strong character.
For proper administration certain changes are required for efficiency which includes having all postings to be minimum 3 years and maximum 6 years. Kin all post there would be mandatory 5-15 days joint working with the successor and the predecessor being an advisor for next 10 years for proper continuity in all these management to be successful.
Agriculture plays a dominant role and needs to be properly streamlined and Agri HUBs with full banking support for proper growing with all supporting activities and distribution to make India the Global Food Factory.
All these could be started even in the lockdown period with 30% to 50% people participation and later expanded to 400 million persons actively associated. Secured Governance Strategy provide an ambitious roadmap which depict an adequate coordinated measure to ensure the provision of sustained financial capital, efficient human capital, and sustainable economic growth of the nation.
