Let me be candid ; I wish to propose an economic revolution. A carefully carved out revolution that will fundamentally alter the face of India. A simple two steps technical solution, in line with the spirit of the constitutional directives, promises a complete answer to poverty, corruption, inequality and its consequences. We call it Arthakranti.
While rubbing our hands gleefully at the solidity of the Indian state vis-a-vis the state of the economy of the crisis- struck developed countries, our attitude reinforces the adage "If it ain't broke, why fix it?" Yet, we cannot forget some unpleasant facts : The Indian per capita GDP at PPP of about $ 3275 places it at the 112th rank out of 162 countries (equivalent numbers for USA and China is $46,400 and $6,800). About 77% of India's population lives on consumption of less than Rs. 20 per head per day and the inequality is growing - with inflation hitting the have-nots hard, while the rich are getting the advantage of the high growth story of India.
The parallel economy is now almost equivalent to the regular economy. The flight of capital to tax havens and foreign banks is also a result of the same. Thus the total revenue collected in the coffers of the Union, State as well as Local governments is just about Rs. 11.5 Lakh Crores, which is far short of the current needs.
There has never been a more opportune time for a paradigm shift in economic thinking, to lead India out of the morass and to show the beacon of light to the rest of the world. India with its unique democracy, economy and challenges is an extremely complex country. A deeply researched unique solutions which does not resolve just the manifestations, but the core causes has to be crafted which is practical, optimistic, holistic and institutionalised.
The Arthakranti Mission, in a decade of its implementation can lead to
· Per Capita Income rising nine to ten times over the present
· The end of poverty, hunger and poverty driven suicides with reduction in prices, social security and increased employment
· Reduction of income disparity
· End of black money and parallel economy, stop flight of money to tax havens and foreign banks
· Drastic reduction in Corruption
· Cleansing of the political system with incentive for the best and brightest and creating conditions for politics becoming a tool for service instead of exploitation and self growth
· No manipulation in accounting, release of creative energy for new businesses
· Global funds coming in big way to India due to increasing growth
· No funding to terrorists, reduction in threat of fake currency
· India becoming globally competitive with surging trade
· Improvement of credit worthiness of Indian society as a whole
· India becoming a role model for developed as well as developing economies
The Arthakranti Mission with its hundreds of serious volunteers has been working on the study, research, documentation and presentation of its practical suggestions for the past ten years. It has been well received by some of the most eminent economists, academics, political leaders and bureaucrats in India.
While vested interests and inertia would resist this new paradigm shift, I hope that the people of this great nation will come together to influence the government to consider the Arthakranti proposal as a tool to seek a better quality of life.
Mayank Gandhi - mayankgandhi04@gmail.com
