India's twin challenges of politics and economics involved two risky experiments in 1947. The political one-votes for everyone-has worked out spectacularly, with India creating the world's largest democracy on the infertile soil of the world's most hierarchical society. But the economic one-embodied in the Avadi resolution of 1955 where the Congress session adopted a socialist economic path-failed spectacularly because it sabotaged mass prosperity by confiscating the entrepreneurial freedom to create jobs. Consequently, our labour is handicapped without capital and our capital is handicapped without labour. Our unfinished journey from national independence to mass prosperity requires policy innovation at the intersection of jobs and skills. The recent budget has made a great start, but reforms must accelerate.
The Hitopadesha suggestion vidya dadati vinayam (knowledge brings humility) was ignored by knowledgeable romantics, elitists, welfarists, bureaucrats, educationists and trade unionists. Romantics unfairly view private employers as perpetual entities like the government. Elitists think private sector salaries are paid by shareholders rather than customers. Welfarists believe private employment can be substituted by government spending financed by debt. Bureaucrats think statutory employer benefits are financed outside salaries rather than from them. Educationists looked down at skills. And trade unionists believe job preservation is a form of job creation. All six worldviews suffer from inattention to detail; a bird's rather than a worm's eye view of the daily life of investors, employers, employees and job-seekers.
The following reforms need to be carried out to remedy the situation.
THE GIANT STEPS
Esta historia es de la edición August 26, 2024 de India Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición August 26, 2024 de India Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
High & Mighty
High And Mighty.
ELECTRIC MAJESTY
THE EQS SUV SETS A NEW STANDARD FOR A LUXURY FAMILY VEHICLE
SMALL IS IN
IT'S SMALL WONDER that when it comes to size, there are such distinct preferences, particularly when it comes to watches.
WHAT'S COOKING?
The new culinary hotspots of gourmet Michelin dining in Hong Kong
NEED OF THE HOUR
Is the tenth time the charm for Apple’s iconic wearable? Let’s clock in.
A Symphony Smoke of and Style
Pairing some of the most feted peated whiskies from India and around the world.
THE TOP SHELF INDIAN SPIRITS
Toasting some of the finest sips from around the country
THAI HIGH
What's it like to stay in the best hotel in the world? Spice spends a decadent weekend at Capella Bangkok, awarded the best hotel in the world by The World's 50 Best Hotels 2024.
OUR FAVORITE F WORDS
Why fashion and food are frolicking together in an epic romance.
Past Perfect
Whether it is to create cultural touchstones, a springboard for creativity, or save the planet, many chefs are revisiting traditional cooking techniques and sustainable practices.