Dear Members,
Four years ago, the Modi
Government was voted into power with a stupendous majority that shocked its
critics. Vowing to transform India and accelerate it on the path to progress
and prosperity, the government rolled up its sleeves and got on the job with
diligence. Today many of the results are visible in concrete and steel; and
well researched figures to back up its track record of nation building. Clearly
the promises of yesterday are now the springboard of today’s growth and global
success.
Apart from the ruling party, major
publications and media houses have put together a report card for the
Government. There is a consensus on the capability of the NDA government to
deliver solid results to very difficult deadlines. Perhaps its most spectacular
achievement is the slew of tough economic reforms it launched and faithfully
carried them through. Global institutions and rating organisations have
acknowledged these efforts and upgraded India’s credit rating.
With numerous reforms under
implementation, India shot up on the rankings of ‘Ease of Doing Business’. This
ranking opened the floodgates for considerable investment in India. The stock
exchanges too reflected the buoyant nature of the improved economy touching new
highs. GDP growth has climbed up and so have exports. The government, however,
is facing criticism for low domestic investment and job growth. The ballooning
NPAs and losses of the nationalised banks are another cause of concern that
have to be addressed.
The countdown for the FIFA World
Cup to be held in June-July in Russia has started. 32 teams will play over 30
days to decide the world champions. But PM Modi’s informal summit with
President Putin at Sochi didn’t happen to talk football. The two leaders are
believed to have had “extremely productive” discussions during which they
reviewed the complete range of Indo-Russian relations as well as various global
issues.
The informal summit was the
stepping stone to give an impetus to bilateral ties and to cement strategic
defence partnerships. The timing is particularly significant as the US is
imposing sanctions on Russia and is slowly escalating a trade war with India.
The ‘agenda less’ summit has raised many eyebrows and fuelled much speculation,
as there was no joint statement by the leaders at the end. Traditionally Russia
has been the cornerstone of Indian foreign policy. Today, however the situation
has changed with China becoming a mega trade partner and the warming of
relations with Washington. New Delhi today is treading the tightrope very
carefully not to upset the delicate balance between these global giants.
The world’s largest retailer
Walmart this month bought 77% of India’s largest e-commerce marketplace
Flipkart because this is the only way it can tap the retail market in India as
for now. The Indian market is worth $672 billion currently and set to cross the
$1 trillion mark by 2020. It provides Flipkart, which needed money and prevents
it from worrying about working towards a public share sale. The deal will also
create jobs, directly and indirectly, and help create much-needed supply chain
and cold chain infrastructure — something that could improve India’s appalling
farm-to-fork efficiency, thereby benefiting farmers.
Besides, the transaction is a
milestone for India’s internet industry. Although a handful of internet
start-ups have achieved multibillion-dollar valuations on paper, this is the
first time that any of them have cashed out in a big way.
The rivulets of sweat coursing
down our faces every time we step out to brave the sweltering summer, focuses
my attention on water. It’s a resource India desperately needs, yet water gets
blatantly wasted across India. To understand the gravity of the situation,
let’s look at some figures. Groundwater accounts for 40% of our supply but it
is getting depleted faster than it is being replenished. Rain water is another
vital source, and here again, we manage to capture only a dismal 8% of it.
Water infrastructure is plagued by leaks causing losses of 40% of piped water
in urban areas. And to top it all we recycle only 15% of used water.
Droughts are becoming a frequent
reality, as farmers become increasingly dependent on the monsoon. India
desperately needs a concerted water management and conservation policy to save
it from an economic disaster. It is believed
that if we continue with status quo, the demand will soon outstrip supply which
will result not only in GDP tumbling but also in a civil war!
Change is essential on four fronts
to prevent this problem from snowballing! Firstly, policy needs to be revamped
making water a national resource with the government as the ultimate owner.
Secondly, extensive water infrastructure needs to be built and maintained to
optimally distribute water to all sectors and corners of India. Thirdly,
behaviour needs to change so that we respect water as a blessing and not waste
it frivolously. Finally, we need to collect and build a water data system that
will enable the government to allocate and price water efficiently. All in all,
the mantra is to conserve water effectively. At the Society we need to salute
the efforts of Late CA. Pradeepbhai Shah and CA. Rashminbhai Sanghvi under
whose leadership, BCAS got the opportunity to support check dam projects in
Gujarat which is now a boon for those villages.
The Southwest Monsoon hit Kerala
as predicted marking the arrival of the rainy season in the country. As per
forecast, the monsoon is set to have a normal advance over the subcontinent.
Two consecutively good monsoons have played a key role in reviving demand for
consumer goods in rural India which led to better crop yields.
Equally-distributed rain usually sees a healthy uptick in demand for products
from rural areas and results in an increase in rural citizens’ purchasing
power. Hopefully this year also we should get adequate rains in all parts of
the country.
Reading the papers today has
become such as arduous and torturous task. The reason being the high quantum of
‘bad’ news in the media. By bad, I refer to the callous and cold-blooded
perversions being inflicted on humanity. Even the marginalised are being
ruthlessly exploited and heaped with such indignities that it causes one to
shudder with shame. And sadly, a lot of these atrocities are now becoming so
commonplace in India; it does not even elicit a reaction.
What happened to India, considered
one of the greatest civilizations of the world? India, the birthplace of some
of the most profound religions, influential philosophers and apostles of peace;
now seems to be sliding downhill. The bankruptcy of ethics is visible in the
hopelessness, weak morals, lack of empathy and low willpower that’s rampant in
society. Perhaps it is time to confront the situation more aggressively, with a
greater emphasis on ethics in education.
There is already a provision to
learn moral science and religion in schools, but I fear most schools and
teachers don’t feel this is an important facet of education. Students
well-grounded in ethics will choose compliance, construction and inclusion and
not promote defiance, destruction and exclusion. Students should understand the
importance of acting responsibly and respectfully even when they are using
forums, social media, or mobile devices. Ethics and value-based education needs
to be ‘hardwired’ into students so that as adults they rediscover their soul
and infuse hope into an otherwise bleak future.
Value education is rooted in Indian philosophy and ingrained in every tradition
of Indian culture. After all, educational institutions play a significant role
in the promotion of ethics.
Feel free to write to me on president@bcasonline.org
With kind
regards
CA. Narayan Pasari
President
