Trickling down of the economic benefit to the have not's should be smooth sailing
Based on listening to a panel discussion on the power of Asia which went in the air recently, it was revealed that India, as of date has got more than 300 million millionaires.
INDIA HAS been boasting at various forums that its economy is growing rapidly and numbers of millionaires in the country have crossed 300 million, which could be a fact. But let’s not forget that India is a country where there are more than 1.2 billion people residing and therefore 300 million is approximately one fourth of the total population who have benefitted from the growth process.
A careful study has to be made to find out what are obstacles coming in the way for the benefits trickling down to the masses. Out of the above 300 million millionaires, some of these belong to family held businesses amassing huge amount of wealth. On one side we have strong 300 million people having access to big money, and on the other side, a good portion of the 900 million people do not have proper food or clothing or shelter or security or job or guarantee of a pension income. Some findings point out that though India believes in welfare state progress, many of the pragmatic welfare schemes are missing or are not properly trickling down to the underdeveloped segments of the population. Some experts believe that a new model for a country can bring in more satisfaction for the masses by achieving all around growth – this model is to keep the wages high instead of keeping it low, spur domestic demand for good and services and also park a portion of the country’s surpluses with a high consuming country like USA where exports can be targeted. A combination of these will ensure that the gap between the rich and the poor can be bridged smartly within a short period of time ensuring benefits trickling down to the masses faster. Therefore, it is time to analyse everything that is coming in the way of bridging the gap between the haves and have not’s and doing everything to ensure that the remaining 900 million plus population are brought to the mainstream at the shortest possible time through a proper timeframe. In other words, trickling down of the economic benefits to those who have been left behind should become a smooth sailing affair under fast mode approach – this should be the ultimate goal of the policy makers. Information Technology has been playing a very vital role in bridging this gap and therefore every attempt should be made to keep making rapid progress in this field.
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