Investment in the IT backbone of the country is essential, and now is as good a time as any to start building that. Indian IT services would gain, the Indian economy would gain, governance would be much improved, and as a consequence the Indian citizen would benefit in many different ways.

Consider inflation next. High commodity prices, including energy in the international markets, demand-supply mismatch in land markets and food sector, and government expenditures in excess of revenues were causing and sustaining inflation. Of these, international commodity prices will be sanguine with slowed world GDP growth, real estate prices have stabilised and may even fall, the government has built up decent foodgrain stocks (though vegetables and onions and such like may see some price rises). And ironically, high inflation appears to have helped government revenue collections.

There are many sectors that are on the anvil of a steep takeoff. Take the education sector, for instance. Back of the envelope calculations provide an indication. There are about 300 million children and youths in the 6-21 age group. Taking an average of one teacher per 20 pupils yields an overall employment potential of close to 15 million or 1.5 crore. Add another third for educational administration, and other complementary services and we have a number closer to two crores in employment potential.

There is enough human, financial and capital potential within the country and there is enough demand within our borders. In case of higher education, for instance, the domestic entrepreneur has already recognised this, hundreds of engineering colleges and professional institutes have opened up across the country in recent years, and there is scope for many more including vocational training and skill-improvement institutes (though most are on paper not-for profits, the reality is that the Indian entrepreneur has found innovative ways around regulations and tax disadvantages). Education is only one such sector, health care services is another, not to mention the great revolution that is coming with the spread of roads, communications, finance and education, in India’s agriculture sector.

... contd.