PM has expanded and reshuffled the portfolio of some ministers. Induction of Manohar Parrikar in defense, Suresh Prabhu in Railways and Jayant Sinha in finance is welcome.
It is widely expected that these people will shake-up and shape-up our economy. Defense and Railways are waiting too long for modernization. It is expected that they will involve the local institutions for improving the technology rather than just importing it. After initial thirst on indigenous developments after independence, we have fallen too much on imports. Indigenous technology not just save on foreign exchange, it also improves the research infrastructure. We are capable of building world's best satellites, but are dependent on others for artillery. Similarly, it is long back, when we raised the average speed of our rails. IITs, NITs and IIMs be involved in decision making for creating world-class capabilities in defense and railways. With professionals like Parrikar and Prabhu at the helm, we have every right to hope.
Similary, Jayant Sinha with his international experience can advise ways to remove hurdles for new business ventures. We need to move away from subsidy regime to facilitating regime. A move suggested once by our RBI Governor about a trading platform for commercial bills of large corporates be made real. This will bring the transparency in the payment system of corporates, apart allowing the working capital support to MSMEs.
It is widely expected that these people will shake-up and shape-up our economy. Defense and Railways are waiting too long for modernization. It is expected that they will involve the local institutions for improving the technology rather than just importing it. After initial thirst on indigenous developments after independence, we have fallen too much on imports. Indigenous technology not just save on foreign exchange, it also improves the research infrastructure. We are capable of building world's best satellites, but are dependent on others for artillery. Similarly, it is long back, when we raised the average speed of our rails. IITs, NITs and IIMs be involved in decision making for creating world-class capabilities in defense and railways. With professionals like Parrikar and Prabhu at the helm, we have every right to hope.
Similary, Jayant Sinha with his international experience can advise ways to remove hurdles for new business ventures. We need to move away from subsidy regime to facilitating regime. A move suggested once by our RBI Governor about a trading platform for commercial bills of large corporates be made real. This will bring the transparency in the payment system of corporates, apart allowing the working capital support to MSMEs.
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