Public mistrust of our institutions of political parties, government and big business is the root cause of policy log jam, according to Arun Maira, member of the Planning Commission.
Delivering the third convocation address at The ICFAI Foundation for Higher Education University here on Friday, Maira said growing mistrust was leading more people to protest and prevent changes in policies proposed by government and advocated by business.
"The message is clear. Institutions of government, political parties and business must be reformed," he said.
Stating that the Indian political landscape was churning, he said parties of left, right and centre were maneuvering for elected space. "Therefore, I ask, could India provide the bridge between free-market capitalism and democracy?"
As we march into the 21st Century, Maira said the challenge before us was to make capitalism and economics our tools, rather than human beings becoming their tools.
Incidentally, prior to joining the Planning Commission, Maira was chairman of The Boston Consulting Group in India. He has also worked for 25 years in the Tata group in senior management and board positions.
Emphasising that India must become an inclusive economy, he advocated against giving handouts. "I humbly submit that genuine inclusion is not achieved by handouts and by redistribution. In fact, handing out and charity reinforce the idea of exclusion," he said.
According to Maira, just as institutions of government must be reformed to create an inclusive democracy, institutions of business must be reformed to create an inclusive economy. Therefore, businesses must be not only For the People. They must also be By the People and Of the People.
According to his vision, Maira said, "India, which is a country of over a billion democrats, will also be a country of hundreds of millions of capitalists."
