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Letters: Manufacture and grow

Business Standard  |  New Delhi 

This refers to the editorial "Bellwether of distress" (June 17). A lot has been written about the recent upsurge, or the lack of it, in the economy. While aspersions can't be cast on the noble intentions of the government, a lot still needs to be done.

Taking the example of the banking industry, it is only apparent that the Reserve Bank of India (RBI) has been kosher in issuing the guidelines to the banks for taking over the ownership of defaulters. Herein, the RBI and the government seem to be on the same page.

The lower and middle class people of India need to see concrete results before they can be fed with another dose of optimism in garb of new welfare schemes. The actual implementation and monitoring of 'Make in India' or rather 'Make for India' (as suggested by Raghuram Rajan) can uplift the economy. The manufacturing sector has the wherewithal to lift the economy from the doldrums. Boosting manufacturing leads to more job creation than boosting the tertiary sector/knowledge economy.

The growing divide between the rich and poor can only be abridged if the authorities focus on less number of schemes and see their implementation to perfection. The Narendra Modi government has been commendable in simplifying the regulatory hurdles, but that's just a part of it.

Vikash Sharma New Delhi

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First Published: Wed, June 17 2015. 21:03 IST