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While there is a perception that jobs are ‘under threat’, in reality they are not. The Indian growth story is intact as aspiration levels are still high, according to Rajiv Ramaswamy, Director, Sreevatsa Real Estates (P) Ltd, Coimbatore.
He said unlike many pessimists, he was ‘extremely optimistic about India’ and the large Indian population, once berated, has now become an asset.
Speaking on Thursday at the inaugural function of Business Line Club at the Happy Valley B-School, Veerapanur near here, sponsored by the Thoothukudi-based Tamilnad Mercantile Bank Ltd (TMB), he said there was a ‘very good internal demand’ as Indians aspire to buy cars, houses and want to lead a better life.
He said most of the Indian companies ‘are doing well’, the ‘ethics is very strong’ and the country's banking system was ‘great’. While they do have a problem, ‘they did not get into cheating people’. It was the high inflation that was preventing people from spending.
Employment schemes
He suggested that the Government should dovetail projects like National Rural Employment Guarantee scheme with the local industrial activity so that manpower shortage does not pinch the industries in the region. He said the scheme ‘doesn't work well for the economy in Coimbatore’ since the industries in the region required workforce.
He said the job scheme might be needed in interior regions where there was not much industrial activity. The Coimbatore District Small Industries Association (Codissia) had suggested in a memo to the Prime Minister that the scheme could be linked to the industry. While the companies would pay Rs 200 /day as salary, the Government could pay Rs 65 so that the workers earned Rs 265 as wages. But a response is still awaited.
Rajiv Ramaswamy said there was a huge skill gap in the country, which needed people in administration and management. Agriculture/food security is ‘neglected’ in India and none seem willing to touch it. But if the students saw an opportunity, they should grab it as anyone who is into agriculture ‘will do well’ as the country needs food.
Need to demystify economics
He said economics must be a ‘science for well-being of society, not for high-sounding terminologies’. During the economic meltdown in the 2008-10 it was the management graduates who came under fire because people did not understand the jargon that was used to describe their decisions. If people don’t decipher these terminologies into something that we can work with, where we see value, it doesn’t make sense.
Ramaswamy said ‘inequalities cannot be removed by free money’ and it is ‘simply not possible’ to uplift someone by giving money. The person should have an ‘innate interest to do better than what he did yesterday’. While some sections of society still needed to be helped out, a major part of what runs the economy does not need this support any more and it should be slowly phased out.
S. S. Subramanian, Branch Head, TMB, Big Bazaar St. branch, Coimbatore and C. Kanagaraj, Director of Happy Valley B-School, spoke.
> yegya.narayanan@thehindu.co.in
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