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Vinit Bolinjkar
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Head of Research Equities at Ventura Securities Ltd, Researcher in oil, precious metals & Equity Derivatives. Equity researcher with strong skill set to identify multi bagger ideas and spot industry trends early. Proficient in NEoWave Analysis for forecasting market trends.
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  • Reforming India Is A Piece Of Cake. Dont Believe Me. Ask SEBI 0 comments
    Aug 21, 2014 6:33 AM

    Transforming India Overnight is Possible

    This post has been inspired from the works of ex SEBI Chairman C.B. Bhave My Experiments with Truth: Indian Capital Markets for the CFO Institutecfoinstitute.com).

    In a 1998 study conducted by the magazine Global Custodian, the Indian Settlement System was ranked the worst among a study of 80 markets. Ironically the same magazine in 2001, in just a span of 3 years rated it among the top 10 globally. (Read SEBI's Case Study Report Dematerialization: A Silent Revolution In the Indian Capital Markets)

    India Can Transform

    This glaring example clearly shows that all hope is not lost and that it is possible to turn around a bureaucratically laden country like India. However first a strong resolve to bring about change is what is required. Followed by a well thought out plan of action and implementation. And finally, transparency & monitoring systems to track the progress of reform.

    Thought Leadership and Will to do good are most required

    Of all the above without strong resolve and an equally determined and passionately charged leader or project manager it is not possible to reform successfully. During the previous UPA regime laudable ideas and fancy projects were announced. Be it the Direct Tax Code (DTC) or Cash Transfer of Subsidy or any other economic decision - none were carried out to fruition due to extensive meddling and weak leadership.

    It is this weak leadership, in a country like ours where influential people get regulations tweaked to their benefit, is the reason that not much gets done and its citizens despair. Often gargantuan proportions of the challenges at hand like vastness of India, its billion plus population and infrastructure hurdles are cited as impediments to successful implementation.

    Where vested interests are concerned things align almost magically

    Yet when interests of the super rich and powerful are concerned suddenly all these challenges become like minor stumblers in the way.

    Not convinced then explain to me how elections in the world's largest democracy are held flawlessly and without major eventualities. Or consider the case of mobile penetration. Our PM ironically in his Independence Day speech mentioned that people do not have bank accounts but have mobile phones. Want still more proof; then consider the Delhi Metro service which was put in place in record time on the anvil of the Commonwealth Games. And in current circumstances we cannot even get minor potholes filled.

    So when interest is paramount the way will follow. In the same way having a strong leadership at the Centre that is pro growth and has the interest of people in mind will find ways to ensure that economic development will take place in our country. This is what separates Mr Modi from P. Chidambaram.

    I remember distinctly when PC presented his final budget how defensive he was in describing the weak economic situation. Coming to power, given this same economy, Modi has managed to change to the situation from a mood of despondency to one of hopes for reaching the skies. All this with his ability to strive and do his bit.

    We already have a good leader at the helm in Modi

    The first budget of the Modi government did not have much to offer on the surface. But digging deeper it dawned that much work and creative thought had gone into framing theUnion Budget of 2014-15 . Markets rewarded this plan of action by taking the Nifty Index close to 8,000 levels and optimistic reports of 10,000+ in the medium term abound.

    So in a span of 3 months, between the time PC presented his despondent budget and Modi presented his Budget of Hope, nothing tangible changed. Except the fact that a determined leadership with a will to act replaced a clueless regime.

    And this strong leadership with a record for delivery (read the economic growth of Gujarat) is now firmly in place with a majority mandate and the blessings of the people.

    Suddenly Transformation of India is a Possibility

    And now the possibility of having a toilet in every home across the country is no longer wishful thinking. With one stroke of the mighty pen bureaucratic wrangles like notarization of documents has given way to self attestation and many such measures are expected to follow.

    A Clean India Movement would never have been considered in the closed doors of Parliament and to think that it would be taken up as part of the Independence Day speech would have been a pipe dream. But here it was presented & on the very D-day.

    Transformation of our own individual lives is also possible

    My contention in stating the stated is not to sound good but to learn from these events and innovate to implement them in our lives in every way possible. So for example can the local governments fine diners for leaving food on their plates? (it is being done in Germany)

    Similarly can we fine individuals for wasting water?

    Can we make it mandatory for each housing society in the country to implement rainwater harvesting projects and overhead solar electricity panels? It would go a long way in conserving scarce water & energy resources. Similarly can we implement bio-gas and effluent treatment projects with an iron will? It would go down very well with the cleaning up of our rivers and coastline.

    Finally what is stopping the judiciary from appointing judges, increasing the number of trial courts and putting deadlines on winding up of court cases. Or taking up the much needed Police Reforms?

    Just get good leaders in place

    All of these require a good leadership and implementation. We have a good leader already at the helm. Then why not people like Ashok Khemka, C.B. Bhave, Kiran Bedi and other lesser known but bureaucrats of tall standing and repute be given the responsibility of leading teams to expedite the resolution of issues that have been plaguing the country for the last 68 years.

    Transformation can happen overnight

    As has been shown in the above successful instances, transforming and reforming India does not need another 68 years or months. It can be done in 68 days. All we need is a disruptive way of thinking & networking under a strong leadership. Maybe C.B. Bhave can be at the helm of a team of such teams and we would have experienced personnel to take on the power lobbies and their vested interests.

    How can we help you in your transformation

    So what are the issues that have been plaguing you in your personal , business or societal life? How do you intend to transform your current situation for success? Let us know in the comments below.

    You can even use this form to highlight problems to which you do not have solutions. And maybe we can help you in our own small way. (this is the best way to use these social networks).

    I would love to help you and really do care for you. Cause you are awesome!

    The Time to Act is Now

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