Where have all wealth gone

May 8, 2014 | Posted by bobbysrinivasan << back to blog

In today’s paper it is reported that the net worth of Mr. Bill Gates has reached 80 billion dollars. If we compare our foreign exchange reserves of 309 billion dollars, we will realize that the wealth of Bill Gates is almost 25% of the reserves. Even the 309 billion includes mostly borrowed and temporary money from the FII and through external commercial borrowing. It is a very sad state of an economy that had the potential to be one of the richest countries in the world.

In the last 10 years, nearly 100 lakh crores of money has been spent by the government, most of which has disappeared. Continuous stream of scams in coal, 2G, etc have all eaten away a significant amount of this money. Besides, money taken illegally out of the country to be kept in Swizz bank has deprived of our economic development. This trend should not continue. The mobilized savings in the economy along with the money the government plan to spend should be allocated to such economic activities which will increase our GDP growth rate. We only need to look at China’s development since 1976. In the last 40 years, China has become the second richest country in the world with the possibility of becoming the richest country in the world in the years to come.

Where have we gone wrong? There is no channel to check how money is spent in our country. All the political parties desire to come to power not necessarily to serve the country but to achieve their own economic objectives. Their models have benefited some groups of people while leaving behind a vast majority of people who received nothing as their share. When an individual identifies themselves with the country he should feel proud to be part of it. He should have equal chance to participate in the growth of the economy.

It is the responsibility of the new government to utilize the resources that are available to the best possible use and achieve an economic growth with the view to share it among all its citizens. India belongs to all its citizens. There cannot be any discrimination in this regard. Let us work together, achieve highest economic growth possible and find a fair way to share it among ourselves. This must be the wish of every Indian, be young or old. There is no reason why we should be a poor country and we are sure if all our resources are fully and properly utilized we will achieve a phenominal growth which will be the envy of others.

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