The analysts and the Indian Economic (IE) lover of the world offering must interest that IE is capable to continue its growth and also predict that it will continue its growth further. IE logs 7% growth in the first quarter, April/15 to June/15, in this fiscal year and this growth rate may even enhance up to 7.5%. Even some other observer views that India can make a space at this time of Chinese collapse.
As an Indian it is expected, the growth trend of IE may consistent for up-coming few years to keep India in the path of development. In this time like other citizen I am not looking the only positives of IE. Some corners are yet to be seriously considered for the balance growth and to strengthen the growth process further. Chinese Economy (CE) faces crisis after 30 years of its consistency which makes me thoughtful at this moment. Therefore, on thinking these corners, I like to focus on and analyse in support of better growth of IE. The corners I like to discuss are-
Agriculture section of India is still lame. The policy makers of IE are to account the suicide cases of the farmers seriously. Gradual enhance of the suicide cases reflects that primary sector of the IE has neglected seriously. With the concepts like “Make in India”, “Digital India”, “Skill India” and “Smart City” we are trying to create employment opportunity colorfully but the same target of creating employment opportunity is possible with some simple and small initiatives in the primary sector; the sector bears huge scope of employment and necessary factors of balanced growth of an economy, which has left out for consideration. It is not against the creation of job opportunity through the above said four modern concepts; I am against hindrance in creating job opportunities in primary sector and tertiary sector, skipping the considerable danger corners un-accounted, right now. To move in the path of development, even in the IT age, the primary and tertiary sector should not left, especially in IE context, because it is the stipulator of threshold speed or threshold push, which is extremely necessary for the unemployed India. We are in junction and to cross the bridge period, we cannot ignore of our hand. Till attaining the state of “Make in India”, “Digital India”, “Skill India” and “Smart City” we have to consume and thus the primary and tertiary sector of IE. For this state we should grab the primary and tertiary sector as it bears scope of huge jobs with some simple importance and modification in some of its treatment in ailment. Almost 31 crore unemployed of the young India are waiting just for a financial secure future for them. More jobs are necessary even successful continuation of “Make in India”, “Digital India”, “Skill India” and “SmartCity” and they are in the two sector. Primary sector should account seriously because for self sustained and developed India, self sustaining from food grain corner is also matter. Significantly our present instances of suicide cases of farmers are showing that we are preparing ourselves to jump to the step of industrial production or corporate world standing on our lame feet. For the successful jump we are to be fit and for this fitness, prosperity of primary and tertiary sector of IE is inevitable prerequisite. Trying to open more job opportunities in IE and simultaneously in agriculture sector with not considering the suicide of farmers seriously working to kill the job opportunities; it is not only self contradictory but also an intellectual jock. The instance of suicide case of farmer typically proves; we are ignoring the importance of agriculture sector. Thus we are harming our path from two corners (a) the primary sector becomes un-attractive for the job seekers of the nation, i.e. it will be stop its activity more, (b) the IE is becoming lame by weakening one of its feet, i.e. its consistence in the path of economic growth is just day dream. Least importance in agriculture negatively affects in its production, i.e. in the path of growing IE its dependency on other, regarding agricultural product assured. It is an intellectual decision while we start to walk with it.
The important matter is, I am asking importance on primary sector too. That does not mean that I am asking to provide subsidy to the farmers, loan exception, free supply of agricultural assistance like tractor, power tiller, seeds, chemicals, pesticides etc. I am just asking the profitable market mechanism for the agricultural products for the farmers so that they can maintain a stylish life as a farmer from its agricultural earning, that definitely encourage some of the new job seekers to be engaged in primary sector. The economists those who are thinking and working for the capitalist or for the corporate sector they should also think for the agricultural price mechanism and benefits of the farmers inevitably and seriously. The strategic managers of each business organization should also think for better earning source of the people of the economy to turn them into its consumers i.e. Consumer Creation (CC). Here a new concept of (CC) takes entry in to economics. It is IT age concept. The corporate business world is even lame without the upliftment of the persons of an economy in to consumer so peoples involved in the primary sector. Regarding India it is much important because till this date most of the people in India have been involving in the primary sector. Better health and earning of the primary sector definitely creates consumer and the peoples living with the primary sector, while comes forward as a consumer of a corporate product, the great unexplored side of market will open and thus scope of immense earning for the corporate world IE. Un-accounting this corner for its study and failure to turn it for its benefit is a great shortcoming of the capitalist or the corporate of the world right now. They are faiour because they are not in touché of the IT age thoughts.
It is surprising to say that the corporate sector should nothing to do with it, just to motivate the leaders of the government which is very easy task for them. If the corporate desire the leader of the government will definitely be motivated and the primary sector will definitely be emphasized; as such the peoples involved in the sector benefited. Benefits of the primary sector means are putting purchasing power in to the peoples of the primary sector. As such almost entire people will turn in to a customer of corporate product. This is a great CC for the corporate product. The corporate should account this concept of CC for its benefits because the competition among the corporate players makes its survivality risky day by day. On this single action (i) the politician will be gainer (ii) the corporate by CC can ensures profit earning scope and (iii) the economic growth will be stable consistently with real increase in per capita income of the people of India. Point I like to highlight that the corporate itself a great factor to ensure its profit making path through the politician with the aid of developing a profitable price mechanism of agricultural product. This is an IT age concept of corporate profit and has till this date left in accounting by the economists of the world. This concept is based on “to live let others also alive” of the Book “Economic Crisis of IT Age; A Strategic View” by Bhaskar Bordoloi, published in 2015.
Now the reason why the corporate should work for the agricultural price? First thing is the corporate for its market often incurs expenditure in the head of Price cut, Free on the same price, gift added to the product, advertisement of the product, engagement of brand ambassador of the product etc. Simple conclusion is corporate tries to attract the consumer; in more clear words it tries to attract the consumers of the market. From this conclusion another conclusion also derived- the consumers are limited. There is a tug-of-war among the corporate for them. To understand the concept it is important to know that a person is not equals a consumer. Till not gaining the purchasing power, the person never treated as a consumer. In IE also there are only a few consumers of the corporate despite of its 121 crore population. This entire population is not consumer. Almost 81 crore people are not the consumer of corporate product. With the agricultural price mechanism from it almost 40 crore people will turn into consumer and with the suitable wage policy this consumer may be another 10 crore. Thus in sum total approximately 90 crore people bears possibility of becoming consumer. With new 50 crore Created Consumer, the corporate profit surety expands to double. This is the safe mode of promoting consumer for profit. Instead this safe mode the corporate are pressing the government to go against the desire of the common people. As such they are to proceed with more risk of loss. Due to public protest i.e. non cooperation of the common people the government are also in threat. I like to highlight that without accounting the livelihood of the common poor people no corporate can expand its market therefore the profit. Forcefully going to market among the limited consumer with the help of government is an olden concept. It is the time to think from different direction for its profit. Stand with the common people, work for its financial betterment, approach with quality product, expand your business for financial security of the common people, turn them in to a consumer and than earn profit. These are the works of the corporate according to the IT age concept but all these are possible to successfully finish because the government after its formation started to works according to the corporate. This is not accepted by many of the economist but it is open secret. Common people on its financial security never hesitate to offer its land for industry; therefore there is no need of Land Acquisition Law for the government. There is a fear in our society that the capitalist never work and think for the betterment of the poor. Until and unless it removed or neutralise by some practical convincing efforts from the corporate or government both the class will clash even which is against the IT age thoughts. Practically none of the class can survive without other; none of the class benefited without the existence of another; none of the class can safe without the help of another. One is related to another reciprocally in almost entire respect.
hus the benefit of the common people is one face but in another face it is the benefit of the corporate and politician; I would like therefore to highlight it as an important and an inevitable activity of the corporate and government right now. My stand point is the survivality of the capitalist and corporate business organisation solely depends on selling of their product; the selling depends on the purchasing power of the people; for the purchasing power, the earning of the common people should increase and for earning of the common people, the primary and tertiary sector should turn into profitable sector. I have already described that it is possible to ensure with the suitable price mechanism and suitable wage policy. It is a simple task and initiative of the leaders of the nation with the help of the economists of it.
The above said concept of CC should not skip; for the earning of capitalist or corporate, production needs consumer, it is now a prime prerequisite of corporate survivality. One should not confuse because the people and the consumer are not same; the people only by purchasing a product become a consumer. India bears the second largest population in the world but this does not mean that it is the second largest market of the world. The Indians by diverting the purchasing power CC is possible easily; as such it can easily turn into a potential market for the capitalist as well as for the corporate of the world in to 2nd largest one. India can become a potential market for the capitalist or for the corporate if its entire population converted into consumer with the simple initiative of suitable price and wage mechanism in the economy. Without turning the Indian people in to a consumer the capitalist and the corporate are to face stiff competition. Chinese economic crisis teaches us that they produce huge volume of industrial product but they did not CC for those products, therefore they face loss and hurt the world economy. Without potential CC mechanism and management, production turns into a loss making mechanism for the producer. Better produce in the country than for selling there.
For the economists of the world, I would like to say that the business strategy had changed; producing a differentiate product, approaching the consumer with attractive add is not enough business strategy right now. Time has changed; it is IT age, therefore CC or suitable strategy related to it should also adopt, i.e. a good business strategy should be tied with CC mechanism too. Current day production mechanism should therefore also be designed to enhance the purchasing power of the consumer. Advertisement promotes selling of a product; it is an olden concept of business; here the consumer motivates only, there is no any scope of CC. No CC means, tug of war among the differentiate product or business organisations. This tug of war cannot provide a healthy business empire to any capitalist or to any individual corporate.
Now the important matter is CC. Right now the government can help the corporate or the capitalist to CC for them. In the world, entire government of all countries influenced by the corporate or by the capitalist. To protect the corporate or the capitalist, the government can develop policy to turn the existing people in to a consumer i.e. the people involving in the primary and tertiary sector must convert into a consumer; the agricultural price mechanism and wage policy can easily turns most of the people of the country economically sound and such a consumer. There is nothing to worry for the corporate or for the capitalist regarding, because for CC is inevitable. They cannot CC directly, but by influencing the Government easily. Without adopting this new idea into the Strategic Management concepts, the survivality of the corporate or of the capitalist in the competition will be very painful and expensive. In the new economic program of the government, as per the world treaty like GAAT, the government is in bound to perform the duty of CC if the corporate or the capitalist desire. Therefore in India, a suitable price mechanism and wage policy the government CC better. In much simple words, suitable price mechanism of agricultural product and rational wage structure, government can pull up the people of primary and Tertiary sector in to a higher economic status with more purchasing power and that can directly help the corporate or the capitalist in their business. Again in more clear word, government can change the business game of the corporate world.
It is more interesting to note that in such mechanism there is no chance of arising China like economic crisis where there is huge product of no consumer. There is another new lesson for the new business world that the concept likes “supply creates its own demand” is obsolete at present. Supply is nothing but the production therefore supply=production; now in the real world without Creating Consumer, making supply or producing product means economic crisis. Frankly speaking, without Creating Consumer through suitable price mechanism of agricultural product in primary sector and rational wage structure in Tertiary sector, initiating production in India through Make in India, through digital India, smart city and skill India; India is going towards economic crisis in the coming days like China. India is deciding Make in India, digital India, smart city and skill India for production but the farmers are committing suicide and the labours are initiating strike for wage structure both force will hurt the economy seriously early.
It should be accounted with great value that the people of India may be potential consumer for the corporate world. The condition is that they should gain purchasing power. Through the concept like Make in India, Digital India, Smart City and Skill India some percentage of Indian population are going to become consumer because they will got job and will earn money in these mechanism. But it is very little section of the Indian population, specifically the technologically literate youths. In general in primary sector and in Tertiary sector, almost entire people of India will not be Consumer. The corporate world will not be benefited as their expectation. It is the time to decide for the corporate world to turn Indian people into its consumer. To do so they should motivate the leaders of India to formulate policy with the help of economist, for deciding suitable price for agricultural product and rational wage structure. It will make India an economic crisis proof and a balanced economy. It will generate scope of employment in large scale and will create possibilities for the Indian economy to become world leader early.
Time is now in favour of the concept of Self Sustaining Policy (SSP), corporate should know it better for its assured profit. Either to stand or to walk, one should build its own base and support; strength and sustainability. The same truth is also applicable for the corporate world even. They should start business with its own product, on quality of its product, on the consumer of its product and on own market mechanism. Now the time is, create your own Consumer to earn for long time. Therefore it is inevitable for everyone, to effort collectively, so that India may be potential market for you all, simply put a pressure on the government for suitable agricultural price mechanism and rational wage structure to pull up the entire population of Primary and Tertiary sector in to the step of consumer because they are Potential Consumer. It will add base, support, strength and sustainability to each corporate firm.
Amazingly it is to say that, right now, in the line of western thoughts, the Indian peoples are also feeling interest in Real Estate Business as well as in Information Technology Sector. But enhancing cases of suicide among the farmers, interest of engaging in primary sector reduces. These are the dying sells of Indian economy. We should not forget that Chinese economy becomes cause of a huge single day crisis of the world economy due to the intensive emphasized on Real Estate Business as well as in Information Technology Sector and industrial production. With the concepts like Make in India, Digital India, Smart City and Skill India; leaving the farmer to committed suicide and labours to strike we are walking in the Chinese line but the mode is separate. The danger of economic crisis is possible to turn into ineffective in India, if its policy become success to turn the people of primary and tertiary sector in to its consumer.
Till this date in the path of economic history, an economy has developed its four feet or four pillars like- primary sector i.e. agricultural sector, secondary sector i.e. industrial sector, Tertiary sector i.e. infrastructure and construction sector and IT sector i.e. technology and digital sector. These are the four pillars or the four corners to balance an economy in the path of its growth. Excessive growth of one or more corners and excessive ignoring one or more corner should not allowed on any cost. In the four pillars or four corners there are two groups of people i.e. rich and poor. The four pillars or four corners are reciprocally connected, related and dependent to each other; likewise both the class of people rich and poor reciprocally connected, related and dependent to each other. Most of the poor are in primary and tertiary sector, they are the “Capital Booster” (as labour in industry and construction sector) and Profit Provider (as Consumer). If they are neglected the capital formation obviously hampered and sells of business adversely affected. Therefore the prestigious evaluation of these peoples are inevitable for the capitalist or for the corporate. At least for own benefits the capitalist or the corporate should work right now (a) as an employer (b) defending force for the safety of the poor through political mechanism (c) path finder from poor to an economically sound state.
The concepts explained here in the writing bring from the light of the book “Economic Crisis of IT Age, a strategic view” by Bhaskar Bordoloi. These explanation have made with the support of its concept named “Rational Level of Exploitation”, “Reciprocal dependency of Capitalist and the Poor” and the “Game Theory of IT Age”.
We are to know the strategy with reference to its time. Against the crisis of IT age we need the strategy of IT age. The strategy of CC and the strategy of Consistent Economic Growth (CEG) are depending on some realistic thoughts; right now to survive in the competitive world a capitalist should caution not only in producing its product but also on CC. Advertisement attracts the customers but attracting a customer and creating a consumer are different; creating a consumer is the best concept for its consistent profit earning mechanism. Initiative regarding the CC is the best policy for the corporate of the time and it can provide economic crisis proof state and a consistent profit earning path to the corporate. As such India can become a profitable market for the entire capitalist of the globe. India can create space for its own growth even if a right lesson concludes from it.
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