By- Er.Rajesh Pathak
According to western concept that along with the Pope, the king was held to be the owner of the land, and the representative of God as also . But in Indian doctrine the king is considered to be just a share-holder of 1/6th part of the total produce of the land. It is what mentioned in ‘Arthashastra’ written by Chankaya , which is the oldest treatise of the world on the economics. And where ingrained are the moral and spiritual aspects of life, along with the generation of wealth. Contrary to the Marxism , the ‘commerce’ and ‘profit’ are not bad, but the bedrock of prosperous and happy life of an individual and society at large , according to it . The political class who nurses grudges against business community should know that not without ability, skill, labor and without taking risk inbuilt in the business that one can’t possess wealth . Therefore , in Diwali the worship of account and bill book, to be popularly called ‘Vahi –pooja’ at local level ; likewise , the worship of tools and other stuffs being used in concerning business enterprise on the occasion of Vishwkarma Jyanti is reflexive of the merit designated to entrepreneurship in Indian system of thought. (Refer, ‘The made in India managers’: By R Gopalkrishnan and Ranjan Banerjee )
Inauguration of a new enterprise being ingrained with particular auspicious day with according to the astrological based teethi or date, followed by the religious rituals of chanting mantras, breaking of coconut and such other is further indicative of sanctity offered to business by dharma. Supply begins to work, when demand gears up. This principle of economic activities has long back inspired our ancestors to make the provision of flurry of religious festivals and associated pilgrimages and other activities like taking dip in the river. This drives the people go out of the home and spending money, creating surge in demands thereof in the market.
Rig-Veda says that- ‘O wealthless, beautiless and ever troublesome poverty ! Go to the remote hill. Or else with all our might we will bring your destruction!’ [Rigveda-10,155,1]. Obviously, no amount of dreaming or imagination alone can keep the poverty away from us. It is through efforts and display of skill it could be subjugated, prosperity could be won for us—and that is what the hymn wants to expound. Today whom country knows as wealthy or billionaires of the country -such as Mahindra Kotak; Ambani; Adani ; TATA and other business houses – how they serve the country that can’t get to be fathomable without getting into some finer aspects of global-commerce.
In the economy of any country the balance of payment is computed on the basis of current and capital account. Total net export-import of goods and services ; transfer payments through NRI’ s remittances, along with grants and gifts make up current account. On the other side capital account composed of FII , FPI, FDI , external borrowings and external assistance . In the trade of goods and services it is the private entrepreneurs and industrialists that have far greater role to play, whereas Government sectors have far little. However due to sheer ignorance the critics indulge in harming the image of private players from India having vital role in the commerce of the world.
In 2019 in US the per-capita income of Indian -Americans was 1,10,026 dollars; while that of white -Americans was almost half, 61,349 dollars. The total remittances came from them all working abroad to India in the year 2023 was 120 billion dollars, double from China. Of them the contribution of those who are engaged in their own private enterprises is the biggest . Actually, the nature of private –sector requires to be understood in its entirety if the ignorance regarding it to be avoided . Take a look at the SEZ (Special economic zone) built in the country. In 2020 government had approved 432 proposals for SEZs , out of them 231 are operational. Now they have 21% share in India’s total exports, with having created 17.11 lakh employment. (Indian Economy: Ramesh Singh)
