HERE was a time not so long ago, when looking at the Indian story from abroad, one felt optimistic and joyful because at last the reportage had moved beyond the familiar tales of poverty and corruption. Suddenly India was a feel good investment destination, full of Bollywood-type dreams which actually came true. The climax of that romance with India was perhaps when “Slumdog Millionaire” swept the Oscars and everyone, teary eyed, danced to Rehman’s Jai ho!It was a time when it seemed that most journalists reporting for foreign newspapers wore rose-coloured spectacles about India — and in fact, it was astonishing how so much of the prevailing poverty, joblessness and gender violence often escaped their notice completely. When a country is showing good GDP numbers, it seems many sins are forgiven!
India no longer enthrals. |
These days, alas, the view from abroad is quite different. In New York and Washington for the past few days, all one reads about India are negative tales — among them the recent coverage of the Delhi rape case judgment. The recap of that story itself is enough to scare the most besotted Indophiles, and almost every other day there are other news items regarding the gloomy economic and investment climate. There is little doubt India is no longer the flavour of the season. But while the media seems to have lost faith and no longer posts “feel good” stories, even the usually loyal NRIs are displaying a real sense of impatience and anger.
Despair is writ large, though many voice the hope that perhaps the looming elections might sort out the current mess the country appears to be in. The NRIs are normally a vociferous lot, but it was still shocking to hear some of the rumours about the ruling elite which are now doing the rounds even among those who are not politically connected. Why did the India story go so badly wrong? Not so long ago this community was basking in reflected glory, pushing the India story ahead proudly. Now they would rather not speak about it at all.
Perhaps instead of unleashing all kinds of advertisements in India talking about their achievements in the last 10 years, the UPA government would do well to undertake some image correction abroad as well.
Many of the recently proposed government measures are not helping to lift spirits either. Even so-called positive moves, such as the compulsory Corporate Social Responsibility (CSR) investment that corporates may now have to make, are being viewed with cynicism. In fact, these measures, along with the recent land acquisition Bill, are touted as investment unfriendly, and as examples of constant government meddling in corporate affairs, reminiscent of the license-quota raj.
The common argument abroad is that the government is not interested in tackling corruption and the huge black money problem, and instead it tends to target only those people who are honestly earning a living and contributing towards the legitimate wealth of the country.
Of course CSR is essential, but under the new law, private corporates, both Indian and foreign, will have to invest 2 per cent of their profits once these cross $78 million.
The CSR will be monitored by the government. Can this be helpful at all — and should companies be forced to invest a certain amount of their wealth towards charity? Or will this lead to corruption and cover up? The view also is one of worry and concern that the investment landscape in India is constantly shifting.
The NRIs also have another troubling concern that the unaccounted black money in the Indian system is growing all the time—and no effort is being made to mop it up for social philanthropy.
Questions are also being raised on the burgeoning and often inexplicably bountiful wealth of politicians — why is there no attempt to curtail that, and channelise it for altruistic purposes? And then there is a huge question mark over government wastefulness. This is both regarding the size of the government as well as the various social welfare schemes that it has launched with great fanfare earlier in the year.
Could some of that money (most of which definitely will not reach the intended beneficiary) not have been used for providing more schools, hospitals or any other CSR schemes the corporates will now have to launch if they want to do business in India.
Of course, India is at the bottom of the World Giving Index — it was 133 out of 160 countries and it needs to do better. But if investment is scared off through these measures which enforce altruism — can they lead to an improved situation? And should these measures have been brought in earlier?
But in an election year, anything can be expected. But the scepticism about it all continues to mount.
