A society makes progress only when its people come together in a consultative manner and work collectively to achieve the common goal - a country progresses and brings in peace and prosperity. It is necessary that we create an atmosphere for people to converge and ideate to bring value to the society. This is a very first attribute of a smart city. All over the world, people migrate from rural to urban areas in search of livelihood. Our objective is not only to create jobs but also improve the quality of life.
Wide fluctuations and sharp revisions in macro-economic data like GDP, industrial output and inflation raises questions over the credibility of these numbers. In the past couple of years there have been sharp and multiple revisions in economic growth, industrial output, foreign trade and inflation data. Moreover, a wide fluctuation in these data on month-on-month or quarter-on-quarter basis has dented the credibility.
While the entire world is watching how Prime Minister Narendra Modi is courting Chinese President Xi Jinping along the ghats of Sabarmati, India has quietly implemented a high-decibel diesel price reform that will help in narrow the twin deficits -- fiscal and current account -- and may improve India's sovereign rating.
One of the major pending economic reforms in India is related to the process and management of expenditure. The government has appointed a panel called Expenditure Management Commission under the chairmanship of former Reserve Bank of India (RBI) governor Bimal Jalan to look into the various aspects of expenditure reforms and suggest ways to improve fiscal discipline.
Good governance is inseparably married to responsible citizenry. We have the right to expect everything in order; but it is also equally, if not more, important to do our bit in this marriage. First and foremost, the victims of the catastrophic floods in Jammu and Kashmir need succour, relief. For months, if not years, after this, we are going to sit and analyse how and why the water got to such devastating levels.
India has really been unlucky as severe natural disasters strike at regular intervals in one part or another, taking huge toll on lives and loss of properties.
Last year, it was in Uttarakhand. Devastating flood and landslide caused huge loss of properties and lives. Over 5,000 people lost their lives and properties worth over Rs 3,500 crore were damaged in the state.
When the euphoria of financial inclusion is at its peak, growing defaults by big businesses have brought the focus back on the alarming situation of the Indian banks balance sheets. Declaration of liquor baron Vijay Mallya as a "wilful defaulter" by United Bank of India highlights the growing stress among the banks.