Let's go local: The RBI owns 35 lakh crore worth of US govt bonds. They own just 10 lakh cr. of Indian govt bonds. Our own central bank won't go local?
Let's go local: Our RBI's gold isn't even located in India, mostly. Even Germany and Russia have repatriated their gold over years. Why can't we go local with our central bank's gold?
Let's go local: We barely buy any defense equipment from Indian manufacturers. Give them subsidies to build more here, create jobs and ensure security.
Let's go local: The income tax law says if you get investment from abroad, no #AngelTax but if you get it from local, we can slap you with a notice. Ditch "startups" - this is for any company. Let's go local here?
Our exporters refuse to sell the best stuff locally because you give them export subsidies like in textiles. So we import leather jackets with foreign names, but they could easily be made here. Don't subsidize exports where local demand is big.
We hate our own companies. Reliance is a bad boy. But Amazon is good. Why? This is really not necessary - Reliance has stood up to everyone and yet, they are called nasty names. There should be official praise of the local folks, if you want us to get local.
If we really want to go local - we should get other people to buy our rupee. We didn't even let Iran use it to trade with other countries, others who unofficially have enough to trade with each other. Make it fully convertible, and what's a better time than now?
An important thing about going local: Cut interest rates. Get the Central bank to buy govt bond, high grade corp debt etc. Cut Post office deposit rates, and get state banks to cut. You can't compete at these rates.
Also: Use our waterways. Create much more passenger and cargo laden ships and ferries between our towns using the sea. Free the seas. Subsidize if needed, let the ships be built here after a few years of imports.
We know that countries like China offer duty drawbacks. We should tax those products to offset, that the manufacturer would rather set up here, a local unit of sorts.
Then, a few enterprising employees will set up their own companies to compete. We did it with car parts.
Then, a few enterprising employees will set up their own companies to compete. We did it with car parts.
Break up the IAS. Sorry but we also need industry insiders to run certain government sections (RBI, Finmin, commerce min etc). Don't leave this only to a bureaucracy - to do that, you have to delink from the IAS.
We need much more judicial presence - courts, judges etc. Please use this majority to reduce the time to justice. That will help even with industrial battles, and going local and all that.
I think I'm done for now. But I could go on. With specifics. But that's for another time.
I'd like to be where our products are desired globally. We shouldn't go local by diktat. But we should give ourselves a level playing field at least.
I'd like to be where our products are desired globally. We shouldn't go local by diktat. But we should give ourselves a level playing field at least.
