Create more wealth inside India.

An article by a leading industrialist of India gives a clarion call to transform India into a manufacturing hub by listing all the actions that have to be taken by the government. Manufacturing constitutes only 15% of our GDP as against 34% for China, 31% for Korea and 22% for Germany. Apparently according to the World Bank India is 142nd out of 189 countries in the " Ease of doing business ", 179th in the " Ease of starting a Business " and 186th in " Access to electricity ". The article demands less regulations, better infrastructure and better training of young people. Blah, blah. We know all that. What is missing is what industrialists should do to improve manufacturing in India. India has 100 dollar billionaires, 1 billion being 100 crores. They are citizens of this nation and have earned their wealth from here so surely they have some responsibility towards their motherland? After all even with all the hurdles India boasts the largest oil refinery in the world at Jamnagar and Hindalco is the largest aluminium rolling factory in the world. Our pharma companies are very adept at reverse engineering expensive drugs which are still under patent protection but choose to import from China 80% of active ingredients of medicines sold here. The sad truth is that industrialists have happily grown wealthy through a system of crony capitalism in which they were active partners for 67 years. They paid election expenses of political parties so that whoever won the status quo would be maintained. Mobile phone numbers were made portable in 2011 but we are still paying roaming charges. Why? Our car manufacturers have refused to install minimum ' safety features ' because that will increase prices and may reduce sales. Companies hide key information from investors, which maybe one reason why retail investors avoid investing in shares. Companies have taken huge amounts of loans from public sector banks with the deliberate intention of defaulting on them. Here is what the Governor of the Reserve Bank had to say recently," In India, too many large borrowers insist on their divine right to stay in control despite their unwillingness to put in new money. The firm and its many workers, as well as past bank loans, are hostages in this game of chicken - the promoter threatens to run the enterprise into the ground unless the government, banks and regulators make concessions necessary to keep it alive. And, if the enterprise regains health the promoter retains all the upside, forgetting the help he received from the government or the banks; after all, banks should be happy they got some of the money back." Pretty devastating, what? Wealth gives enormous power. Grow rich with us and not on us.