|| SHANIWAR SAMWAD || 03-09-2022

 Better late than never, it is true for everyone. Since 1991, when we opened up our economy to the world, the situation was there not the mindset of ours.

The earlier regime was for only those who had access to the system. 

The system opened up with shock but it worked for us very well with the old practice of Jugad and here system was and with elite one, as they have access to the system.

The level of transparency was nearly nill. In the last 8 odd years, we have done major surgery in each segment of the system, as our system was on verge of collapse with non-stopped favor to near and dear ones.

Since 2015, we started cleaning the banking system as legacy NPA with new ones getting added to it. After several restructuring and other solutions, it remained sticky.

The system cleaning process started at the upper level with the freedom given to PSU banks for disbursal of loans as per policy and merit of the project, prompt corrective action was taken and banks started to clean their books along with provisions required as per norms.

We are fortunate that ILFS occurred prior to covid 19. The system got stuck in a financial squeeze which reduced our growth but it led to increased our transparency and when we came out of lock down the financial system was able to withstand the shock due to the moratorium.

If we see the world over only this much transparency is in the US where we know the health of the system vis-a-vis other developed countries including China where the system is totally opaque and excessively controlled by the government.

The legacy of problems that once allowed to continue for a long time causes the deterioration or failure or collapse of the system.

Also, being late we took the decision which is required as per requirement of our people instead of copy paste from the western world, which is grappling with altogether different problems in which legacy issues play a major role.

The pandemic has changed the world forever, now, whether the old regime is good or best is not questioned but it has to be changed for the future. As most of the developed world is a welfare state which has issues with civil rights, citizens are protesting the changes their respective government wants to change as they are used to it.

Again, late is better than never we are struggling to feed the huge population with dignified life to each, our case is simple in comparison to theirs.

Our efforts to correct the system for 8 long years with full patience are giving us desired results which will make our life simple.

The system is for citizens of the respective countries. We are changing it with our old traditional best practices with forward-looking. The most important aspect of our changes is that our government is getting the support of everyone, as the pandemic has changed not only the world but every single human life on the earth.

The way forward is to keep changing the system with the need of hours and move forward.