Post-Independence, the Indian economy has moved through major upheavals, if not a roller-coaster ride. The industrial growth and diversification process has broadly moved through four phases, namely the phase of building up a strong industrial base followed by industrial deceleration and structural retrogression, corrected by the phase of industrial recovery and then the new era of economic liberalisation. What next? After having touched a GDP growth rate of close to 10% and a peak of economic development, it?s time to enter the phase of maturity at the level of industry, polity, bureaucracy and the populace of this nation. Such maturity will be marked by an intelligent understanding of the nation?s problems; selfless empathy for the have-nots and a strong desire to give back to the nation that has given us so much. The manifestation of this new phase is in the growing sense of ethicality, corporate social responsibility and general awareness among the new cadre of business managers. And education as such, especially management education, stands in an advantageous position to usher in the new phase of ethicality through inculcating high values among the youth.

This is not just wishful thinking. The ?green shoots? of such maturity are evident in the fast-growing philanthropy several companies are undertaking. Maturity is also evident in the cases of scams and corruption getting into open public debate and being brought to book. Maturity is evident in more and more individuals sacrificing their time, money and energy to do things for the downtrodden, and the media upholding such commendable acts. This maturity is evident in the growing scope, number and role of NGOs working across the nation.

Let?s take a quick review of the post-Independence development of Indian industry. The Second Five-Year Plan was based on the Mahalanobis model, emphasising the development of capital and basic industries. Hence, huge investments were undertaken in iron and steel, heavy engineering and machine-building in the 2nd and 3rd Plans (1955-60 and 1961-65). The second phase (1965-80) was marked by a deceleration and structural retrogression because of droughts, infrastructure bottlenecks, the oil crisis of 1973, slow agricultural growth and the wars of 1965 and 1971. The third phase (1981-91) saw recovery, with the average growth rate shooting up from 6.4% in the 1960s and 1970s to 8.5% in 1985-90. Contributors to this recovery were growth of agricultural sector, a liberal fiscal regime with high deficits and a revival of investment in infrastructure. The fourth phase of 1991 onwards ushered in the new era of economic liberalisation leading to a reduction in licensing and regulations, simplification of procedures, disinvestment and opening up of the Indian economy to foreign sector. Our forex reserves were $2.2 billion in 1991 and today they stand at over $300 billion.

Thus we have come a long way since Independence. Where most people did not have easy access to telephony even in advanced cities, today their maid servants carry mobiles. Leave alone villages, even cities were not well-connected and travel was a nightmare, today anyone can do all bookings from home and reach destinations in hours. Imported high-quality goods were status-symbols, today everyone can own high-quality goods. To get any information, people had to run through libraries and volumes of dusted books, today everything is available on the Internet at home. Earlier any patriotic talk or feeling was ridiculed, today youngsters proudly talk about their nation and exhibit national spirit. And, indeed, India has shown its strength in the middle of crisis-ridden America, debt-ridden Europe, recession-hit Japan, rebelling Middle-East and struggling EMEs.

This country has given us a lot. True, prices have gone up maybe 10 times, but incomes have gone up 100 times in the same period. Roads have pits and ditches but there ?are? roads. There is too much traffic because everyone has vehicles. Air tickets are not available because everyone can afford air travel. Unlike in our childhood, today we don?t have to stand in long queues for ration, milk and other needs. Earlier, we travelled long distances to reach schools, now good schools have reached close to children?s homes. No doubt there is an unfinished agenda of poverty alleviation, inequality reduction and inclusive growth. Reforms are required in agriculture, law and education, which will happen in due course. Infrastructure gaps will be filled up sooner or later through PPPs. Corruption is hard to erase, but strong public opinion and action will check it. Problems like casteism and religion will stay, but innovative education can reduce it. Terrorism can be combated by removing the economic compulsions of the youth taking it up, by paying more attention towards economic upliftment, industrial advancement and employment creation in all our border states, especially the northeast and J&K.

Meanwhile, the education system must gear itself to the twin challenges of quality and reach. School education has improved and innovative practices are commonplace, but the same must become available to our rural children also. Since school-level education will take time to convert children into responsible nation-loving citizens, the onus of such an immediate transformation falls on higher education, especially management, since managers have the maximum reach across the nation by way of their thoughts and all-pervading actions. Additionally, the government must tell people how their tax payments may give food and education to some ultra-poor. Care must be taken to keep politics away from this campaign. A lot of companies and managers are keen on ?giving back? to the nation by undertaking ethical practices and philanthropic activities, and such examples must occupy more space in the media. Such awareness can do its bit towards creating responsible citizens and nation-building.

The author is visiting & guest faculty of economics at Symbiosis and IIPM, Pune

shubhadasabade@hotmail.com