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Headlines
Why India, the pharmacy of the world, needs government support | Business Today, 10 sep 2024
Nurturing India's future: The transformative impact of affordable healthcare on development | Express Healthcare, 10 sep 2024
Large no of health sub-centres in rural India do not have building: Report | Business Standard, 10 sep 2024
Is Climate Change impacting the Indian Economy? | Mahabahu, 10 sep 2024
'Bridging research and fieldwork essential for India's agricultural growth' | The Times of India, 10 sep 2024
Bridging modernity and tradition in India's design education | The Hans India, 09 sep 2024
Reimagining Education: Survey Insights Point to a Tech-Driven Transformation | Livemint, 09 sep 2024
UNEMPLOYED YOUTH ARE STILL THE ACHILLES HEEL OF INDIA'S BUOYANT ECONOMY | International Banker, 09 sep 2024
Unlocking India's strength in social entrepreneurship | Hindustan Times, 06 sep 2024
Indian EdTech Funding Drops 87% Since 2021 | Dataquest, 05 sep 2024
January 2018
Mohammad Anas Wahaj | 30 jan 2018
Social entrepreneurship ecosystem conference, 'Development Dialogue', organized by Kakatiya Sandbox, was recently held in Nizamabad (Telengana, India). Experts emphasized the need for greater collaboration between government and innovators to build the ecosystem. This year's theme was 'Collaborating for Big Bets'. Gururak Deshpande, venture capitalist, philanthropist and founder of Deshpande Foundation, says, 'We should not expect governments to innovate. Instead, we need to develop a system via philanthropic money to experiment, and if something works, the government needs to acquire it. That way we will be able to bring about transformations that are systemic and large.' NVS Reddy, Managing Director of Hyderbad Metro Rail (HMR), says, 'Out of more than 200 mass transportation projects in the world, only four metro projects are making profits. When we took up the Hyderabad Metro Project under the public-private partnership (PPP) model...world's biggest metro project...many were sceptical about its success. We were able to tackle all the challenges with a collaborative approach.' Phanindra Sama, Chief Innovation Officer of Telangana and co-founder of Kakatiya Sandbox, says, 'Governments are now open to innovative ideas. The onus is on the individuals to seize this opportunity and make an impact from within...' Read on...
The Times of India:
'Must build ecosystem for social entrepreneurship'
Author:
NA
Mohammad Anas Wahaj | 11 jan 2018
India's growth trajectory can slow down if firms are not able to grow and banks are not able to lend. Restructuring can be an immediate policy solution for the twin balance-sheet problem. But, for the long-term growth and job creation, the causes of financial misallocation have to be deeply considered and mitigated. Growth needs more efficient firms to produce more output and use more factors of production, which includes ease of access to bank loans. Contrary to this in India, a case of financial misallocation is a common phenonmenon, where less efficient firms get more bank loans reducing the ability of more efficient firms to grow and scale up. The cause for India's financial misallocation is distortion in the land market, as less efficient firms can access more land consequently enhancing their ability to get loans. Land provides strong collateral to access bank loans. Financial misallocation is a bigger problem in the manufacturing sector, that is more land intensive, as compared to services industry. World Bank lead economist, Ejaz Ghani, alongwith Gilles Duranton, Arti Goswami Grover and William Robert Kerr, examined plant-level data on millions of formal and informal enterprises, in both the manufacturing and services sectors, in more than 600 districts in India and provided important insights into the geographic and industry distributions of financial and land misallocation in their World Bank research report, 'Effects Of Land Misallocation On Capital Allocations In India'. According to Mr. Ghani, 'Most bank loans in the manufacturing sector are taken up by large firms in the organized sector. The small firms in the unorganized sector, which account for nearly 80% of jobs, and about half of the value of land and buildings held in the manufacturing sector, pull in a very small share of bank loans. The value of financial loans reported in the informal sector is barely 2-6% of the value of total bank loans reported in the manufacturing sector.' Mr. Ghani explains, 'We computed an index of misallocation in manufacturing and services, and the organized and unorganized sectors, in the districts. The indices of misallocation for output, value added, and factors of production were computed individually for financial loans, land and labour. India is one of the most land-scarce countries in the world. Land and financial misallocation trumps labour misallocation. The former appears to be at the root of much of the misallocation of output in the manufacturing sector...poorly functioning land and financial markets explain why India has so few start-ups; entrants are constrained by financial misallocation, and incumbents don't grow in the manufacturing sector.' Mr. Ghani recommends, 'Policy makers need to pay more attention to addressing the underlying causes of financial misallocation. This would involve removing land market distortions, better land-use regulations, and more efficient taxation of properties. Faster growth requires marching ahead with even stronger policy reforms to promote competition and innovation, and enabling more efficient firms to grow faster.' Read on...
Livemint:
Reducing financial misallocation in India
Author:
Ejaz Ghani
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