Thursday, February 28, 2008

Is The Budget Just A Media Event?

Yes, you heard me right. I am really questioning the fact if the budget today has become more of a media event. Almost every news channel or magazine has a special coverage of the budget with their own analysis.

Hours and hours of TV time and print shall be talking about the budget and what it really means for all of us. All this is great, but are budgets really that important to the larger economy? Personally I feel that over time budgets have lost their significance and impact today as compared to several years ago. I am not saying this in a negative way but in a very positive way. What I am trying to say is that market economies are less influenced by things like budgets in the long term.

As a business person or an entrepreneur, you might be hoping for tax deductions, but how much would the actual benefit really be? Most probably it wouldn't matter to your clients if the budget happens tomorrow or a decade later. As somebody working somewhere, you really aren't too concerned if taxes get slightly reduced. What benefits you more in fact are more opportunities in your area of work and your moving up the corporate ladder.

Look at sectors like IT. When I visit the various IT parks set up in South India, I can clearly see how self-contained they are. Their dependence on the government is very little. Today private entrepreneurship doesn't need hand outs from the government, instead what it needs is an environment where it can thrive. I don't think any government really is going to do a lot of damage to the framework.

A few regulatory issues can be improved, taxes can be brought down but that is pretty much it. No matter how good a budget is, it can't improve an economy which is not strong and growing because of its people. India today is growing not because of government intervention, but in fact because of the lack of government intervention. We are growing because of the wonderful people we have. We are growing because of our knowledge and creativity. Unlike China, where the government plays a very important role, here in India it is us- the people who spearhead revolutions in every field.

Banking, IT, medicine, law, media, infrastructure, finance, entertainment all are being taken ahead thanks to private enterprise and because of millions of people like you and me. The Infosys', Reliances, Wipros, Kotaks,Network18s, L&Ts and so many more companies of India were built due to private entrepreneurship and people. We need to encourage more private sector participation in all areas.

A lot more needs to be done, and I am confident we shall do it. All that needs to be done is give more power to common people and I assure you miracles can happen. A recent visit to Terminal 1b of the domestic Mumbai airport, which is operated by GVK, is proof of private enterprise. The Mumbai airport which used to look extremely impoverished two decades ago, is a sparkling plush modern hub today. It is so not because of government hand outs or subsides, but because of private entrepreneurship. We need to replicate this in every area and bring the benefits to everybody from urban India to the rural masses. The same revolution has taken place even in the telecommunication sector.

No matter what happens in the budget we shall continue working and striving towards our goal.

The Happionaire way is about empowering every person and I know it shall happen if we all work together. We are the change.

If you believe and agree with what I am saying, please e-mail this to everybody you know. We want everybody to benefit from India's economic growth where the power lies with people and not politicians and bureaucrats.

Happy wealth creation!
Yogesh Chabria

Want to share your ideas with Yogesh and be a part of The Happionaire Revolution? Visit (in case you aren't already on it) and speak your mind out at: www.blog.happionaire.com

11 comments:

jaideep chawla said...

A truly inspiring post Yogesh. When I look closer and analyze it makes tons of sense. We Indians are capable of doing miracles. A decade ago we would go to Dubai, UK and US and make their economies so much better. Today many of us are staying back and working to take India to new heights.

I love the GMR ad and I am with you in bringing The Happionaire Revolution!

rahul srivastav said...

I read this post and realized how true every word you say really is. It is a wonderful read and I suggest every Indian should read what you have written.

Today only the urban classes have access to growth but we need to take it all over India as you have pointed out. This will not happen because of courrput politicians and beuraucrats but because of people like us.

Long live The Happionaire and I too shall join this movement in creating Happionaires!!

sameera said...

Hi Yogesh,

This has been one of your most inspiring writings. I have started understainding now much better how a real investor thinks. We don't need to just think about stocks and stock prices bu the larger picture.

Oh and btw my previous comment somehow just disapperaed. I really wonder why.....

gaurav said...

The finance misnter and all these beuracrats need to be replaced by people like you Yogesh and lead our country ahead. We need leaders like you and not politicians to take this country ahead. I agree with everybody who has posted their views here.

We have the power to be the change and we need to bring the change in every area.

g. said...

Hi Yogesh,

You are absolutely right when you say the budget is just a media event.I just read this post and I do agree with some of the points raised by you but I think you were more blanced in your views today when we were discussing the importance or otherwise of the government. I think you should share your ideas about public-private partnership, in areas like transport, law & order etc with the other readers too. Your views seem a bit radical at first but they make sense when given some thought. It would make for a great discussion I think.

Oh, and I read something about comments disappearing. Some technical snag?

Anyway, keep up the good work. See you soon.

Yogesh Chabria- The Happionaire said...

Jaideep, finding GMR was based on the simple principle of a monopoly business being a great investment. I'm sure in the future based on these principles you will be able to select more companies to invest in.

I'm glad I was able to inspire you in whatever little way Rahul and Sameera.

Gaurav, it is very kind of you to say what you did. But I don't think I have any place in politics and I feel all of us are leaders in our own way. All I want to do is be able to tape the potential and inspire as many people a possible to take things ahead. I feel we all have the power to do wonders.

It is a good idea G., I shall share the ideas discussed with you, with other Happionaires here too.

Thanks.

sameera said...

Did you face the same problem g. regarding comments disappearing? I guess some technical snag. I’m curious to know more about your discussions. Would you care to share them with us?

g. said...

Hey Sameera,

I wasn't able to add a comment the other day when all the lovely ladies were having a chat about Yogesh's good looks :P but I guess it was just my server...

The discussion I had with Yogesh?I think Yogesh would be sharing those ideas on his blog soon.My views on the issue are irrelevant here as long as Yogesh doesn't write about them so I guess we'll save that talk for later.

His latest post on agriculture is very very intresting. Do read it.

Take care girl!

sameera said...

Hi g.!

i'm guessing you are a girl/woman, as you share certain common views about Yogesh :P

yes i did read his post on agricutlure but if i may ask where have these discussions taking place? were you at a smeniar of his which we don't know about? im very curious to know more about you ...any reason you are being so mysterious?

you take care too girl! (unless you are a guy who has the same views about Yogesh lol)

g. said...

Hey Sameera,

lol...I'm a girl but I won't be surprised if we have a few guys around here who share the same views about Yogesh as us :P And mysterious,me? lol...I'm lucky enough to know Yogesh personally..and yet, I post comments here sometimes:D

Anyway, what about you? You've attended any seminars of his? It seems we have hijacked this comment section for our personal conversation :P

Take care!

sameera said...

Hey Girl! lol

Lucky you! ;) You know Yogesh personally. No unfortunately I never got the opportunity to attend any of his seminars. I would love to though.

But before both of us (not us me....you know him well-he won't throw you out :P..poor me.. ) get thrown out of here.....maybe we should focus rather on issues what the blog is meant for...like investing ...the economy...and smiling!

lol