: Opinion: An idea whose time has come #IndiaNEWS #Opinion Chief Minister K Chandrashekhar Rao has come up with a scheme to provide Rs 10 lakh to an estimated 6 lakh poor Dalits with an investment of

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Opinion: An idea whose time has come #IndiaNEWS #Opinion
Chief Minister K Chandrashekhar Rao has come up with a scheme to provide Rs 10 lakh to an estimated 6 lakh poor Dalits with an investment of Rs 1,20,000 crore. Conceived, planned and implemented well, Dalit Bandhu can change their lives and livelihoods and transform the dynamics. Delivered as a dole, it will defeat the scope and ambition of the Chief Minister. The scheme is unique for the following reasons:
•Shifts decision making power from government to household and on a sizeable amount of resources. Recognises that each poor household is poor in its own way with varying priorities, capacity and factor endowments
•Gives confidence, autonomy and empowers people to make their own choices, based on individual capacity and priorities and participate as active members in the mainstream economy with growth dividends
•Will unleash the aspirations of Dalits and make them think beyond basic existential needs
•Help in wealth creation and asset building and thus lead to autonomous dignified livelihoods with sustainable incomes and the tapping of economic growth opportunities
•Will enhance the self-image and status of Dalits in the wider community
•Can be easily extended to all poor, regardless of caste, creed or religion.
Backdrop of the Scheme
Denial of Incomes: Historically agriculture and related activities were the main sources of income. With industrialisation, wealth generation shifted to business. This has dramatically changed. Today, most wealth is with tech and financial services. We see a sharply rising and unfair pattern of terms of trade between the three sectors of the economy. Agriculture and manufacture are defeated players in the economy. At best, they may address some basic needs of the poor and postpone social strife while they worsen inequities in the economic and social pyramid. The poor are further deprived of the opportunity to become creative and competitive entrepreneurs. The proposal of the Chief Minister, if planned and implemented well, can correct societal imbalances with the attendant vulnerabilities and exploitations that emerge from the deprivations of Dalits in their occupations and professions.
Drivers of Wealth: The stock market capitalisation value today is Rs 240 lakh crore and is rising. Between the first and second Covid waves, stock valuation doubled. Sensex was 720 when the 1991 reforms began and is around 52,950 today, or over 73 times. Stock values doubled every five years and this period is getting shorter. If we add “not listed in the stock exchange or traded� public sector companies, capitalisation will be many times more. Gold and land prices have boomed. So, “follow the money� and explore the fields of opportunity and for wealth generation.

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