In 1947, we had no capital. So we begged and borrowed. We got steel plants from Russia, Germany, and U.K. We got IITs from Russia, UK, Germany and USA. We were starving. We imported foodgrains (hope you have not forgotten the rotten red variety of wheat) from USA under Public Law 480. When the cost and interest started mounting, USA generously waived the dues. We started devaluing the rupee which was trading at Rs.5 to $1 in 1965 to make it Rs.50 to $1 now. In the name of socialism, we started importing everything under the sun (even condom making machine) and sunk billions of tax payer's money in setting up public sector undertakings. They ate us up. Now they are waking up from their deep slumber. What are they doing? Not only disinvesting and closing down these leviathans, they are selling them for a song to private sector.
How enterprising and efficient are we? Let me give you an example.
U.N. is housed in a building known as Empire State Building. The measurement from the ground to the 102nd floor observatory is 1,224 feet and from the ground to the 86th floor observatory is 1,050 feet.
Now we ready for the shock.
The building was actually completed ahead of schedule, taking only one year and 45 days to build.
From conceptualisation to the building of the first ship, it took 25 years for the Cochin Shipyard. A bridge of just a couple of hundred metre long over a railway line to connect two roads in Mumbai took 25 years to complete.
It is sickening to count the level of corruption and inefficiency and yet some people think that we can change it. Yes, we can. May be in another 1000 years.
