'IT players failed us in financial inclusion drive'- says the RBI

The Reserve Bank of India (RBI) has accused IT giants of being indifferent towards the cause of financial inclusion in India. “The scale of business in financial inclusion is so big that we need participation from big IT companies,” said KC Chakrabarty, deputy governor, RBI, speaking on the sidelines of a financial inclusion seminar organised by Skoch, a consultancy firm. He added lack of interest and involvement by big IT companies was making banks’ endeavour of financial inclusion unsuccessful.

According to Mr Chakrabarty, involvement of big IT companies was important to bring down the transaction cost. (via 'IT players failed us in financial inclusion drive' - The Economic Times).

How India missed out …

Due to our well-cultivated tunnel vision about English language (amongst many other things), India missed out on Japanese investments, technology and business. Indian loyalty to English language exceeds the loyalty of the British themselves to their language – and we refuse to see how this affects us.

Reforming Indian education

India urgently needs to put more languages in lingual-education basket – instead of putting all our eggs in the English language basket. We can't do business with the French or Germans, Spanish or the Arabic speaking world. The Chinese and Japanese are out of bounds to us – as are the Swahili and the Bantu.

The Indian language basket also calls for diversification. India needs to learn more foreign languages. But with our bankruptcy of ideas on restructuring Indian education system or the vested interest banging begging bowls in front of the Indian tax payer!

The Indian software 'success'

The great ‘software' success story is actually two countries – US and UK who give between 70%-80% of Indian software business! This is coolie labour! We are missing out on the massive Japanese, French and the Spanish markets because we have not invested in those foreign languages. Same story in Europe also – major opportunities overlooked and ignored. And we have missed out on computing in Indian languages, because we have not invested there either. So, RBI's peeve is right - but the solution is somewhere else.

Is it due to the apparent Indian decision to tie its future to the sinking ship of the Anglo Saxon Bloc?

Hand-over English education to the private sector

The reason we’ve driven all the way to Neemrana … is the NIIT University that is taking shape in the shadow of the Aravallis here, a 100-acre campus that though still under construction, will, insists Pawar, be ready to welcome its first students — for courses in BTech, MTech and PhDs in computer science and engineering, educational technology, and bioinformatics and biotechnology — in September this year. “We grew from a two-week course,” says Pawar — this was in 1981when NIIT was launched — “to a year-long course in 1989 as a need-based response and franchising model to grow HR practices, innovation and breaking fresh ground.” It rode the IT boom, creating opportunities for skill-sets in, besides IT, banking, finance, insurance and management. “The path to higher education was always clear,” Pawar now nods. (via Breakfast with BS: Rajendra Pawar).

Backdoor privatization

The Vedanta industrial group is setting up a University in Orissa. From a campus at the new Lavassa township, Oxford is going to start offering courses. These and other represent the quiet backdoor ‘privatization’ of Indian higher education.

Hidden subsidies

Large tracts of lands are being acquired by the Government, and handed over for a pittance to the private sector. Soon, we will have competition between State Sector subsidized English education – and private sector subsidized education.

Who will help Indian languages get back on their feet

While Indian language Universities are struggling – for funding, respect, status, support, foreign Universities, using paper money, backed by the Bretton Woods fraud, will impose their ideas, culture, etc in India.

While the English speaking economic bloc is struggling, India is not focussing on the French, Spanish, Japanese, Chinese Blocs which are large, excellent opportunities.

This can be a way out …

This actually is a good way out. Theere is a significant demand for English language education – at least currently. This can be met by the private sector. In the meantime, the misdirected State subsidies can be gainfully used to help get Indian language education back on its feet.

In the not very long run, the state must get out of making uup the minds of its citizens.