Someone's Pain & Someone's Gain

As the third day closes on, the stand off between the democrats & republicans continues over what is termed as the biggest US healthcare reform aka Obamacare.

Whilst the controversy continues, India will benefit from this extensive overhaul in the US health insurance sector which intends to include an additional 30mn Americans to sign up for mandatory health insurance.

This single largest reform in the history of US would ultimately boost our Indian economy especially the pharma industry which produces nearly 40% of the generic drugs used in the US.

Apart from the pharma industry the IT & BPM service industry will benefit greatly from the impending reform. Some key facts- the healthcare payer market is estimated to reach ~$18bn with the strongest growth reflecting in the business process outsourcing market which will reach ~2bn.

The US dept. of health & human services estimates that call centers will receive anywhere between 40-45 mn calls this year alone, related to the federal marketplaces. An additional of 3500 letters, emails, and web chat requests is forecasted on a daily basis.

Clearly when such a massive demand for information & services for better health insurance providers arises, India needs to perk up and anticipate that a majority of those calls will be diverted to our BPM industry.

The Indian economy definitely stands to gain from this enormous revamp. Since it implies that more dollars will be spent by the US govt. on healthcare, thereby more dollars will flow into our market- albeit not withstanding the current deadlock.

Is it death of Morality or birth of a new Honest Generation?

From the tender years at school we’ve all been taught of morals and to be able to tell between right & wrong. But how many of us have been able to carry on the lessons that our parents and teachers have so painstakingly tried to instill in us.  Does the society we live in leave any room for the right things?

Many feel that morality has been reduced to just a mere concept in our nation today and we can’t blame them for thinking this. The instances we hear of corruption and bribery outweigh the number of stories we hear of justice & morality. One of the major issues that is plaguing the nation and making its future seem not-so-bright is corruption. It is the weed that is sucking out all the positive energy from the nation and is not only ruing the picture of the system in our eyes, but is also giving the nation a bad name internationally. 

Looking at the extent to which corruption exists in our nation is appalling. There seems to be no such activity that can take place without a bribe. Either giving or receiving, we often find ourselves stuck in situations where bribery is involved. From menial jobs to big multinational enterprises, the existence of bribe is rampant.

What seems like a gloomy picture and doesn’t give us much hope to look at a developing nation is also yielding a new spirit in the citizens. While there are individuals in our country who are hampering the growth, there is also a rising consciousness against this issue. Starting from the youth to the senior citizens, there are a growing number of citizens who are realizing the extent to which corruption has plagued the nation. This new army of citizens taking all measures possible- protests, petitions, judiciary and even social media- to try and oust the problem from the system and India.

To make sure that we put an end to corruption is by first making everyone aware of the extent of the harm it has created- something that is already happening. But the best way to oust this evil is to get started with our own selves. Starting from avoiding chalaans by “favoring” the traffic constable to getting our children admitted in institutions by giving “donations”, the practice of 1) checking ourselves and those around us and 2) reporting any wrong doing is a must.  

It is our nation, our future and hence it is up to us to make sure we can bring about the change. As the great Marcus Aurelius puts it, “Waste no more time arguing about what a good man should be. Be one.”

A ‘serious’ dose of austerity

Time and again, warnings about the dangers of austerity (a state of reduced spending and increased frugality in the financial sector) have grown louder across the world. The very recent being that in the US after President Obama reluctantly signed and ordered an $85 billion austerity drive which can eventually damage the economy and slash jobs.

To address the fiscal problems and spur growth in the country, the Government of India has many a times taken austerity measures in the past, like recently the finance minister has cut the government spending by nine percent this year, and a 10-percent cut is expected for next year in the budget. But in a country like ours, where the issue of unemployment already continues to persist, an austerity regime will further lead to compromising on the quality of life and the living standard of the people.

Austerity measures generally refer to the measures taken by governments to reduce expenditures in an attempt to shrink their growing budget deficits. Therefore, I feel, in India, where anyway the unemployment rate is so immense that lately young people have started to believe that they have no future here, and that their existence is being embittered. The austerity measures are perhaps not good because they tend to lower the quantity and quality of services and benefits provided by the government.

The global policymakers have also dramatically underestimated the significance of government spending during a recession period. This has also resulted in administration expecting unassuming pull from severity which has later seen their economies plunging back into a devastating recession.

Hence, the austerity measures, though required sometimes, must not be considered as the only way out for economic recovery; they are just an option of the last resort.

Also these austerity measures increase the social instability in any society. For instance, if you look at Britain and the rest of Europe, you will get to know how terrible austerity measures have been and that they haven’t, in any way, resolved the economic crisis.