Sign that India is really, finally, getting to understand free market economy is seen in the current Railway budget. The new budget has taken the unprecedented action of reducing fares for AC first class (18%) and AC two-tier (10%). It makes the railways compete with low fare airlines. It is more remarkable in that the Railway minister hails fromthe socialist party and is well known for his anti-business leanings. With the Railways beginning to enjoy competition (yes free market competition can be fun), perhaps the country is headed in the right direction! Now, if only performance incentives can be offered to the operating staff so that the trains run on time and pressure is put on the maintenace divisions to improve track integrity.
Another news to rejoice is the rise of agribusiness education. IIM-A has taken a step forward in this along with several other agricultural universities. Once free market principles get imbibed by the agricultural sector (farmers have always been entrepreneurial), especially the government bodies that regulate, we are likely to see a boom in this area. The current, pathetic transportation and processing infrastructure available for moving, storing, and processing agricultural production has impeded any progress this sector can make. Farmers can not get the prices for their products because they need to rely on the traders in their markets (mundies) and because of the inadequacies of the infrastructure they can not peddle their wares anywhere elese. In the current environment only the traders benefit from any advances in information technology (availability and dissemination of information through internet and wireless technologies). Build the infrastructure and we will see the country take off!
8:53:29 AM 
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