As we rapidly move towards rapid modernization, life seems to be getting easier & easier. An IT revolution & technological advancement has left the average Indian population with more disposable income & our largely young population is willing to unleash the power of money, sometimes with vulgar extravagance!
In the 60's & 70's, India's dependence was more on agriculture & our entire focus including that of the Political class was on laying more impetus on advancement in agriculture for a better output. But during the recent years, we seem to have missed the flavor of this important occupation. Our agriculture minister is busy with cricket, our farmers are wailing for want of fertilizers , pesticides & water, which is scarce. Sadly, our rural agrarian population is rapidly moving to the cities in search of easy money, leaving a large gap in agrarian labor in the villages. Farmers are giving up cultivation in search of urban ravishment.
In Dubai & several gulf nations, sea water is desalinated & supplied for domestic & industrial needs. We could have transformed India into a prosperous state with river interlinking or through an ambitious sea water desalination project, which could in several ways mitigate the absurd scarcity of water that our nation reels on today. But that calls for intellectual & political will, both of which are abysmally absent in our country.
Coming back to where I started, the youth of today seem to have lost the urge to save for tomorrow. I may be wrong but my heart says that I am right. Just have a look at the young population which storm our innumerable malls, pubs, parties, concerts & IPL matches to splurge their hard earned currency..
I remember my dad telling me that every rupee saved is like two rupees earned... no, for a moment I am not advocating to the youngsters of today to renounce the world & give up all material pleasures, but they need to understand that saving is the most important monetary asset. They need to strike a balance.
We live in a very uncertain & insecure world. I am not sure if I will be alive the next moment with so much of threat, lifestyle diseases & crime. While we are no doubt living in a world of many opportunities unlike the 1960's, development has also brought with it a big bag of evils.
What I try to emphasize is that our youth must inculcate the habit of saving a substantial portion of their monthly earnings. One may just earn Rs.10,000 per month, but its not a bad idea to save Rs.500 every month through a post office RD scheme.
Its no moral secret that people flock around you during happy times, but one is left stranded in the middle of a deep sea at the time of crisis. Believe me, crisis has not left the best of minds. I am tempted to quote the example of our own liquor baron, whose airline is down the drain & the severity of his financial crisis has not only snatched away his smile, but also made him run from temple to temple in search of divine intervention. Only had he managed the airline financially well... glamour does not sustain always.
I understand that in many countries like the Philippines , the concept of insurance simply does not exist. People earn & spend every penny. It may be true in the US too, but there, the common man gets ample Government support. People are valued & treated with respect in many European countries & the US, unlike in India where our government cares a damn for the common man. We have no social or financial security systems, shamelessly even after 60 years of independence, (unlike in the US).
Malls, parties, pubs & IPL's will continue to be invented... we never know, in a few years our government may legalize casinos & gambling, simply because they can get hefty money bay way of taxes & bribes.
But our youth should develop the sacred habit of 'saving'. Yes, this calls for a great deal of mental restraint & a conviction to say 'NO'.
Just resist the temptation once, & one will realize its value.
Lets for a moment imagine a scary situation for ourselves... a dear one suddenly lands in a hospital with a heart attack or a terminally ill disease. Its only saving that meets your critical need.
By writing this, I don't want to sound like a pessimist & neither am I a sage typing this blog from the deep forests of Himalayas, but I call for moderation in spending.
We have numerous ways to save... mutual funds, PPF, RD, Life insurance... inculcate small savings right from day one.
Make this a firm habit & then you will realize one fine day the 'power of saving'. Lets come out of the state of 'make belief' that we are in right now & save for ourselves, our children & for a beautiful & prosperous India.
Lets make our life better for tomorrow!
I'm sure that many may ridicule my blog, but I prefer to express truth as it is! After all, truth is bitter.
Cheers!
