NON BANKING FINANCIAL CORPORATIONS [CHALLENGES AND OPPORTUNITIES]

Abstract

Winds of change have engulfed the economy and the polity of India ever since 1991. The pseudo state capitalism of the Nehruvian era gave way to the pseudo free market capitalism of the Manmohan era, albeit both of a retarded variety. During this period two things happened. The gap between the haves and the have-nots has increased, (giving fuel to the fire of fundamentalism) and unemployment levels are rising (but no one wants to talk about it). Under such conditions talking of 8% annual economic growth without adequate provision for funds to flow into the entrepreneurial hands is absurd. The Non Banking Financial Companies hold the key to this dilemma. This paper argues that the key should be allowed to operate and turn the wheels of fortune. The quality of life will be enriched through democratisation of funds and as a result the lot of the common man will improve. The point is: do our leaders have the economic foresight and the political will to do so.