Indian grey rhinos
The Chinese have coined the expression “Grey Rhinos” for are a clutch of Chinese tycoons who have used a combination of political connections and cheap credit from State-run banks to build their foreign empires. Initially, with State support and subsequently by themselves, the Grey Rhinos acquired a host of businesses outside Chinese shores. They are now so big, so complex, so indebted and so enmeshed in the economy that the Chinese Government finds it difficult to control them and has declared Grey Rhinos as a threat to the stability of the economy.Herds of Grey Rhinos abound in India but the Government steadfastly(in a resolutely or dutifully firm and unwavering manner.) refuses to acknowledge their presence. The closest the Government has come to recognise the menace of Grey Rhinos was in the Economic Surveys of 2015-16 and 2016-17 which euphemistically(by means of a mild or indirect word or expression instead of one considered too harsh or blunt.) labelled their depredations(an act of attacking or plundering.) as the Twin Balance Sheet (TBS) problem and identified it as the biggest drag on the Indian economy.
The Twin Balance Sheet problem arises when businesses borrow beyond their repaying capacity leading to un-repayable loans in their balance-sheets and irrecoverable debts in the balance-sheet of the lending banks.
The Economic Survey diplomatically stated that the TBS problem arose due to a combination of historical and psychological factors omitting to mention the real reason for the TBS problem ~ reckless borrowing by businesses and reckless lending by banks.
It is obvious that TBS or its offshoot(a thing that develops from something else), Grey Rhinos have their origin in the lack of integrity which imbues(inspire or permeate with (a feeling or quality).) the Indian psyche. If businessmen were really honest they would never have borrowed beyond what they could repay. On the other hand, if bankers had a modicum(a small quantity of a particular thing, especially something desirable or valuable.) of integrity, they would not have lent to sinking ventures. Bankers have tried to justify such loans as “errors of judgement” but considering the volume and number of such loans, this explanation rings hollow. Everyone who has taken a loan from a bank knows how difficult it is to make the bank loosen its purse strings even for a few lakh rupees but businesses which were obviously floundering could manage loans of thousands of crores rupees ~ just like you and me quake before the passport officer but any gangster worth his salt has at least ten passports under his belt.
It is a mixed blessing that the exploits of Indian Grey Rhinos are mostly local. This makes the Grey Rhinos more amenable to Government control but at the same time endangers Indian jobs should the Rhinos be forced to shut shop. This dilemma has forced the Government to direct banks to take action only against some select defaulters.
Even today, after the Indian Grey Rhinos have been named and shamed, Papa and Mama Rhinos are often found in European watering holes while Baby Rhinos zip around in latest high end imported cars. A certain Grey Rhino is busy working the London social scene and thumbing his nose at the Indian authorities. Such crass(showing no intelligence or sensitivity.) display of borrowed wealth shakes the trust of the common man in the system. When questioned about the Grey Rhinos, politicians merely narrate scandals of Opposition parties when they (the Opposition) were in power.
The lack of a healthy work ethic amongst Indians is responsible for the present imbroglio(an extremely confused, complicated, or embarrassing situation.). Somehow, the average Indian is convinced that he is the most intelligent person around and it would be a shame if he had to work for his bread and butter. The peon in the office would play truant, the clerk would invariably misplace the relevant file and whenever you visit a Government office you would invariably be informed that the concerned officer was in a meeting or visiting another office.
Unfortunately, the private sector is equally plagued by this malaise(a general feeling of discomfort, illness, or unease whose exact cause is difficult to identify.). Perhaps, the Government being the largest employer has passed on its work culture to the private sector. Except for a better dress sense amongst employees and a snazzier(stylish and attractive.) office building, there is little to differentiate between a Government office from a private office.
The productivity of any private sector enterprise in India is much less than that of a similar enterprise located abroad. This is the reason why after the opening up of our economy, many of our businesses folded up. The businessmen concerned kept their businesses running ~ not with the hope of revival but to enjoy cheap credit and the tag of big businessman. It is futile to blame the Government or its policies for their failure because as Julius Caesar had said: “The fault, dear Brutus, is not in our stars, but in ourselves.”
The immediate solution to the problem of Grey Rhinos is likely to be writing off their loans, restructuring their enterprises and banning Grey Rhinos from future business enterprises. But it is doubtful if the Government can ever reach the hidden treasures of the Grey Rhinos. Similarly, looking to the numbers involved the delinquent(failing in one's duty.) bankers would also be let off lightly.
Obviously, much more has to be done if we want to prevent another generation of Grey Rhinos to come up. We would have to drill in the concept of a healthy work ethic in office workers, businessmen, bankers, politicians and civil servants; which would mean inculcating(instill (an idea, attitude, or habit) by persistent instruction.) the virtues of integrity, responsibility, quality consciousness, discipline and teamwork in our workforce and framing rules that would reward these virtues. No doubt, a tough task but a necessary one.
Philippines president rodrigo duterte slams unhcr
Apr 06, 2018
Oli to take up currency ban issue with pm modi
Apr 02, 2018
Curbing the khaps
Apr 01, 2018
Stay updated with The Hindu Editorial Vocab24 app, your definitive source for breaking news and comprehensive coverage from India and around the globe. Whether it's political developments, business updates, sports highlights, the latest technology trends, or current events, The Hindu brings live, accurate, and reliable news directly to your device.
Don’t fall for sensationalized or fake news shared online. Read and share accurate updates with friends and family through The Hindu Editorial Vocab24 app. Download it today!
News Coverage in The Hindu Editorial Vocab24 App
Breaking News: Receive instant notifications on breaking news stories as they unfold. Stay informed about major events and developments in India and around the world with live blogs, news in shorts videos, and concise articles.
Politics: Get the latest updates on Indian politics, including elections, policy changes, government decisions, and political events that shape the nation.
Business and Economy: Stay ahead in the economic landscape with detailed business news and market analysis. Learn about stock market trends, financial reports, corporate news, and economic developments to make informed investment decisions.
Current Events: Follow stories on social issues, policy changes, global events, and daily current affairs, tailored for UPSC and other competitive exam preparations.
Technology: Keep up with the latest gadgets, innovations, and tech trends. Read expert reviews and analyses in short, concise updates on cutting-edge technology from India and beyond.
Sports: Never miss a moment of your favorite sports. Get live scores, match reports, and expert analysis on cricket, football, tennis, and more.
International News: Stay informed about global events and geopolitical developments, including the Russia-Ukraine war, Israel-Palestine conflict, and other key international stories.
Local News: Stay connected to your community with the latest updates on city events, issues, and local news. Coverage includes hyperlocal updates from cities like Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Kolkata, and more.
Trending Topics: Discover what's trending today with the most talked-about stories and hot topics across India and the world.
Experience journalism that values integrity, accuracy, and reliability. Download The Hindu Editorial Vocab24 app today and stay connected with the world.
Subscribe to our newsletter!
