Financial Freedom by Soumitra Bose

On the eve of the 78th Independence Day, let us take a step back and contemplate what economic independence means to us. While our primary fight then was to free us from the colonial rule, the sustainability of that independence hinged on one primary goal … the goal of economic independence. Have we obtained that even after about 8 decades?

You all must have been watching the Olympic games and India’s participation in it. We did not win our coveted gold medal in hockey, but the revival of Indian hockey can be compared to our quest for economic independence in India by drawing parallel to the importance of self-reliance and its impact on national pride.

Just as India’s economic independence after 1947 represented a reclaiming of its own destiny from the British rule, the revival of Indian hockey symbolizes a reclaiming of national pride in a sport where India once dominated. Hockey has been historically a significant part of India’s national identity, especially in the mid 20th century when India won many gold medals. Reviving hockey is thus reasserting that identity.

Support to Indian hockey in recent years have come by involving grassroot developing, nurturing local talent, investing in infrastructure like stadiums and training facilities and focusing on building a sustainable ecosystem that can produce world class athletes. This aim for self-reliance in sports parallels the economic self sufficiency which India sought post-independence.  Such self-reliance can come through developing our own industries, infrastructure and human capital. While agriculture will remain our foundation, industry & technology will be our future. The key deliverables required to achieve this are as follows:

1. We produce and supply our own goods and services, reducing reliance on imports. This includes agricultural products, manufactured goods and most importantly technology. In the current age, technology is no longer India being a back office of the world but a leader in innovation. Just like hockey and other sports, where new strategies are developed through analytics and technological advancements … right from the sporting gear and equipment used to the tactics adopted in the play. India was playing against other international players who are several notches up in skills and speed.
2. Our ability to offer employment opportunities across various sectors enhancing skills to meet the requirements of the constantly evolving job market. Just like hockey, where we lagged behind with poor adaptation of technology tools for coaching and use of Artificial Intelligence.
3. Support by well-developed infrastructure including transportation, energy, digital connectivity enhancing productivity. Like the new hockey stadiums being constructed in Rourkela and other places with exposure to play on artificial surfaces at the grass root level. This will need to be complemented by access to banking and financial services for all sectors of the population enabling savings, investments and access to credit. The new schemes announced in Budget 2024 for support in the MSME sector especially for credit guarantees can lead to higher impact on women empowerment at the rural sector if properly implemented.
4. In doing all this we need to ensure social equity – ensuring that economic benefits are distributed fairly across all sections of society, reducing poverty and enhancing life. The hockey team again shows how success can be achieved when players from different states and strata of our society unite and work towards success. Most of the players come from rural background with little financial backing. They were provided hostel, scholarship, kit equipment and professional coaching.
5. Last but not least, all such economic activities have to prioritise environmental sustainability and ensure long term viability.

Indian hockey faced years of neglect and lack of funding and continues to bear the dominance of other sports like cricket. With scarce resources, this is bound to happen by the laws of economics.  Similar challenges have been faced by us for economic independence due to high population and poverty, illiteracy and political infighting.  In such circumstances, the journey requires powerful and resilient leadership just like how the Odisha Govt, saw the lack of direction and supported the revival of hockey. It was the first of its kind association where the state decided to support the hockey team since there was no tangible support from successive Central Governments to bring back the glory of the past. In any case, the Govts can support us but finally it is the private sector, the NGO sector and each one of us who would need to partner. The subsidies can help up to a point – beyond a point it leads to a culture of dependency, corruption and unsustainable practices that will impede economic development. Higher resource allocation for such vote bank measures will divert funds from essential infrastructure, health and education projects which are crucial for economic development.

The revival of Indian hockey can help us regain some influence in the international sports arena just like what cricket has done for us.  Economic independence is a symbol of a country’s progress, international competitiveness and ability to stand on its own in the global economy. In the past years, India has made progress in this area to emerge as one of the key players on the global stage, influencing global economic policies and negotiations. It is how we progress this in the next decade that will decide our success.

An obvious comparison with India is China in the Olympics securing the top positions across various sports translating economic success to sports dominance. Their economic independence has enabled the provision of the financial and infrastructural resources needed to systematically develop world class athletes leading to a consistently strong Olympic performance. The financial security there provides the safety net to the athletes while access to world class coaching and technology are provided to them through extensive govt support, allowing them the strategic focus on specific sports where they have the competitive edge. Thankfully, in India such support are being now earmarked though a lot of funding is wasted in unproductive administration and political interventions.

Drawing our recent experiences from the Olympics, we can see how our expectations are changing.  Over a billion people in India stayed awake last Thursday night to watch the javelin throw of Neeraj Chopra. If you perform well, the whole country comes behind you.

And that is how we all in Mukti are working. Our comprehensive programs and projects are directed towards skill development and vocational training, sustainable agricultural farming, forming self help group and micro financing amongst women, educational and mentoring support and running various livelihood projects can continue to empower individuals and communities to build better futures for ourselves. Let us resolve today once again that we continue this great work towards contributing India’s economic independence with the support of our global and national partners and donors.

Personal economic freedom comes from when each one of us contribute to the nation’s goal. Off course, that needs to align with one’s values, goals and aspirations and the autonomy to make our own choices. A farmer’s son like Neeraj Chopra dreamt to achieve big and fulfilled his dream. Sreejesh, the Olympic goalkeeper said “It is difficult to love a goalkeeper. He is invisible and is only in the limelight when he makes a blunder”. Let each of us be that goal keeper or invisible person contributing towards our country’s economic independence.