Summits and investments

Whatever may be the differences otherwise among them, one area where every state in the country seems to be excelling is those “business investment summits.” On almost a regular frequency one gets to learn about the Memorandums of Understanding (MoUs) and Letters of Intent (LoI) worth lakhs of crores of Rupees being signed by who-and-who of the business elites with the respective state governments. It is said that a state known for its vibrancy was the pioneer starting the trend way back in early 2000. And as has been famously said, ‘log saath aate gaye aur karvan banta gaya’ (people kept coming together, and thus a caravan was formed) with every state worth its business competing in this one-upmanship. Afterall states (read, the governing parties) have to show their domestic constituents that ‘hum kisise kum nahin’. To mobilize these lakhs of crores of Rupees worth MoUs/LoIs the preceding months are spent in organizing roadshows across the country as well as beyond the country. Whosoever believe that our governments don’t work, must witness how the tempo is developed gradually to reach that ultimate crescendo; led by the chief ministers themselves. Actually, only through full page advertisements in run-up to these summits one gets to refresh one’s general knowledge not only about states’ technological prowess but also about how easy it is doing business there. Those claiming that doing business in the country have obviously not visited these very states. Isn’t it that they have single window system? Never mind if that single window is like that popular Russian or Matryoshka doll with number of wooden dolls placed one inside another. Interestingly, of late a new trend is emerging, that of the Indian businesses and the Indian leaders signing MoUs in Davos! Most likely they are able to find time to confer only during this Summit of Summit; being perpetually occupied domestically in one summit or the other.

The tagline of a revolutionary state amplified that it meant business. It is doubtful, however, if any state government admit publicly that it `does not’ mean business. Perhaps, there was some history behind this proclamation. But keeping it with time, one of the sectors covered in this summit pertained to Power `including non-renewable energy sources’. In these times of renewable and sustainable energy, this obvious concession must be to a global superpower doubling down on `drill baby drill’. And while on sustainability, future organizers of these investment summits are well advised not to highlight terms as sustainability, climate, and anything to do with gender lest even corporates from that superpower country decide not to participate. It is not for nothing that the Secretary of State decided not to attend the G20 summit just because its theme has the aforementioned, objectionable, terms. And that’s why it made sense for this state to highlight `non-renewable energy sources. Political difference apart, when it comes to attracting investments in their states, leaders show exemplary pragmatism. How else do you repeatedly notice those very business leaders showcased announcing grand investment plans who otherwise happen to be a part of that famed crony capitalism? And how about the actual conversion of these MoUs/Proposals/LoIs to actual investments on ground? Well, in a rush to start planning for next year’s summits, who has the time to do such mundane tasks as follow-up! Plus, it’s a win-win situation for both the sides.