Decentralisation of Economic Power for the Hindu Viewpoint

 Decentralisation of Economic Power for the Hindu Viewpoint

We, in the light of our own genius, ponder over the problem of how best to bring into practice the basic principle of ensuring the just and proper decentralisation of economic power. Mahatma Gandhi has propounded the theory of trusteeship in the light of his perception of the tradition and life-philosophy of this land. In that concept, the human incentive for production is not crippled. He is urged to produce as much as possible. But he is not to look upon himself as the owner of all that wealth; it essentially belongs to the community. He is only to look upon himself as the trustee of that property in order to ensure its proper utilisation in the service of society. No doubt this approach is in consonance with our ancient Hindu thought. But there is a serious handicap in this. 

In the present age, the human mind has been so much confused and twisted out of shape that man is unable to muster his will and capacity for work where he is not able to secure profit for himself. We have to take into consideration this factor also. Take for example income tax. The Government has taxed so high that after a certain slab is crossed the man who produces will be able to retain hardly Rs.2.50 out of 100. Under such conditions the producer would naturally feel that there is no use in producing to that pitch and that a much lesser production would save money for him. Which means he will either begin to put in less effort or indulge in evasion of tax. This has been the experience not only in our country, but elsewhere also. But opposite example, in West Germany the economic experts had decided to do away with all the curbs on the incentive for production. All controls were removed. As a result, there was a phenomenal economic growth. Then, they also planned how best to decentralise the wealth. It has been reported that this method has helped West Germany stabilise its economy and march ahead. 

So, we have to strike a balance in which the individual’s incentive is kept alive and at the same time decentralisation of the produced wealth is also brought about. For this purpose some restraints will have to be placed on the individual. The concept of personal freedom cannot be so narrowly construed as to harm the interests of the community at large. Freedom of the individual to amass and enjoy the wealth has to be kept within certain limits so as to ensure freedom for all others in the society to have same opportunities for leading a happy and prosperous material life.

Herein comes the genius of the Hindu viewpoint, which prepares the individual’s mind for this adjustment. He is educated and enlightened with regard to the true nature of happiness: the goal that is kept before him is not merely of physical enjoyment; that is not going to give him lasting happiness. For that he has to rise beyond his dependence on the physical objects, plunge into the depths of his own being and discover that eternal and boundless ocean of joy and bliss. He will then realise that the people around him are also manifestations of the same Spirit and that the enjoyment of the fruits of his labour by them is equivalent to his own enjoyment.

It is against the background of this life-attitude that a balance could be achieved. The individual could be assured of his right to property, which would enable him to meet the needs and responsibilities with regard to himself and his family. There should be some limited right to property (coupled with a ceiling on personal income) i.e., scope for fulfilling his desires for enjoyment to a limited degree, while at the same time stipulating his contribution towards fulfilling the needs of the other members of the community. These could from the broad outlines for a pattern of economy, which could, in the present circumstances, ensure both the individual incentive and a just system of decentralisation.

However, basic to the success of this system is the proper moulding of human attitudes. People should be imbued with the right philosophy of life. They should be able to check their self-centred propensities and be able to identify themselves with the joys and sorrows of their fellow beings. The spirit of self-discipline which alone will bring about this harmonious adjustment and co-operative effort for the all-round development of national prosperity is also to be inculcated. Thus, the building up of such a social structure in which the individuals are imbued with the right perspective regarding the supreme goal of their life, with love and affinity for the entire society.