Time for action, Time for words

Being at the receiving end of all things good and pleasant is always nice, but if ‘all things good and pleasant’ continue to remain fluid words exacted only to console an otherwise seemingly insufficient state of affairs, the niceness doesn’t amount to much other than cushioning the fall with a smile.

It can be said, this is exactly the same plethora of industrial adjectives that most in the private sector have grown used to operating under. While at the same time, there have always been those who have wanted to rise to any available occasion to better the status of the much endearingly-addressed yet most-poorly existing private sector.

Times, they have surely been a changing and this once-upon-a-time very insignificant sector is now growing in capabilities, skill levels and confidence, enough to go ‘wanting a share’ from the big pie in the big pie.

Of course, the small guy will take time to earn his place in the sun, but if that opportunity is never presented looking fairly at pace of development it achieves every changing year, then the small will never see that fine day when it can demonstrate with pride its acquired potential. 

Dreaming big easily said will remain a dream.

The irony in this saga thus far for a sector which is ‘the engine of growth,’ ‘the backbone of the nation,’ … pleasantly awarded monikers for the private sector remains that it has only received flamboyantly impressive names and enjoyed good conversations, but never sat at the big table with the big names to do big works.

As is mentioned and too often repeated the public sector (government) needs to create a favorable atmosphere in which the private sector can grow … and succeed.

An argument can be made here that it is high time something on this line is done for a sector that contributes significant percentage to the Bhutanese GDP every year. It is only then that the sector’s potential for economic development will come forth.

First off, many highlighted areas that have served to stand as blockades for the sector’s growth; they have to be addressed. Among the headers are ‘strict government control over private sector business activities,’ ‘lack of access to credit,’ ‘limited entrepreneurial skills.

However and still yet, a most important aspect that has curbed any prospects for growth is the lack of finance for the private sector.

The private sector also faces many other obstacles such as poor infrastructure, severe skills shortages and mismatches between employers’ needs and available workers, trade restrictions, tariff and non-tariff barriers to exports, difficulties in obtaining medium- and long-term finance on affordable terms, and a large informal sector.

The latest BCCI report foresees the requirements of structural changes in public investments patterns giving more attention to agriculture, domestic manufacturing industries, and ancillary industries like manufacturing of construction inputs within construction and manufacturing sector.

It is not only required but most indefinitely a call for proactive actions from the government to contribute in helping the private sector (that is already standing on its own feet and walking)… to run.

Published as Editorial for Business Bhutan on April 18, 2014