Basic fallacy in relationship between availability of Capital and Productivity

"Capital investment and working capital availability drive productivity"

This is an assertion made by Mr. Manish Sabharwal, Chairman, Teamlease Services, in his article in The Indian Express "The Only Mantra - Policy must pray to one god - formal Jobs". Capital investment and working capital availability might be a catalyst to kick-start any enterprise, but making the enterprise "Productive" is totally different ball-game.

There is a reference to the rash lending between 2008-2014 which resulted in Rs. 14 Lakh Crore worth of bad loans.

Any TOC trained thinker would start wondering if Capital is a scarce commodity, shouldn't policy be focused on making usage of Capital more productive and in the process generate Capital?

India does not have high paying jobs because, Indian Enterprises are not productive.

Hence the Only Mantra should be to improve "Productivity" all across - Small, Medium and Large Enterprises.

https://www.dhirubhai.net/pulse/need-ujala-scheme-bank-credit-introduce-theory-smes-deepak/

W?hat do you think?