Growth and equity are inseparable, and the corporate sector as well as the government must play critical roles to ensure sustainable and inclusive growth, Vice President Hamid Ansari said here on Monday.
“Empirical evidence shows that growth without equity is not sustainable in the long run. On the other hand, desired levels of equity or inclusion can not be attained without rapid and sustained growth. Hence, the solution is not in ‘either or’ but ‘in both,’” Mr. Ansari said at a symposium on wealth and value creators, organised by the Indian Merchants’ Chamber (IMC). The function was also attended by Maharashtra Governor C. Vidyasagar Rao and Maharashtra Chief Minister Devendra Fadnavis. “We have attained self reliance in most agricultural products, and are even exporting them. Our service sector is counted among the best in the world, manufacturing has grown and diversified into hi-tech areas. India’s share in global trade and investment has been on the upward trend, albeit modestly. In these endeavours, the public and private sectors have made valuable contributions to the national growth and development agenda,” Mr. Ansari said. “The task, however, is by no means accomplished. We still have the dubious distinction of being home to the largest number of poor in the world. Inequality in social and economic terms is a stark reality. Unemployment is rampant. Hunger, malnutrition, disease, illiteracy and homelessness still affect a large section of our vast population,” the Vice President added.
He said manufacturing capabilities and service sector should grow in terms of quality and quantity, if India would like to match the levels of other developing countries such as Brazil and China. “Given the size of our economy, our share in global trade and investment also should be much higher,” Mr. Ansari said.
