India is too huge a country to be developed with the help of other economies, he says
Noted economist and Swadeshi Jagran Manch co-convenor S. Gurumurthy asserted that India is set to emerge a major economic power in the coming years.
Dr. Gurumurthy debunked widespread projections by economists on the need for investments from other countries in India for its development saying, “India is too huge a country to be developed with the help of other economies.”
“Of the total investment made in the country between 1991 and 2011, foreign investment accounted for only 1.8 per cent while the remaining 98.2 per cent was generated from within,” he said.
Mr. Gurumurthy was speaking at Swami Vivekananda’s 150 birth anniversary talk on “Vivekananda’s socio economic thoughts for sustainable development of Bharat” here on Saturday.
He said reports by leading intellectuals and economists project India, China and the US to be the three leading economies by 2030.
The two Asian economic powerhouses are already contributing significantly to the huge borrowings of the United States for meeting its liabilities on account of social security expenditure.
Swami Vivekananda’s vision
Swamy Vivekananda, he said, envisioned the growth of the country as a leading economic power a century ago as he could realise the inherent potential much ahead of others.
“Sociology drives our economy and sociology is driven by spirituality here,” he said.
Swami Bodhamayanand, director, Ramakrishna Math Centre for Excellence, and leading cost and chartered accountant K. Narsimha Murthy spoke.