Non-economic factors impede growth, says Chidambaram

‘Viewing every decision and action with suspicion is wrong’

G. Velmani, who passed B. Com., with first class with grade A, receiving degree certificate from Union Finance Minister P. Chidambaram at the Graduation Day function of Jamal Mohamed College in Tiruchi on Saturday. A.K. Khaja Nazeemudeen, Secretary and Correspondent of the college, is at right. Photo: R.M. Rajarathinam

The country’s economic growth and development could be impeded if every action and decision was viewed with suspicion, said Union Finance Minister P. Chidambaram here on Saturday.

There were non-economic factors which impede the economic development of the country and such factors should be identified and weeded out ruthlessly. The country had no dearth of human and intellectual resources and there was social mobility too. But the system could impede growth and development if every action, decision, and signature was viewed with suspicion.

“We seem to suspect even our own shadow. Individuals take the high moral ground to point fingers at others. Appropriate action had to be taken if something wrong had taken place, but to view every decision with suspicion is wrong. Then we cannot do many things,” he said delivering the convocation address at the Jamal Mohamed College in the city.

Taking a dig at suggestions to abolish taxes, Mr. Chidambaram said many queer economic theories were circulating in the country. But, production, he contended, was the basis of economic growth. “We have to increase production and productivity in services too,” he said. But growth had to translate into development, benefitting all sections of the society. If the country were to become a superpower, it needed inclusive growth, he said.

In a pluralistic society such as India, human bias could not be avoided. But this should not become divisive. “Instead of looking at unifying factors, we are looking at divisive factors.

Democracy cannot be decided by majoritarianism. This can become an impediment to growth and development,” he said and called upon young graduates to strive to weed them out by developing new and revolutionary thoughts.

Drawing a mathematical analogy, he said society should not be viewed as verticals.

“Only when you look at it horizontally that you will be able to see the poor, the deprived and the illiterate at the bottom who belong to all sections of society. The government that stands by the poor is a good government,” he said.

Mohamed Sindhasha, principal, said the college had produced 13 undergraduate and 15 postgraduate rank holders in the university in 2013.