India cannot rely on debt-based growth, which is fragile like what the corporate world is doing but employee-led growth should be adopted, by improving their earnings and improving the livelihood of farmers.
This observation was made by noted economist and professor of Jawaharlal Nehru University Jayati Ghosh, while speaking at a seminar on continuing global economic crisis: alternative development trajectories, organised by the CPI (M) here on Saturday in preparation for its 21{+s}{+t}party congress to be held here during April.
She said rural area too must be taken into consideration for advancing growth by improving the livelihood of people, and regretted that Prime Minister Narendra Modi had derided the Mahatma Gandhi NREGS. Prof. Jayati Ghosh felt that tax incentive was not required to propel the growth in economy and a mass-based growth was enough, like in the case of China which did not give any concessions when it set the course for a large-scale growth since it created a demand.
Simultaneously, there was a need to improve public investment in education, health and nutrition areas along with infrastructure.
Prof. Jayati Ghosh found ‘Make in India’ campaign of Mr. Modi not different from the policies of the previous government, in facilitating more foreign inflow but it had been well packaged and accompanied by a good PR exercise. Answering a question from a participant, she said that the intensity of the economic crisis, privatistion etc. was not being projected properly because the media had been corporatised and influenced by the corporate world.
Some countries in Latin America had been able to make great economic and social changes in spite of pressure from the present world economic order to ensure that the benefit of natural resources of their countries were enjoyed by their citizens.
Rector of Andhra University E.A. Narayana presided. Professor of AU Nalini, CPM State secretariat member Ch. Narasinga Rao, city president B. Ganga Rao and another leader S. Ramesh also spoke.
She also spoke at a seminar on contribution of insurance industry. Director of SAARC Studies Centre, AU, M. Prasada Rao,.honorary secretary of VII S. Madhusudhan and all-India council member A.V.R.K. Murthy also spoke.
‘Intensity of the economic crisis, privatistion etc. is not being projected properly because the media has been corporatised’
