‘NAM nations should come together and fight the greed of rich nations’

The Nehruvian model of development and policy of non-alignment were relevant even today, said Rajya Sabha member and former Planning Commission Member, Bhalchandra Mungekar.

Delivering the presidential address at the inaugural of the 95 annual conference of the Indian Economic Association (IEA) at Gitam University here on Thursday, he said the Nehruvian model was based on four pillars – parliamentary democracy, secularism, economic planning for establishing a welfare state and the policy of non-alignment.

He said Nehru laid the foundations for the economic growth of the nation and the credit for all the development must go to him.

Observing that the policy of non-alignment was relevant now although the Cold War had ended, he said Non-Alighed Movement nations - mostly African and Asian - countries-- must come together and fight the rich countries' greed for grabbing natural resources.

He called for strengthening of the public sector and urged the policy makers to focus on inclusive growth, besides increasing public investment in agriculture.

"In fact, there is really no trickle-down effect. It is a discredited concept. The neo-classical theory of distribution is quite useless. The development process should not engender, or aggravate, economic inequalities," he remarked.

Earlier, Union Minister of State for Commerce and Industry D. Purandeswari inaugurating the three-day conference, said India was sure to emerge as an economic superpower.

“It depends on how well we make use of the demographic dividend, empowering our young workforce with the right set of skills and values,” she said. President of the Indian Economic Association Sukhadeo Thorat, President of GITAM University M.V.V.S Murthi, vice chancellor of GITAM University G. Subrahmanyam and secretary of IEA Anil Kumar Thakur, also spoke.

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